Hockey is a brutal business. One day you're the prized free-agent signing meant to stabilize a legendary franchise's defense, and the next, you're sitting in a locker room in Wilkes-Barre wondering where it all went sideways.
That is the current reality for Ryan Graves.
On December 31, 2025, the Pittsburgh Penguins officially reassigned Graves to the AHL after he cleared waivers for the second time this season. For a guy with a $4.5 million cap hit, "clearing waivers" is basically the league-wide equivalent of a "No Thanks" from all 31 other teams. It’s not that Graves can't play—it’s that nobody wants to pay the sticker price for what he’s currently providing.
The Ryan Graves Penguins Waivers Situation Explained
When Kyle Dubas signed Graves to a six-year, $27 million contract back in July 2023, the vision was clear. He was supposed to be the steady, 6-foot-5 stay-at-home presence that could insulate the more adventurous offensive defensemen like Erik Karlsson or Kris Letang.
It hasn't worked out. Honestly, it hasn't even been close.
In the 2025-26 season, Graves has been a frequent visitor to the waiver wire. He was waived during training camp in October 2025, cleared, and sent down. He eventually worked his way back up in November, but after 17 games of limited ice time (averaging just 15:19 per night) and only a single goal to show for it, the Penguins pulled the trigger again on December 30.
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By December 31, he was back in the AHL.
The move was technically triggered by the need to make room for Yegor Chinakhov, whom the Penguins acquired from Columbus. But let’s be real: if Graves was playing like a $4.5 million defenseman, the team would have found another way to manage the roster.
Why nobody is biting on the waiver wire
You might wonder why a team like the Detroit Red Wings or a depth-starved contender wouldn't just grab him for free.
The answer is the term.
Graves is in the third year of that six-year deal. That means whoever claims him isn't just taking on a $4.5 million cap hit for this season; they are on the hook through the 2028-29 season. In a flat-cap (or slow-rising cap) world, that is a massive pill to swallow for a third-pairing defenseman.
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The numbers tell a frustrating story for Pens fans:
- Ice Time: His role has plummeted from 20+ minutes in New Jersey to barely 15 minutes this year.
- Production: Just one point in 17 NHL games this season.
- The AHL Gap: Interestingly, he’s been quite good for Wilkes-Barre/Scranton, putting up 9 points in 13 minor-league games.
It seems Graves has hit that "tweener" phase where he’s too good for the AHL but hasn't found the right rhythm to justify his NHL salary.
The Salary Cap Math Behind the Move
When the Penguins send Graves down, they don't get the full $4.5 million in cap relief. Under the current CBA, teams can only bury a certain amount of a player's salary in the minors.
For 2025-26, that buried limit is $1.15 million.
So, while Graves is playing in the AHL, he still counts for $3.35 million against the Penguins' NHL salary cap. It’s a marginal gain, but in a league where every dollar matters for trade deadline flexibility, it’s a move Dubas felt he had to make.
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What’s Next for Ryan Graves and the Penguins?
Is this the end of the road? Not necessarily.
Graves himself recently told reporters, "I think I belong here," referring to the NHL. He isn't wrong about his pedigree—this is a guy who led the league in plus-minus (+40) with Colorado in 2019-20. The talent is in there somewhere.
However, the path back to Pittsburgh is crowded. With younger, cheaper options like Jack St. Ivany showing promise and the team needing to evaluate prospects like Owen Pickering, Graves is essentially waiting for an injury or a massive trade to open up a spot.
If you're following this saga, here are the most likely scenarios:
- The AHL Grind: Graves stays in Wilkes-Barre, provides veteran leadership, and waits for a recall.
- The Retained Trade: The Penguins eventually trade him but have to eat 50% of his salary to make the deal palatable for another team.
- The Buyout: If he remains in the AHL through the end of the season, a summer 2026 buyout becomes a very real possibility.
Actionable Insights for Fans:
If you're tracking the Penguins' roster, keep a close eye on the trade deadline. If the Pens move pending UFA blueliners like Connor Clifton or Ryan Shea, Graves is the first person getting a plane ticket back to Pittsburgh. Until then, he's the most expensive "insurance policy" in the American Hockey League.
Monitor the daily transactions—if the Penguins' defensive core stays healthy, Graves might be spending a long winter in Wilkes-Barre.