12:02 p.m.: Seravalli has backtracked his initial report, saying that the Sharks did inform Labanc’s camp this morning that he’d be placed on waivers but have now “reversed course.” Labanc is expected to make his season debut Thursday against Boston. Sharks general manager Mike Grier also contradicted Seravalli’s report, saying the team never planned on waiving him.
11:33 a.m.: Daily Faceoff’s Frank Seravalli reports the Sharks will place winger Kevin Labanc on waivers today at 1 p.m. CT for the purposes of assignment to the AHL’s San Jose Barracuda.
Labanc, a sixth-round pick in the 2014 NHL Draft, quickly looked like a steal after exploding for back-to-back 100-plus point seasons in the OHL after his draft year. The transition to pro hockey was rather smooth, posting a point per game with the Barracuda in 2016-17 and potting 20 points in 55 games with the Sharks during his rookie season. His scoring would increase year-by-year until his peak in the 2018-19 campaign when he notched a career-high 17 goals and 56 points in 82 contests and played a key secondary scoring role in guiding the Sharks to the Western Conference Final, where they would fall to the eventual champion St. Louis Blues.
He was an RFA at the end of that season, but cap constraints forced him into taking just a one-year, $1MM contract to remain in San Jose. His value would, unfortunately, fall off a cliff in 2019-20, when he dropped to 33 points in 70 contests and posted an eye-opening -33 rating, but that didn’t stop then-Sharks GM Doug Wilson from signing him to a four-year, $4.725MM cap hit deal to remain in San Jose.
Over the life of that contract, he’s scored 30 goals and 67 points in 148 games while seeing his average ice time slip to third-line minutes. He was a healthy scratch at times near the end of last season after he put up 33 points in 72 games, and he has not played yet in 2023-24 after serving as a healthy scratch for the team’s first three contests.
With one season remaining on his deal, it’s extremely unlikely anyone will take a flyer on Labanc at such a rich cap hit. The Sharks will be able to bury $1.15MM of his $4.725MM hit in the minors, resulting in a cap charge of $3.575MM if he’s assigned to the Barracuda.