On today’s episode of Canucks Conversation, David Quadrelli and Harman Dayal discussed a looming decision the Vancouver Canucks face with goaltender Thatcher Demko, who is entering the final year of his five-year, $5 million AAV contract signed in 2021.

With one year left before unrestricted free agency, the question is whether the Canucks should try to extend Demko now – and whether that’s a risk worth taking.

Quads opened by pointing to a shift in tone from Canucks management.

“We have a situation I don’t imagine a lot of people thought we’d be in where Demko wants to come back – okay, but Jim Rutherford really seems like he wants Demko back, and an extension seems very possible,” he said. “At first, when Demko said he wanted to be back, we dismissed it a little bit, but to hear what Rutherford said, it sounded like a guy who wanted him back, and he gave his reasons.”

Harm noted that Rutherford’s optimism about Demko’s health may come down to changes in how he is training.

“Rutherford doesn’t seem as concerned about his durability and the injury as maybe the rest of us in the market do,” said Harm. “It sounds like Rutherford believes Demko’s previous training style was contributing to some of these injuries and durability concerns, which adds context to the messy situation between the organization and Ian Clark.”

In Monday’s press conference, Rutherford acknowledged the complexity of the situation.

“There’s risk on both sides if there’s an extension,” said Rutherford. “The thing I really feel comfortable with is, leading up to him returning to play, he had a different approach to his training, which was more a preventive training for injuries… I like what he’s found here and what he’s done. He’s 100 percent healthy now and in a great frame of mind. We would like to extend him. It’s going to be a matter of how much risk is the team willing to take and how much risk is he willing to take as to the term of that contract.”

Quads responded to Rutherford’s comments by outlining the gamble on both ends.

“What’s interesting about that answer is him saying there’s risk on both sides. There’s people looking at it and saying it’s way too risky for the Canucks, but there’s risk for Thatcher too… If Thatcher Demko hit the open market today, I would argue he’d be closer to that Joey Daccord level than the elite level. I don’t think anyone would be lining up to give him long term at $7 million if he doesn’t have a healthy season next year.”

The incentive for Vancouver is clear: sign Demko now and potentially get him at a discount, but that comes with major risk.

“The Canucks are going to go to Demko and say this is our chance to get you on a discount,” Quads continued. “The risk they’re running is that he’s not able to finish out that contract – that’s the risk Jim Rutherford is talking about – having a goaltender who can’t stay healthy signed long term.”

And on the flip side, Demko’s own leverage at the moment isn’t particularly strong.

“The risk for Thatcher if he doesn’t sign is he goes out next year and has another injury-riddled campaign,” Quads said. “What do two injury-riddled seasons where you play less than 25 games get you on the open market? That’s not a position Thatcher wants to be in.”

Harm closed with a dose of caution about what even a “discount” might mean.

“Even the idea of a discount for Demko is still a massive bet given how expensive goalie contracts have become,” he said. “Demko has injury risk, but his camp will argue that he’s been a starter and has more pedigree than those guys in the $5 million range. Does he want six by six or $7 million over five years? That’s still a really significant bet – and one I’d be wary of making if I’m the Canucks.”

You can watch the full segment below: