Flyers Quickly Sign Jett Luchanko to Entry-Level Contract
Just 10 days after selecting Guelph Storm center Jett Luchanko with the 13th overall pick in the 2024 NHL Draft, the Flyers have signed him to an entry-level contract. This signing coincided with the conclusion of the Flyers’ annual Development Camp.
Understanding Entry-Level Contracts
Entry-level contracts (ELCs), also known as standard player contracts (SPCs), have specific rules under the NHL’s Collective Bargaining Agreement. These rules determine the contract’s length, base salary, bonuses, and other details. Here’s a breakdown of Luchanko’s contract:
– Three-Year Term: Luchanko, who turns 18 on August 21, 2024, qualifies for a three-year contract. The contract starts after he plays 10 NHL games or when he turns 20.
– AHL Ineligibility: Drafted from the CHL’s Ontario Hockey League, Luchanko can’t be loaned to the AHL for the 2024-25 or 2025-26 seasons. He must either play for the Flyers or return to Guelph. However, he can join the AHL’s Lehigh Valley Phantoms after his junior season ends.
– Slide Rule: If Luchanko returns to the OHL before playing 10 NHL games in either of the next two seasons, his NHL contract start is deferred to the 2026-27 season, making him AHL-eligible then.
– Signing Bonus: Regardless of his team assignment, Luchanko’s signing bonuses are secure, with annual payments over the next three years.
– Performance Bonuses: Entry-level contracts allow for performance-based bonuses, which are higher than base salaries or signing bonuses. These bonuses are added to the player’s earnings at the end of the season and count towards the final salary cap hit.
– Two-Way Contract: Luchanko’s contract includes different pay rates for NHL and AHL play, as stipulated by the CBA.
– Restricted Free Agent: Luchanko will become a restricted free agent at the end of his entry-level contract, which could be as early as July 1, 2027, but no later than the summer of 2029. He won’t be eligible for salary arbitration yet.
Benefits of Early Signing
Signing Luchanko quickly benefits both him and the Flyers. Luchanko gains financial security with his signing bonuses and an NHL contract awaiting him. For the Flyers, securing Luchanko’s contract early ensures affordable services for several years, aiding in salary cap planning.
Future Prospects
While Luchanko could potentially earn an NHL roster spot within the next two seasons, he will likely spend two more years in junior hockey. He needs to gain weight and strength and improve his shooting. His exceptional playmaking skills and skating abilities indicate a promising future.
In the short term, Luchanko aims for a spot on Canada’s Under-20 World Junior Championships roster. Though not guaranteed for 2024-25, he has a strong chance by 2025-26.
With his recent ELC signing, Luchanko is on a promising path, marking a significant step in his journey to professional hockey.