Fitting in new contacts for Backstrom and Holtby was always going to be a challenge for the Capitals, who are tight against the $81.5 million salary cap this season and are carrying 21 players (two fewer than the maximum) because of that.
Backstrom's new contract carries an annual average value (AAV) of $9.2 million, an increase of $2.5 million per season from the $6.7 million AAV on his expiring 10-year, $67 million contract.
After meeting with Holtby and his agent, David Kaye, in September, MacLellan said the sides would play out this season and talk again after it was over. The Capitals took a similar approach before re-signing forward T.J. Oshie after the 2016-17 season and defenseman John Carlson following the 2017-18 season.
But the situation with Holtby is more complicated because of the Capitals' salary cap situation and because re-signing Backstrom was clearly their priority.
"It is tricky," MacLellan said. "Holtby's a big part of our success as an organization and he's in the mix with Ovi and Nick as defining our organization," MacLellan said. "I think we had an open communication at the beginning of the year, and then we were going to address it at the end of the year to see where we're at with [the] cap and possibilities or not possibilities."
Another factor is the emergence of rookie goalie Ilya Samsonov. A first-round pick (No. 22) in the 2015 NHL Draft, Samsonov has been projected as Holtby's eventual successor, and the 22-year-old has lived up to the billing this season, going 13-2-1 with a 2.11 goals-against average, a .925 save percentage and a shutout.
Holtby, who helped Washington win the Stanley Cup in 2018 and won the Vezina Trophy as the NHL's best goalie in 2016, is 18-9-4 with a 3.02 GAA and a .899 save percentage. Though he was selected to play in the 2020 Honda NHL All-Star Game, he has struggled of late, going 1-5-0 with 4.34 GAA and an .832 save percentage in his past six starts.