What's Going on with Jeremy Swayman and the Boston Bruins?

How did the Boston Bruins go from having two perennial Vezina contenders splitting one net last season to having journeyman Joonas Korpisalo and two youngsters in Brandon Bussi and Michael DiPietro as the only goalies in camp?

It all started when the Bruins' cap situation inevitably forced them to choose between their net-minders after last season's run. Right now the Bruins have around $8.6 million in cap space, according to Puckpedia. Clearly, homegrown prospect turned No. 1 goalie, RFA Jeremy Swayman, was ready to become a true starter. Meanwhile, Linus Ullmark could shine elsewhere for a decent return in a trade. So the Bruins traded Ullmark to the Senators and planned on signing Swayman.

Should have been simple enough, right?

Wrong. Swayman and the Bruins have been at a stalemate since his previous contract expired on July 1. The preseason began last week, Swayman did not report to training camp and general manager Don Sweeney said he's "disappointed" an agreement hasn't been reached.

You'll recall that Swayman voiced disappointment with his arbitration process—one that ultimately awarded him a one-year, $3.48-million contract—last summer

Of course, Swayman handily outperformed that contract last season. He had a solid regular season with a .916 save percentage, ranking No. 5 among NHL goaltenders with 22.8 goals saved above expected. He also had some of the strongest postseason numbers among all playoff goalies through the Bruins' two rounds.

The Bruins and Swayman have until Dec. 1 to reach a deal. Where do they currently stand, what's the holdup, and will they eventually get it done? Let's dive in.

The Athletic's Pierre LeBrun's sense as of Tuesday is that there's a new target deadline to get the deal done now that camp is in session: Boston's first game of the season on Oct. 10.

"There's ongoing dialogue. I checked in on this again on Tuesday, and I was told it's status quo and they're still not there," LeBrun said Tuesday on Early Trading. "It gives me the sense that, even despite the pressure of the situation, that their real deadline is opening night as opposed to the start of camp last week. Both sides will keep going here."

While reporters are hearing different information from both camps, one of the few unanimously agreed-upon reports is that Swayman's main priority is getting an eight-year deal, and the Bruins are seeking to lock him up for the long term as well. The holdup appears to be a discrepancy in the desired AAV.

In light of the rising cap and Swayman's resume, it would make sense for the Swayman camp to look at what other comparable goalies have recently signed for and use their leverage to push for more. Juuse Saros signed an eight-year extension with a $7.74 million AAV over the summer, and Connor Hellebuyck signed an eight-year extension with an $8.5 million AAV.

This negotiation has been particularly dramatic and hard to suss out because of conflicting reports. Bruins GM Don Sweeney even publicly denied a report that the Bruins only offered Swayman a $6.2 million AAV, referring to Spittin Chiclets as the "Spitting up on yourself podcast" in the process. Some reports suggest Swayman seeks an AAV between $8.5 million and $10 million on an eight-year contract.

We likely won't know the specific details of the asks and negotiations until after the fact, if ever. But right now, here's what we know for sure:

1. Things have been tense and at a stalemate, with conflicting reports coming from each camp.

2. Both camps are seeking a long-term deal and are disagreeing when it comes to the price.

3. The new target to get the deal done appears to be opening night, Oct. 10.

4. Swayman remains unsigned and is sitting camp out so far.

Coming off a one-year arbitration-awarded contract worth $3.475 million, Swayman is looking to stay with the Bruins. That said, he wants them to commit to him, and he wants the payday he deserves.

Swayman also knows he's got unique leverage, as the Bruins traded their other potential No. 1 in Ullmark. Think about it: That leverage only increases if Swayman sits out and the Bruins struggle early with assumed backup Joonas Korpisalo in net.

Again, there have been conflicting reports about what the desired AAVs are for both camps. Some suggest Swayman's camp is seeking anywhere between $8.5 million and $10 million per year. On Boston's end, the figures Spittin' Chiclets host Whitney tossed out were $6.2 million to $6.4 million per season. The Bruins denied the report, but if it's true, the low $6 million range is indeed a lowball, especially considering the rising cap.

Swayman's camp is likely looking to match or surpass comparable deals received by the likes of Saros and Hellebuyck, which is reasonable given both his resume and the leverage he has from the Bruins putting all of their eggs in his basket. He's also publicly said he felt slighted by the arbitration process last year and wants to feel like the team values him. It's all fair, and the Bruins have the right to negotiate down as well given their cap situation. At a certain point, though, you have to pay the man what he deserves.

For the past few seasons—especially last season with the retirements of Patrice Bergeron and David Krejci—the Bruins barely had enough centers, let alone a solid top two. They were lacking in depth and not expected to do anything significant, and yet they had a historic regular season in 2023-24 and got to the second round last playoffs.

How? Goaltending was their strength—they were the best in the league at the most important position. They didn't just survive cap issues and lack of depth, they exceeded every expectation.

The Bruins made it clear that Swayman was their guy this summer. They traded Vezina Trophy-winning goaltender Ullmark to the Ottawa Senators to clear the way for Swayman, and they brought in veteran Joonas Korpisalo to spell him.

Now, the Bruins will have to ride with Korpisalo until (or if) Swayman signs. Korpisalo is the club's de facto No. 1 goalie, while Swayman is unsigned, and Korpisalo is an above-average backup option, but he's not going to muster up the same heroics. Load management is one of his clear weaknesses, and he struggled in starting roles with the Senators last season and with the Columbus Blue Jackets previously.

Swayman had a 43-25-10 record in the regular season with a 2.53 goals-against average and a .916 save percentage before going 6-6 in the postseason with a 2.15 GAA and a .933 save percentage. Selected by the Bruins in the fourth round of the 2017 draft, Swayman has a career record of 79-33-15 with a .919 save percentage and a 2.34 GAA.

If you don't sign Swayman, you've surrendered your two biggest roster strengths and are giving into some sort of soft rebuild.

The Bruins and Swayman have until Dec. 1 to figure it out, or Swayman will be deemed ineligible to play for the rest of the season. If they can't agree by then, this is a massive embarrassment and setback for all parties involved.

In my eyes, there's no way either side will let it get to that point.

I believe Swayman will start the regular season as a Bruin on a deal hovering around an $8 million AAV.