A day after focusing on the NHL’s most overpaid players, we decided to take a look at the other end of the spectrum.
The list below does not include entry-level contracts, or else it would be easy to hand the best bargain to a rookie such as Johnny Gaudreau or a player who came out of nowhere like Andrew Hammond.
Instead, our top-five list accounts for the following factors: contract term, salary cap hit, current production, and future potential.
Here are five of the most underpaid NHL players this season:
5) Mark Giordano, Calgary Flames 
Giordano would be even higher on this list if he wasn’t out for the remainder of the season with a torn biceps tendon. The 31-year-old defenceman was having a career year and was in legitimate discussion for the Norris Trophy before suffering the injury in late February.
The Toronto native registered 11 goals, 48 points and a plus-13 rating while averaging over 25 minutes of ice time. Giordano’s contract came at a bargain price — annual salary cap hit of $4.02 million — but it is set to expire at the end of the 2015-16 season. It’s safe to say he’s due for a big-time raise.
4) Max Pacioretty, Montreal Canadiens 
The Canadiens have excellent salary cap management. Tomas Plekanec has an average salary cap hit of $5 million per season but they are getting even better value out of Max Pacioretty. The 26-year-old winger leads Montreal in scoring with 35 goals and 64 points in 74 games and comes with a stellar salary cap hit of $4.5 million.
The Canadiens have Pacioretty under contract until the end of the 2018-19 season. He’s appeared in all of Montreal’s games this season and is a NHL-high plus-41. Plus/minus isn’t the most relevant stat, but it’s telling how big his number is in comparison to his teammates.
3) Tyler Seguin, Dallas Stars 
The Boston Bruins recognized Seguin’s extreme talent early in his career and handed him a six-year extension as a 20-year-old. So when the Stars acquired Seguin from Boston, they not only added a great player, but also a heck of a contract. Seguin has an annual salary cap hit of $5.75 million until the end of the 2018-19 season. That’s darn good value. The 23-year-old centre is averaging more than a point per game (65 points in 63 games) and ranks eighth in the NHL with 33 goals this season. The Stars didn’t take the step forward this season that many were expecting, but Dallas’ top centre is hardly to blame.
2) Roman Josi, Nashville Predators 
When the Predators handed Roman Josi a seven-year, $28 million extension after the 2013 season, many hockey fans — at least outside of Nashville — had never heard of the Swiss defenceman. Well, Nashville was onto something. The 24-year-old is an emerging star on the blueline alongside Shea Weber. Josi ranks fourth in the NHL in average ice time per game (26:27 minutes) and has added an offensive punch with a career-high 52 points in 74 games. He has been a critical element of Nashville’s improvement and he’s only getting better. Having Josi under contract until the 2019-2020 season at an average salary cap hit of $4 million is highway robbery for the Predators.
1) John Tavares, New York Islanders 
There aren’t many Hart Trophy candidates that carry a salary cap hit below $6 million. Not Sidney Crosby or Carey Price – the Islanders captain is a rare exception.
Tavares’ deal counts for only $5.5 million against the cap for the next three seasons, making him the best bargain in hockey. To put that into perspective, his cap hit is only $250,000 more than David Clarkson. The 24-year-old Tavares leads the NHL in points (74 points in 74 games) this season while ranking in the top 10 in goals. The Islanders have to be thrilled they were able to lock up their superstar centre at such a bargain rate.
