A shocking move has just been made by the San Jose Sharks, placing veteran defenseman Nick Leddy on waivers. This news, first reported by Sheng Peng of San Jose Hockey Now, opens up a can of worms and raises some intriguing possibilities.
Leddy, a 34-year-old NHL veteran with over 1,000 games under his belt, now faces an uncertain future. The Sharks' decision to waive him today could lead to his reassignment to their AHL affiliate, the San Jose Barracuda. But here's where it gets controversial: Leddy's waiver status could also mean a potential return to the AHL for the first time in over a decade.
Last week, Max Miller of The Hockey News reported that another defenseman, Shakir Mukhamadullin, was traveling with the team on a four-game road trip. This suggests that Mukhamadullin is on the cusp of being activated from injured reserve. With a full 23-man active roster, waiving Leddy provides the Sharks with the flexibility they need to accommodate Mukhamadullin's return.
If Leddy clears waivers, he can be reassigned to the Barracuda, creating the necessary roster spot for Mukhamadullin. Even if Leddy is claimed off waivers, the Sharks still achieve their goal of opening up a spot for Mukhamadullin.
This development is a tough pill to swallow for Leddy, who has seen his ice time decline significantly this season. His average time on ice per game has dropped to 17:30, with no power play time and minimal penalty-killing duties. This is a far cry from his days as the St. Louis Blues' No. 2 defenseman in 2023-24, when he averaged over 22 minutes per game.
Leddy's current form and compensation ($4MM cap hit) don't align, making it unlikely that he'll be claimed off waivers. While some teams might see potential in Leddy, the risk associated with his cap hit could deter them from making a claim.
There are other options on the table to keep Leddy in the NHL, such as a trade. However, the Sharks have limited salary retention slots, so they may only consider trades where the other team takes on Leddy's full remaining salary.
Leddy could also opt for a mutual contract termination, sacrificing the remaining portion of his salary to sign with a team that guarantees him an NHL role. This path has worked well for players like Alexandre Texier, who secured a two-year contract extension after taking this route.
If Leddy and the Sharks choose this option, Leddy would likely give up the pro-rated portion of his $3MM salary for the remainder of the 2025-26 season.
At this point, Leddy's future is uncertain. While a team could still claim him off waivers, he might also be open to an AHL reassignment. Either way, the Sharks' move puts Leddy in the spotlight, especially for teams like the Buffalo Sabres seeking experienced defensive depth.
Photos courtesy of Robert Edwards-Imagn Images.
