In a significant turn of events, the San Jose Sharks have placed seasoned defenseman Nick Leddy on waivers, a move first reported by Sheng Peng from San Jose Hockey Now. This decision opens the door for Leddy to possibly be reassigned to the AHL affiliate, the San Jose Barracuda, contingent upon him clearing waivers.
Last week, Max Miller from The Hockey News highlighted that defenseman Shakir Mukhamadullin would accompany the team on their upcoming four-game road trip, indicating that he may soon be ready to come off injured reserve. With the Sharks currently holding a full roster of 23 active players, placing Leddy on waivers creates much-needed flexibility in anticipation of Mukhamadullin's return. If Leddy is removed from the roster, the Sharks will have just six healthy defensemen available, making it clear that Leddy’s waiver status is closely linked to Mukhamadullin’s activation.
Should Leddy clear waivers, he could be sent down to the Barracuda, thereby freeing up a roster spot for Mukhamadullin. Conversely, if another team claims him, the Sharks still achieve their goal of making room for Mukhamadullin.
This development is unfortunate for Leddy, who, at 34, has an impressive record of 1,061 games played in the NHL. It's worth noting that he hasn't participated in AHL games for over a decade, with his last stint being during the 2012-2013 season with the Rockford IceHogs. His performance this season has not met expectations, resulting in him frequently being a healthy scratch as the Sharks remain in contention for a playoff spot in the Western Conference.
Leddy's average ice time has dropped to 17 minutes and 30 seconds per game, featuring no power play minutes and only 1 minute and 31 seconds spent on the penalty kill. This marks a stark contrast to his role as the second defenseman for the St. Louis Blues during the 2023-2024 season, where he averaged over 22 minutes of ice time and was a key player on the penalty kill alongside teammate Colton Parayko.
The decline in Leddy’s performance, while his salary remains at a hefty $4 million cap hit through the end of the season, raises concerns about his value on the market. The disparity between what Leddy used to contribute and what he currently offers may deter teams from claiming him off waivers. While some franchises may see potential in revitalizing his career, the financial implications make him a risky acquisition.
Alternative options exist for keeping Leddy in the NHL, such as a trade; however, the Sharks have only one remaining slot to retain salary, limiting their ability to negotiate. They would likely need to find a trading partner willing to assume Leddy’s entire salary.
Another avenue for Leddy could involve a mutual termination of his contract, allowing him to forgo the rest of his salary and seek opportunities with other teams eager to provide him a guaranteed NHL position. This strategy has worked well for other players this season, like Egor Zamula and Alexandre Texier, with Texier notably securing a two-year, $2.5 million average annual value contract extension after seizing his chance in the NHL.
Should Leddy and the Sharks pursue this option, he would likely need to forfeit a portion of his pro-rated $3 million salary for the remainder of the 2025-2026 season.
At this juncture, it remains uncertain what the future holds for Leddy. There's still a possibility he may be claimed off waivers, or perhaps he doesn’t feel compelled to avoid a reassignment to the AHL at all costs. Regardless, today’s actions by the Sharks make Leddy a player to keep an eye on in the coming days, particularly for teams such as the Buffalo Sabres that might be in need of additional veteran defensive depth.
