Sep 28, 2021; Philadelphia, Pennsylvania, USA; Philadelphia Flyers defenseman Ryan Ellis (94) against the New York Islanders at Wells Fargo Center. Mandatory Credit: Eric Hartline-USA TODAY Sports
The Philadelphia Flyers have long been burdened by one of the NHL’s most regrettable signings — defenseman Ryan Ellis.
On Sunday, they finally cut the Gordian knot.
They traded Ellis and a conditional 2026 sixth-round pick to the San Jose Sharks, acquiring forward Carl Grundström and defenseman Artem Guryev in return.
Ellis, 34, hasn’t played a game since November 2021 after suffering a complex pelvic/psoas injury, and he appeared in just four games during that 2021 season with the Flyers.
He still has two seasons remaining on an eight-year, $50 million contract — a deal that carries a $6.25 million annual cap hit through 2027.
#sjsharks have added the contract of #Flyers’ Ryan Ellis ($6.25 million cap hit) via trade with PHI - to go along with #GoHabsGo Carey Price ($10.5 million cap hit).#Flyers will save almost $4.5m in space and not have to operate in LTIR. San Jose buys cap flexibility.
His tenure in Philadelphia was initially plagued by speculation that he might never suit up again, and then the fragility of his health rendered him a “cap albatross” rather than a contributing defenseman.
The Sharks are expected to place him on long-term injured reserve (LTIR), meaning his cap hit still counts but frees San Jose to allocate space in other areas.
Philadelphia’s haul in return is mostly for the minors, although there is a chance Grundstrom sees time with the big club.
Grundström, 27, had just 9 points in 56 games for San Jose last season and was in the final year of a two-year contract with a $1.85 million AAV.
His time in San Jose was underwhelming, but he's a forward with NHL experience, and his contract is relatively affordable. The Flyers placed him on waivers on Sunday.
Should add G Mads Sogaard OTT as well. Full list: pic.twitter.com/gDtP51Qr1k
They haven't decided if he will start the season in the NHL or be reassigned to Lehigh Valley, assuming he clears waivers, but by putting him on the waiver wire, it gives the Flyers the flexibility to do either when they set their Opening Night roster.
Meanwhile, Guryev, 22, brings size (6'4", 225 lbs) and potential. He spent 2024-25 in the ECHL, posting 5 points in 47 games, and had limited AHL exposure the prior season.
Guryev is on an entry-level contract that expires after the 2025–26 season, so he is waivers exempt and will be sent to Lehigh Valley.
In financial terms, this trade gives the Flyers more breathing room. By shedding Ellis without retention, they free up roughly $6.25 million in cap space - minus the combined $1.8 million Grundström and Guryev will count toward the books - which nets roughly $4.45 million in leverage this season.
Because Ellis had been carried on LTIR for years, the Flyers were unable to accumulate carryover cap room; moving his deal off their books now allows them to truly bank flexibility and operate more conventionally under the cap.
From San Jose’s perspective, acquiring Ellis’ contract is a calculated move. The Sharks reportedly needed to open up contract slots (they were near the 50-contract limit) to activate younger prospects like Sam Dickinson.
Adding Ellis and a draft pick in return for two movable pieces gives San Jose flexibility in balancing their roster—and likely assuming insurance coverage for at least part of Ellis’ salary.
The condition on the sixth round pick in the deal is the Sharks will get the better of the two sixth round picks the Flyers own. They have theirs and one that originally belonged to the Columbus Blue Jackets.
