Doug Armstrong has a specific type. If you’ve followed the St. Louis Blues for more than a week, you know exactly what that looks like: term, no-trade clauses, and a stubborn refusal to let "his guys" walk for nothing. It’s the strategy that brought a Stanley Cup to Market Street in 2019. But man, the bill is coming due. When we talk about St Louis Blues contracts, we aren't just talking about numbers on a spreadsheet; we’re talking about a roster frozen in time while the rest of the Central Division gets faster and younger.
The Blues are in a weird spot. They aren't quite rebuilding, but they aren't exactly contenders either. It’s a "retool," according to the front office.
The Big Money Logjam on Defense
Let’s look at the blue line. It’s the elephant in the room. You’ve got Justin Faulk, Colton Parayko, and Nick Leddy all locked into deals that take up a massive chunk of the cap. Parayko is signed through 2030 at a $6.5 million AAV. Faulk is right there with him at $6.5 million through 2027. Torey Krug, whose injury status has become a massive storyline, is on the books for $6.5 million until 2027 as well.
That is a lot of money tied up in a defensive corps that has struggled with zone exits and high-danger chances over the last two seasons.
Honestly, the problem isn't that these are bad players. They aren't. Parayko is still a horse who can eat 25 minutes a night. The issue is the lack of flexibility. When you have four or five veteran defensemen with full or partial No-Trade Clauses (NTCs), you can’t just pivot when the league changes. The NHL is moving toward mobile, puck-moving transition players. The Blues? They’re built like a heavy, 2010s shutdown unit. It’s tough to watch sometimes.
Robert Thomas and Jordan Kyrou: The New Pillar Contracts
If the defense is the anchor, Robert Thomas and Jordan Kyrou are the engines. Their St Louis Blues contracts are identical: eight years, $65 million total, carrying an $8.125 million cap hit. This was Armstrong’s big bet. He decided that these two were the future of the franchise after Ryan O'Reilly and Vladimir Tarasenko moved on.
Thomas has largely lived up to the hype. He’s a premier playmaker. He’s the kind of guy who makes everyone on his wing look 20% better. Kyrou is more polarizing among the fans at Enterprise Center. He’s got elite speed—the kind of "blink and you miss it" transition pace—but his defensive lapses have occasionally landed him in the doghouse with the coaching staff.
Still, you pay for goals. You pay for point-per-game potential. By the time these contracts reach their middle years, a $8.1 million cap hit might actually look like a bargain as the league's salary cap continues to rise toward the $90 million mark and beyond.
The Offer Sheet Drama: Broberg and Holloway
We have to talk about the summer of 2024. It was wild. Nobody uses offer sheets in the NHL. It’s considered "rude" in the Old Boys' Club of GM circles.
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Doug Armstrong didn't care.
By snagging Philip Broberg and Dylan Holloway from the Edmonton Oilers, the Blues fundamentally shifted their timeline. Broberg’s contract—two years at roughly $4.58 million—was a massive overpay based on his resume at the time. But that’s the point of an offer sheet. You have to make the price so uncomfortable that the other team can't match.
- Philip Broberg: $4,580,917 AAV (2 years)
- Dylan Holloway: $2,290,457 AAV (2 years)
This move added much-needed youth to the roster. It also signaled that the Blues are done waiting for "natural" development. They are buying potential because their own cupboard was looking a little bare after years of picking in the late 20s.
The Jordan Binnington Factor
Then there's Binner. Jordan Binnington is the heart of this team, for better or worse. His contract—six years, $36 million—was signed when people were still debating if he was a one-hit wonder. He’s proven he isn't. Despite some lean years defensively in front of him, his underlying numbers have remained remarkably steady.
His $6 million cap hit is actually pretty standard for a starting goalie of his caliber. The real question is what happens in 2027 when that deal expires. Does Joel Hofer take the reins? Hofer is on one of the best value St Louis Blues contracts right now, making under $800k. That bridge between a high-priced veteran and a cheap, high-upside rookie is exactly how you survive in a hard-cap league.
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Why the "Middle Class" of the Roster Is Shrinking
In the past, the Blues were famous for having a deep "middle class." Think of guys like Scottie Upshall or Kyle Brodziak. Today, the NHL cap environment makes that harder to maintain. You have your stars making $8M+, and then you have a bunch of guys on entry-level deals or league-minimum contracts.
The Blues currently have guys like Pavel Buchnevich locked in. Buchnevich’s extension (six years, $8 million AAV starting in 2025-26) shows that Armstrong isn't ready to let go of his productive veterans. It's a gamble. Buchnevich is elite, but he'll be 36 when that contract ends. That is a lot of term for a winger.
How to Navigate the Blues' Cap Future
If you’re trying to project where this team goes next, you have to look at the "dead money" and the NTCs. You can't just trade Torey Krug or Justin Faulk without their permission. That limits the front office's ability to "weaponize" cap space.
The real key for the Blues isn't going to be a big free-agent signing. They don't have the room. The key is the performance of their ELC (Entry Level Contract) players.
- Dalibor Dvorsky: The 2023 first-rounder needs to be a contributor while he's still making under $1 million.
- Jimmy Snuggerud: Once he leaves the college ranks, his impact on the cap-to-production ratio will be massive.
- The Backup Transition: Keeping the goaltending cost low by leaning on Hofer allows that money to be spent on the top-six forwards.
The St. Louis Blues are currently a case study in "Competitive Purgatory." They are too good to tank for a first-overall pick, but their salary commitments make it hard to add the final piece of the puzzle.
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Actionable Steps for Blues Fans and Analysts
If you're tracking the health of the franchise, stop looking at the standings and start looking at the "Days to Trade Clause Activation."
- Watch the 2025 Trade Deadline: This will be the litmus test. If the Blues are five points out of a playoff spot, do they stand pat because of their NTCs, or does Armstrong convince a veteran to waive their clause for a contender?
- Monitor the Cap Growth: The NHL cap is projected to jump significantly. This is the "get out of jail free" card for the Blues. If the cap hits $92M+, those $6.5M defensive contracts become much easier to move or buy out.
- Evaluate the "Bridge" Deals: Watch the next wave of RFA (Restricted Free Agent) signings. If the Blues start signing shorter, three-year "bridge" deals instead of max-term eight-year deals, it's a sign that the philosophy in the front office is finally shifting toward flexibility over loyalty.
Understanding St Louis Blues contracts requires acknowledging that this team is still paying the "championship tax." The loyalty shown to the 2019 core and the immediate successors has created a stable, but stagnant, environment. The next 24 months will determine if they can break that cycle without a full-scale teardown.