Matvei Michkov officially released by SKA Saint Petersburg of KHL, to join Philadelphia Flyers
PHILADELPHIA (CBS) — The Matvei Michkov era in Philadelphia is here much earlier than anyone expected.
SKA Saint Petersburg of Russia's Kontinental Hockey League announced Tuesday it has released Michkov from his contract, freeing up the 19-year-old right winger to sign his entry-level contract with the Philadelphia Flyers.
Work remains before Michkov joins the Flyers — he still needs to sign an entry-level contract and get a visa.
The news first leaked Sunday, when the Associated Press reported SKA Saint Petersburg was letting Michkov out of his contract.
"After spending a lot of time thinking, I have taken the decision to move to the NHL," Michkov said in a statement posted on SKA Saint Petersburg's official English language X account. "I want to say a huge thank you to the SKA management for being cooperative in this matter. I immediately stated that I only want to play fro SKA in the KHL, no more loans or trades. I'll fight for my place in the NHL, but in the event that I subsequently return to the KHL, I will only play in Saint Petersburg.
"The decision wasn't easy, but I feel that it's the right one. I'm full of energy and desire to prove that I'm worthy of playing in the NHL. My father always dreamt of seeing me make my NHL debut, so personally it was very important to take this step in his honor. I'm confident that he would have supported this decision."
Flyers general manager Danny Briere said in a statement the team was told Tuesday about Michkov's release.
"We are certainly excited to learn of this news and look forward to reconnecting with Matvei's representatives in the coming days," Briere said in a statement. "Additionally, we are appreciative of SKA Saint Petersburg for allowing Matvei Michkov to pursue his dream of playing in the NHL."
A statement from Flyers General Manager Daniel Briere on the status of prospect Matvei Michkov. https://t.co/tgO5PVoY7G pic.twitter.com/JXg4xRPW4r
— Philadelphia Flyers (@NHLFlyers) June 25, 2024
SKA Saint Petersburg posted on its official English language X account, "With SKA, Matvei won the 2022 Kharlamov Cup and became the first player born in 2004 to play for our senior team. Good luck in the NHL, Matvei!"
Michkov fell to the Flyers at No. 7 in last year's NHL draft despite being regarded as one of the best prospects in the class. He was rated as the No. 2 international skater behind Leo Carlsson, drafted by the Anaheim Ducks second overall.
The Flyers took Michkov knowing he may not jump to North America for three years, or even at all.
Briere said on draft night last year the organization was prepared to wait for Michkov.
"We hope that this turns out to be a home run. Time will tell," Briere said last year. "It's a little early. But we feel when he's ready to come, he could really be a difference-maker. And that's the risk that we were willing to take it to wait a little bit, to hopefully have a difference-maker on our hands."
The wait was shorter than anyone expected. Michkov will be wearing the orange and black this fall.
What's next for Michkov and the Flyers?
The Flyers have not yet signed Michkov to his entry-level contract, but it's only a matter of time. Briere's statement alludes to negotiations with Michkov and his camp in the coming days. Once they hammer out the specifics, the deal will be inked.
Michkov is limited as to how much he can earn salary-wise in his ELC but the Flyers can add more to his wallet through signing and performance bonuses.
How do entry-level contracts work in the NHL?
Entry-level contracts work differently in the NHL than in other major North American sports — Michkov won't be making $26 million in his first contract like 2024 seventh overall pick JC Latham is with the Tennessee Titans of the NFL.
According to the Collective Bargaining Agreement, the NHL caps the length of an entry-level contract using an age scale and the maximum salary based on their draft year.
CBA Section 9.1b outlines the age scale:
- Players between 18 and 21 at three years
- Between 22-23, two years
- 24, one year
There are no restrictions on years or compensation for entry-level contracts for players 25 years and older, according to the CBA.
According to CapFriendly, the highest salary Michkov can make on his ELC is $950,000, but the winger can make more through signing, games played and performance bonuses.
The CBA states a signing bonus "may not exceed 10% of the Player's compensation for such League Year."
Games played bonuses get a little tricky. The bonus counts toward the player's total salary compensation, according to CapFriendly, meaning a player's ELC cannot include a games-played bonus if they sign for the maximum salary for their draft year. The bonus has two tiers: five games and 10 or more games. Five games max out at $25,000, while 10 have no max.
Here's how it would work. If a player drafted in 2023 signs their ELC for $925,000 with a games played bonus, the maximum their bonus could be $25,000. Why? Their total salary cannot exceed $950,000.
In the NFL, rookie contracts are capped at four years with a "league-wide limit on the total amount of compensation for rookies with specific salary parameters for each draft slot," according to CBS Sports.
The NBA operates on a rookie scale.
MLB uses a slotting system, meaning that each draft pick in the first 10 rounds has a designated value — think signing bonus. Prospects can sign below slot or over slot, but teams face penalties if they sign a player over the value for the draft pick.