New Deal, Same Seth: Inside Jarvis' New Contract

The forward chatted with media about his new eight-year deal on Wednesday

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By Walt Ruff & Peter Dewar

Hurricanes.com

September 04, 2024

RALEIGH, N.C. - Seth Jarvis claims he's a "fantastic" swimmer.

One indisputable thing is that, for the next eight years, he'll be swimming in cash.

Clad in a T-shirt that features a Photoshopped image of himself holding a large sum of money, one that he was gifted by a fan earlier this summer and is now sold by the Hurricanes, he flashed his personality as he and General Manager Eric Tulsky discussed his new eight-year, $63.2 million contract with the media at a press conference on Wednesday.

Jarvis and Tulsky got on the subject of the forward's watersport abilities after the two were asked about a video that was shared to the team's social media accounts over the weekend, one that included the 22-year-old announcing he's staying in Raleigh while arriving in-frame on a jet ski.

"Me and my five buddies were at his cabin and (the Canes) texted me saying that they needed a video [sharing the re-signing]. We just kind of brainstormed that," he laughed.

Tulsky, in his usual soft-spoken demeanor, requested, "Next time can you do me a favor and wear a life preserver?"

An important message from Jarvy 😂 pic.twitter.com/SGGMUMxktO
— Carolina Hurricanes (@Canes) September 1, 2024

Amid the laughter at the event, the two actually spoke business today, going over how the deal was reached, its unique structure, and what's to come for Jarvis.

“We were looking to keep Seth here long-term," Tulsky offered. "We wanted to pay him what he’s worth. We know he’s just going to keep getting better and better. We wanted to be able to reward that."

Coming in at a very manageable average annual value (AAV) in the ballpark of $7.5M, the two sides reached a long-term deal instead of opting to go for a shorter bridge deal that would have allowed both parties to reassess in a few seasons.

“I don’t really think the bridge deal was, in my mind, an option," Jarvis shot down. "I think this is where I wanted to be and I wanted to try my best to make it work. It would have been a different route that we could have taken, but I’m more than happy that this is the way we went."

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One of the more interesting facets of the deal is a deferred payment structure which will see the Hurricanes save approximately $400,000 on the contract's AAV before paying that savings in full at its expiration. A traditional eight-year, $63.2 million deal would come in at an AAV of $7.9 million per year, but Jarvis' unique agreement will cost the Canes just $7.5 million through 2032. This kind of structure allows Jarvis to get the cumulative payday he's after while enabling the Hurricanes to maintain flexibility in a tight salary cap environment.

"Interest rates got high, so (deferred payments) started to be a useful tool. Then we brought it up in conversation and that was a way to go where we wanted on this," said Tulsky. "The whole idea of a dollar in the future being worth less than a dollar today is how it works. When interest rates are zero, there’s no difference there. Interest rates being as high as they are made it work."

But if you're still racking your brain trying to figure out the math, you're not alone.

“They had a tough time breaking it down for me, I had no idea what it meant," said Jarvis. "Maybe like two or three weeks ago, it got brought up. My agents just kind of had to check in with the people at the PA and see how everything worked out. When it came across to me, I had no idea what it meant. I read into it and they explained it to me a little more and it started to make more sense."

The money was important, but knowing that deferring a portion of the payments would help the Canes continue to ice a championship-caliber roster was similarly key in Jarvis' decision to sign.

"It helped me, but also helped the team, and that’s what we were looking for - something to help build around not just me but the team around here to have more space to bring in other guys," he added.

Hear what the forward and GM Eric Tulsky had to say after agreeing to the eight-year deal.

The latest member of the team's core that's locked up for the long haul, the 2020 first-round pick joins Sebastian Aho (signed through 2031-32), Andrei Svechnikov (signed through 2028-29), and Jaccob Slavin (signed through 2032-33) among others who will be in Raleigh for years to come.

As he continues to grow into the player he'll be for the next eight years, Jarvis pulled back the curtain on a conversation with head coach Rod Brind'Amour regarding what the two see for him as he continues to evolve.

"I’m just trying to be the best version of myself. I’m not trying to change my game and play a completely different way," the proud Manitoba product shared. "I want to keep playing hard, I’m going to keep putting in a thousand percent effort. As I get older, as I learn the game more, as I get more comfortable, obviously stuff’s going to change and hopefully, my offensive side grows, my defensive side grows, but it’s just making sure I don’t change the values that I came in and earned this contract with and made this team with, which is all based on work ethic, compete, and making sure I put my best foot forward every time I step on the ice.”

Jarvis and Carolina have been a fantastic match through three years. With that partnership set to continue for the better part of #24's prime, there's a lot to look forward to in Raleigh.

"Rod asks a lot of our players. We demand a lot. There are not many people who cannot just do everything we ask, but exceed everything we ask," said Tulsky. "Seth is one of those players and it's really great to lock him up and have him commit to us for the next eight years, and hopefully beyond that too."