
Kinger's got an analysis of Ryan Smyth's worth over on
Always On The Road and has set up a collection of strawmen to abuse. He then proceeded to post it at HF and welcome all challengers.
First off, let's give some background on Kinger's approach. It's basically a bunch of comparables and he focuses on counting stats per game. The list is as follows (with cap hit and contract length in parentheses):
Arnott ($4.5MM/yr, 4yrs)
Sullivan ($3.2MM/yr, 2yrs)
Brind'Amour ($3.6MM/yr, 4yrs)
Koivu ($4.75MM/yr, 2yrs)
Alfredsson ($4.34MM/yr, 3yrs plus two mutual options)
St. Louis ($5.25MM/yr, 4yrs)
Alright, first off let's get rid of the useless comparables, shall we?
The Brind'Amour comparable is particularly laughable. Brind'Amour signed his deal at the ripe old age of 35 and is far too old to be an meaningful comparable
Alfredsson's deal is from before the lockout and thus has the benefit of being both stale and reduced by 24%. On top of that, he's got a couple of mutual player/team options at the end of the deal at $3.8MM/yr which drives down the overall value of the contract and thus the cap hit as well.
Although Smyth does compare reasonably well with both those players, their situations aren't really close at all. Forget about those two strawmen.
Since I'm sporting, I'll add a couple of comparables to replace those two. Jokinen and Doan come to mind. If you're keeping score, the new list is:
Arnott ($4.5MM/yr, 4yrs)
Sullivan ($3.2MM/yr, 2yrs)
Jokinen ($5.25MM/yr, 3yrs)
Koivu ($4.75MM/yr, 2yrs)
Doan ($4.50MM/yr, 5yrs)
St. Louis ($5.25MM/yr, 4yrs)
Personally, I'd say the important items for comparison are ES and PP performance, strength of opposition, and distribution of minutes by situation. I'd love to reliably include goal differential at 5V5 and the PPGF/hr numbers (especially the latter, because Smyth has killed there for two years running) but I really just have the numbers for Smyth and the other Oilers for the past couple of seasons. I don't have the Corsi metric (The for/against differential of shots + missed shots + blocked shots for players while they're on the ice) that Vic appears to use once in awhile either. I think
Tyler mentioned he was going to broach the subject as well, so I imagine he'll provide some of those numbers.

OK, let's start with Jason Arnott. Over the past five years, Jason has posted 2.36 ESP/hr as compared to Ryan Smyth's 2.31 ESP/hr. I'd call that a pure production saw-off, if there ever was one. On the PP, Arnott has posted 4.27 PPP/hr to Smyth's 4.06 PPP/hr - a slight advantage. Arnott averages about 130min per season less than Smyth with a ES/PP/PK minutes breakdown of 77%/21%/2% as compared to Smyth's 70%/23%/7%. According to
Gabriel Desjardins' site, Arnott ranks 102nd in the league in minutes toughness as compared to Smyth's 56th place ranking.
Desjardins also keeps track of penalties drawn and taken while a given layer was on the ice - it's like
PIM +/- and probably gives another good barometer of the balance of play. Smyth ranks 9th in league according to Desjardins Not only does Smyth outscore difficult opposition he and his linemates also draw penalties at a much faster rate than any of the comparables listed. My expectation would be that this is common practice for Smyth.
To summarize, Smyth provides the same production as Arnott at ES and draws more penalties all while playing tougher opposition. In fact Arnott may be playing slightly tougher opposition this year because he has played 2nd fiddle for the past few years in Dallas behind Modano, who has soaked up tough minutes for a very long time. On top of that Smyth has been taking on an increased role in the PK unit - from about 3% of TOI a few years ago to 10-12% over the past three years. Is all of this worth an extra $1MM? I think this is a compelling argument on Smyth's behalf.

Sullivan was a great find by Kinger. He is signed for cheap at $3.2MM and his numbers are very good. He's got the edge over Smyth in ESP/hr but has pretty similar PPP/hr rates. The major difference though is the difficulty of opposition. This year, Smyth ranks 56th while Sullivan ranks 89th. That's not a huge difference though and I'm not sure how to quantify the difference in terms of something meaningful anyway. I'd be willing to bet that this is a high ranking for Sullivan this year - the Central division has been terrible for some time and Sullivan has spent the past eight seasons toiling in what has been one of the worst divisions in hockey in almost every one of those years. Besides the question of minutes toughness over the past five years, I'd also argue that Sullivan signed a deal at a low point in the market. He signed his deal in August 2005 shortly after Pronger agreed to a very friendly deal with the Oilers. I think this comparable probably hurts Smyth's case a little bit, but there are some significant holes in it. This is a feather in Poile's cap - even if Sullivan typically plays poorer opposition, he's certainly throttling them and at $3.2MM/yr he's a great deal.

I think Vic said he thought Doan might be the most overpaid player in the league yesterday. I'm submitting Olli Jokinen for that title. Jokinen was in the same situation as Smyth last year and signed a very generous four year contract extension with a cap hit of $5.25MM/yr. In the past five seasons, Smyth has superior ES scoring rates (2.31 ESP/hr vs. 1.94 for Jokinen), the same PP production as measured by PPP/hr (4.1 vs. 4.1 PPP/hr) and Smyth now kills penalties while Jokinen no longer does so. The strength of minutes gap is laughable (Jokinen ranks 404th in the league) and surely a strong argument on Smyth's behalf. I've looked at Jokinen's shift charts in previous years as well and he wasn't spending much time versus the elite players in the East before this year either. Furthermore, Smyth's 9th place ranking in PIM+/- is oceans away from Jokinen's 391st ranking. This is a powerful argument on Smyth's behalf and Jokinen's already up at $5.25MM/yr.

Koivu's next on the list. They're pretty close at ES (Koivu has had some impressive seasons) and Koivu has a decided advantage on the PP of over 1.1 PPP/hr. However, Kinger managed to find a guy that is less durable than the myths say about Ryan Smyth. If you're worried about Smyth at the end of a five year deal, how would you feel about Saku Koivu? On top of that, Koivu doesn't appear to play the same level of competition that Smyth faces, nor does his line draw penalties at the same rate. Koivu's another comparable that helps Smyth's case in my opinion.

I don't have much to say about Doan that Vic didn't already say and I think the numbers speak for themselves. Smyth's just a far superior player. Doan's making $4.5MM/yr and surprisingly is a much better comp than two of Kinger's old men. Doan provides a great argument on Smyth's behalf. No wonder Gretzky was so quick to defend his buddy Lowe after the Smyth deal. Gretz owed him one. Big time. That ridiculous extension threw Lowe under the bus in the Smyth negotiations.

St. Louis is last. Smyth's rates are eerily close to the ones that St. Louis puts up. Again, Smyth blows him away in minutes toughness and drawing penalties and St. Louis averages only about 100 extra min of TOI. Richards' line appears to take the tough minutes in TB and if I recall correctly, he's been doing that for a few years running which leaves the Lecavalier/St. Louis duo to go after the next best opposition. This is another guy signed at over $5MM that Smyth has a clear advantage over.
What else can you say? This was a bad move for Lowe and although we've been promised the other shoe will drop we can't really believe that can we? I have a sneaking suspicion that if the Oilers do get a UFA, they'll make a major mistake on someone obviously not elite like Timonen.
EDIT: The pictures with the data are coming. Blogger's giving me a headache.