When Ron Hextall took over as general manager of the Penguins on Feb. 9, 2021, he was posed with the daunting task of keeping the Penguins' competitive window alive while replenishing their forsaken prospect pool.
After a year and a half on the job, he has thwarted the narrative that he's too passive to go out and make a splash to attempt and improve his team.
He took his time getting his feet wet and went with a calculated approach before entering one of the most important offseasons the franchise has ever seen.
With the exception of some smaller signings and trades, let's take a look at every single one of Hextall's transactions of consequence in his time with the Penguins.
Feb. 24, 2021 -- Penguins claim Mark Friedman off waivers from Flyers
Grade: A
Friedman was initially overlooked as nothing more than defensive depth -- a run-of-the-mill waiver pickup, but in 31 games with the Penguins over the past two seasons, he brought a chaotically effective style to the Penguins' blue line whenever he found his way into the lineup.
Although he mainly stood out when getting under the skin of the opposition to draw penalties and put the Penguins on the power play, Friedman's reckless abandon approach of activating below the faceoff circles offensively led to some immensely strong chance generation numbers when he was on the ice. As his ice-time sample grew, those numbers dipped back to reality a bit, but the Penguins have ultimately controlled play in a big way during his 368 minutes at 5-on-5, rocking a 57.5% expected goals share.
Hextall deserves props for identifying Friedman as someone who can bring a little bit of snarl and offense on the back-end, even if it's as a No. 7 or No. 8 defenseman. Friedman didn't cost anything to acquire, and the two-year, $1.55 million ($775,000 AAV) extension he signed on Mar. 20, 2022 is a bargain if he gets into a fair share of games and maintains a relatively similar impact going forward.
Apr. 12, 2021 -- Penguins acquire Jeff Carter from Kings for 2022 third-round pick, 2022 fourth-round pick
Grade: A
Hextall's first trade with the Penguins turned out to be an absolute banger. Forget his 2021-22 campaign for a second and remember that Carter was exactly who the Penguins needed up front heading down the stretch during the 2020-21 season. Hextall finally found a (temporary) solution to the Penguins' seemingly endless personnel carousel at the No. 3 center position.
Across the regular season and playoffs, Carter scored 13 goals in 20 games. He wasn't going to continue shooting over 20%, but his skating -- that was surprisingly strong for his age -- hockey sense and willingness to fire the puck undeniably powered the Penguins to a hefty share of chances and goals when he was on the ice.
Carter wasn't a sexy trade target, or even rumored to be on the block at the time. For nothing but a pair of mid-round draft picks going back to the Kings, Hextall's acquisition of Carter remains the best trade he's made with the Penguins.
That said, things went south a year later. We'll touch on that soon.
Jul. 14, 2021 -- Penguins extend Teddy Blueger with two-year, $4.4 million ($2.2M AAV) contract
Grade: A
There's nothing glorious about signing fourth-line players to slightly team-friendly contracts, but it's a necessary task for any general manager in a competitive window, and that's what Hextall did with the Blueger extension.
Blueger's limited offense will prevent him from becoming a legitimate third-line center, though his defensive impacts at even-strength and on the penalty kill more than make up for said limitations. The number of players who play the same role as Blueger and do it better than him could be counted on one hand, if there are any at all.
The best part about this extension is that it was for only two seasons. As I just mentioned, he's one of the best in his niche, but he's still a fourth line player. There's no need to throw three-, four-, five-year deals at bottom-of-the-lineup players who are likely easily replaced by younger, cheaper options by the time the third or fourth season rolls around.
That might not be the case with Blueger after another season, but it was smart of Hextall to avoid a lengthy commitment.
Jul. 17, 2021 -- Penguins acquire Filip Hallander, 2023 seventh-round pick from Maple Leafs for Jared McCann
Grade: F-
After three A-grade transactions to start his tenure, Hextall made his largest blunder to date by shipping McCann to the Maple Leafs in advance of the Seattle expansion draft.
McCann, 25 at the time he was traded, was coming off a season in which he led the Penguins in goals per hour, finished second in points per hour and displayed a highly effective two-way game with the ability to play on the wing or up the middle. And, oh yeah, he had another season remaining on his contract at a $2.94 million cap hit -- a figure much lower than the actual on-ice value he would provide.
Here's a snapshot of McCann's impacts from the time Hextall dealt him, courtesy of JFresh Hockey. You can read an explainer on the player card here.

JFresh Hockey
Hextall cited salary cap concerns as the main reason for dealing the very strong middle-six forward in his prime for a C-tier prospect and meaningless pick. The reality is that he simply wasn't very fond of McCann as a player. If he were, he would have found a way to keep McCann around.
Hindsight is 20/20, but McCann would've made the Penguins a better team last season. I was of the opinion that they should go all-in on maximizing the 2021-22 season. That meant keeping McCann and his surplus value around for another season, even if it meant losing him for nothing at the end of his contract.
McCann went on to sign a five-year, $25 million ($5M AAV) contract with the Kraken. Based on the contracts Hextall dished out over the following year, he certainly could have found a way to make that exact contract work with the Penguins ... if he wanted to.
Jul. 21, 2021 -- Penguins lose Brandon Tanev to Kraken in expansion draft
Grade: C-
Hextall gets a C- for his handling of the expansion draft not because Tanev was the player plucked away, but because he opted to protect all of Carter, Blueger and Kasperi Kapanen instead of McCann.
Carter was great in a brief stint, but the odds of the Kraken wasting their choice on a player who would be gone after a single season didn't seem likely. He was never at risk to be selected and should have been exposed.
For reasons I wrote above, Blueger should have been exposed if it meant keeping McCann. Fourth-liners are not must-have players no matter the context. His loss would have stung, sure, but his skill set is much easier to replace than McCann's.
Getting out from under the remaining four seasons of Tanev's contract at $3.5 million per season was welcomed. Still, there's no credit earned here.
Jul. 28, 2021 -- Penguins sign Brock McGinn to four-year, $11 million ($2.75M AAV) contract
Grade: D-
Remember what I said about not giving term to bottom-of-the-lineup players? Yeah ... about that.
There was simply no need to sign McGinn. He had just shot a career-high 13.8% during his final season with the Hurricanes and was destined to cash in from it despite middling-to-poor impacts at both ends of the ice. All the talk was centered around what he would bring to the table defensively and on the penalty kill, but it turns out it was no different than what the Penguins could have gotten from a player at a significantly cheaper cap hit.
Hextall took a bigger bite than he could chew with McGinn's contract. Fast-forward a year and that money could have been put to much better use.
Jul. 28, 2021 -- Penguins sign Evan Rodrigues to one-year, $1 million contract
Grade: A+
Regardless of how you feel about Rodrigues as a player, it's indisputable that his 19 goals, 43 points and 58.6% on-ice expected goals share at 5-on-5 was worth far more than the meager $1 million he was paid.
Initially, I was disappointed in the decision to re-up with Rodrigues instead of making a push to re-sign Frederick Gaudreau. That seemed rather silly several months into the season after Rodrigues stepped into a larger role than he'd ever had before and flourished.
In many ways, Rodrigues served as the Penguins' utility knife last season. Without his strong performance in the first half of the season, the Penguins wouldn't have been nearly as comfortable with their placement in the standings.
This was the first of two phenomenal bargain-bin contracts Hextall inked during the summer of 2021.
Jul. 29, 2021 -- Penguins sign Danton Heinen to one-year, $1.1 million contract
Grade: A+
The second bargain-bin contract that paid massive dividends for the Penguins was Heinen's one-year deal. He potted a career-high 18 goals, 15 of which came at 5-on-5 (tied for second on the Penguins with Sidney Crosby) despite averaging the fewest minutes per game of regular Penguins skaters. That's really, really impressive.
In addition to the scoring, Heinen's isolated impact toward generating offense and limiting quality chances against at even-strength both ranked in the top quarter of league forwards.
Heinen's potential has been evident since his great rookie season with the Bruins in 2017-18, but up until last season he struggled to really establish himself while playing on a poor Ducks team the two seasons prior to signing with the Penguins.
Rodrigues and Heinen combined for at least $7 million worth of value last season, if not more. Hextall inked both of them for a combined $2.1 million. He gets the absolute best grade for both signings.
Jan. 5, 2022 -- Penguins acquire Alex Nylander from Blackhawks for Sam Lafferty
Grade: A-
Ensuring Lafferty wouldn't hit the ice for the Penguins again was almost as noteworthy as bringing back a former first-round pick in Nylander.
Nylander was sent to the Wilkes-Barre/Scranton Penguins for the remainder of the season and had 14 goals and 30 points in 44 games. He also recorded six points in six games during the AHL playoffs, including an overtime winner to eliminate the Hershey Bears for the WBS Penguins' first playoff series victory since 2016.
Now 24, it's very unlikely Nylander becomes an impactful player in the NHL unless he makes the jump next season, but the upside is there. If that's the case, the trade still worked out for all parties, as Lafferty got a much-needed change of scenery while Hextall replenished some organizational depth.
Jan. 26, 2022 -- Penguins extend Jeff Carter with two-year, $6.25 million ($3.125M AAV) contract
Grade: F
Carter happens to be involved with the best and second-worst transactions Hextall has made with the Penguins.
The new toy shine that Carter came with at the end of the 2020-21 season had almost entirely vanished by Jan. of 2022. He was still scoring at an OK rate, but after being thrust into a first and second-line role for the entirety of the first half of the season, Carter became sluggish and largely ineffective, causing the Penguins to spend extended time in their own zone when he was on the ice.
These issues became much more apparent seemingly the game after Carter signed his two-year extension. As the season went on, even the simplest of plays were a hassle for Carter:
It was a truly mind-numbing choice to prioritize a new deal for Carter in the middle of the season when Hextall knew he had major pieces to take care of during the offseason. There was no rush to get a deal done. And now, Hextall is stuck with Carter for two more seasons at a higher cap hit than what he was paid last season as he heads into his late-30s.
He hasn't played a game under his extension yet and there are serious concerns about whether he's suited for a third line role at this stage of his career. Hextall jumped the gun big time on this one.
Mar. 21, 2022 -- Penguins acquire Rickard Rakell from Ducks for Dominik Simon, Zach Aston-Reese, Calle Clang, 2022 second-round pick
Grade: B+
It decimated the defensive prowess of the Penguins' bottom-six, but the acquisition of Rakell brought a rare combination of skill and physicality to the top of the Penguins' lineup.
Rakell scored just four goals in 19 games with the Penguins, but had 13 points -- 11 of which came at 5-on-5. That's really solid for getting very little power play time. He also dominated alongside Crosby in roughly 100 minutes together, which I've touched on ad nauseam at this point.

HockeyViz
Rakell's instant chemistry with Crosby made the trade worth it, even at the expense of defense further down the lineup. Hextall banked on Rakell continuing his bounce-back season and he did. Even though Rakell was a great stylistic fit for what the Penguins needed, Hextall's grade here is slightly held back by the haul he sent out for a rental he wasn't sure he'd be able to re-sign.
May 22, 2022 -- Penguins extend Bryan Rust with six-year, $30.75 million ($5.125M AAV) contract
Grade: B
Hextall kicked off the most pivotal offseason in franchise history by extending Rust to a six-year deal. At first, Rust seemed like the most likely of the Penguins' unrestricted free agents to leave for a massive payday elsewhere. He's been severely underpaid over the course of his career, especially the past few seasons.
Securing Rust just a hair over $5 million a season for the next few years was tidy work for Hextall. Rust surely could have gotten at least $6 million a season on the open market. The back half of the contract might not age well, as Rust's injury history is something to be conscious of. The term is what holds Hextall's grade back from being higher here, but at the end of the day, the Penguins had to find a way to keep Rust around in hopes of keeping the Cup window alive. Hextall delivered.
Jul. 7, 2022 -- Penguins extend Kris Letang with six-year, $36.6 million ($6.1M AAV) contract
Grade: B+
John Klingberg was never going to fill Letang's shoes and Hextall was more than aware of that. Letang was the most important piece for the Penguins to re-sign and, again, Hextall delivered. Without Letang, the Penguins' chances at a Stanley Cup are severely diminished.
Six years is a long time for a 35-year-old defenseman. This contract could be disastrous in the final season or two, but this was all about making sure Letang is around for this season and next, because after that, will any of it really matter?
Jul. 11, 2022 -- Penguins extend Rickard Rakell with six-year, $30 million ($5M AAV) contract
Grade: B-
Rakell at a $5 million cap hit is great value if he plays with Crosby or if he develops some chemistry with Malkin. He'll also need to prove last season wasn't just a blip in an overall downward trend in his performance. I'm hopeful the stars will align for his cap hit to look cheap the next two seasons, but this contract comes with a fair deal of risk due to the term and uncertainty of Rakell's trajectory.
Hextall gets a B- here for now, with the potential to get much better, or worse. That said, I have a hard time believing a skillful winger of Rakell's caliber could be had on the open market for the price he's checking in at.
Jul. 12, 2022 -- Penguins extend Evgeni Malkin with four-year, $24.4 million ($6.1M AAV) contract
Grade: A-
If Malkin stays relatively healthy, especially next season, this will turn out to be a great contract for Hextall.
So much has been made of Malkin's decline and how he's a chemistry killer and yada, yada, yada ... Here's the thick and skinny of it: Malkin still possesses some of the most high-end finishing talent in the league and will be able to justify his price tag from that alone. Then you throw in his ability to absolutely take over (yes, he still does that) and do it all himself and his cap hit looks even better.
Hextall had lines he wouldn't cross when it came to a new contract for Malkin, but he also realized the alternative options on the market weren't going to be anywhere near as good -- let alone better -- than what Malkin would provide if he manages to stay in the lineup.
Jul. 13, 2022 -- Penguins sign Jan Rutta to three-year, $8.25 million ($2.75M AAV) contract
Grade: C
The Rutta contract makes much less sense after the trades that followed.
Right off the bat, three-year deals for defensive-minded defensemen approaching their mid-30s always come with a warning flag, but Rutta at least addresses some of the size and net-front concerns on the Penguins' blue line.
Rutta found success next to Victor Hedman during his time with the Lightning, so logic says he should be just fine on the third pairing, but it's hard not to think Chad Ruhwedel couldn't provide similar on-ice impacts at a fraction of the cost. Hextall's grade here would look better if he didn't have plenty of lower-end defensemen already hanging in the balance.
Jul. 13, 2022 -- Penguins sign Josh Archibald to one-year, $900,000 contract
Grade: D-
Archibald's contract would be inconsequential if I were convinced the Penguins don't plan to have him in the lineup, but I'm not. The Penguins have zero need for Archibald. He runs around and throws the body. What he doesn't do is produce, help his team generate offense or provide anything meaningful on the defensive side of the puck.
Drew O'Connor, Radim Zohorna and Valtteri Puustinen exist and are under contract. Every single one of them have more upside than Archibald, and figure to be buried among the sea of depth forwards. All three of those players might prove to be replacement-level players. Archibald has proven to be a replacement-level player.
This is the polar-opposite of the bargain-bin shopping Hextall did a year ago.
Jul. 16, 2022 -- Penguins acquire Ty Smith, 2023 third-round pick from Devils for John Marino; Penguins acquire Jeff Petry, Ryan Poehling from Canadiens for Mike Matheson, 2023 fourth-round pick
Grade: B
Both trades should be viewed in a vacuum. Hextall acquired Petry, Poehling, Smith and a third round pick for Marino, Matheson and a fourth round pick. The Penguins are coming away from it all with the best player involved in Petry. The effect he'll have -- mainly offensively -- from the Penguins' second-pairing should be substantial.

JFresh Hockey
Marino, gifted as he may be, dragged the Penguins' attack down to a degree that seems to get glossed over quite a bit. He's a fine player and would likely perform better with less of an offensive burden, but the Penguins didn't have time to sit around waiting and hoping for him to put it all together. Hextall went with the sure-fire offensive generator in Petry.
Petry's cap hit is a bit heftier at $6.25 million, though it's important to keep in mind his cap hit off the books after three more seasons. Marino has another five seasons on his deal and Matheson has four.
In my eyes, Hextall improved the defense corps. Not to the degree that he earned himself a perfect grade here, but all things considered I like the swaps and think he did fine here.
Jul. 21, 2022 -- Penguins extend Kasperi Kapanen (RFA) with two-year, $6.4 million ($3.2M AAV) contract
Grade: D
It made every bit of sense to submit a qualifying offer to Kapanen if Hextall planned to pressure him into taking a one-year deal in the $2.5 million range, but a leap of faith into a multi-year deal at a $3.2 million cap hit is a tough pill to swallow.
I get the thinking here. Hextall is hoping Kapanen finally channels all of his tools and becomes a consistent contributor. If he does, his cap hit could become much more manageable in a hurry ... I just have my doubts that's how it will actually shake out.
Could Hextall have signed a better player than Kapanen with that money? Most likely. Could Hextall have signed a different player with Kapanen's potential? Probably not. Regardless, Hextall gets a poor grade here for the term and failing to knock down Kapanen's cap hit at all from where it was on his previous contract.
Jul. 27, 2022 -- Penguins sign Danton Heinen to one-year, $1 million contract
Grade: A+
I went back and forth deciding how much credit to give Hextall for Heinen's return at such a low cost, but ultimately decided he shouldn't be dinged for factors out of his control, like Heinen wanting to stay with the Penguins because he loves Pittsburgh and his Penguins teammates.
Heinen might not have a season that's quite as strong as his 2021-22 campaign, but I'm entirely sure his contributions will vastly exceed the almost insulting $1 million he'll make. Hextall picks up a perfect grade here because of it.
All things considered, Hextall's body of work with the Penguins has been extremely hit or miss. He was dealt a craptastic hand and has managed to keep the Penguins in the thick of things, even if they aren't favorites or don't project to go on a deep run. What's important is that this team is at least capable of going on a run (another impact depth forward wouldn't hurt). Don't expect it, but it could happen.
Hextall's had some extreme highs, but several extreme lows currently tarnish an otherwise respectable run of value-signings, keeping the core intact and re-tooling the blue line.