Does Sidney Crosby Need the NHL? Not at this Price.

He has yet to play a professional game, but Sidney Crosby continues to cash in on his status as hockey's superstar-in-waiting.

A few weeks ago he signed on as a shill for Reebok. Rumors place the contract value at $2-to-$3 million (US). His agent called it "probably the best deal I've seen so far in terms of apparel and equipment."

Today, the Crosby stable added another label. There's no report on how much he will get to join Derek Jeter, Patrick Roy and Peyton Manning as a Gatorade guy. But we can be sure it's another contract in the millions.

So how much will it cost to hire Sidney Crosby to play hockey? If reports from the NHL negotiating table are true, earnings for his first four seasons in the league could be capped as low as $850,000 per year.

He could probably do just as well by staying home and drinking Gatorade. Or by going to Europe, where somebody is surely prepared to offer a couple of million tax-free dollars, a free apartment and car, and plenty of fringe benefits for a short, liesurely season in Switzerland or Russia.

Maybe it won't come down to dollars. For a Canadian teenager like Crosby, maybe the NHL dream trumps all, especially if he already has a healthy secondary income. But what about other young stars, the ones waiting in Europe? Will guys like Alexander Ovechkin or Evgeni Malkin leave Russia to join the NHL if they can earn more money playing hockey at home?

Update: A reader points out that Sidney Crosby has another good reason to stay home: Reebok and Gatorade surely want their new spokesman playing hockey in North America. They wouldn't have signed on with Crosby if he planned to spend the next four years in Siberia.

But young Europeans rarely attract endorsement deals. If there's better money elsewhere, what's the appeal of the NHL for them? The lure of playing in the world's best league might not count for much when you have yet to see much return on your talent or a lifetime spent nurturing it.

The financial straightjacket of the new NHL might send veteran players packing as well. Teams operating under a hard salary cap have to cut costs somewhere on the roster. If the 20-goal scorers and number-four defensemen start seeing lowball contract offers, why wouldn't they explore their options overseas? And if enough of them choose Europe, what happens to the NHL's reputation as the top hockey league in the world?

Most European teams aren't rich, and the leagues restrict the number of import players allowed. So an all-out talent drain won't happen. But over 350 NHL players went to Europe last winter. Who's to say how many might receive competitive offers in the future?

Update II: Turns out that Sidney Crosby is well ahead of us on this one. His agent confirms that he is in "serious talks" with Lugano of the Swiss league. Sources say Lugano has offered Crosby a three-year contract worth $10 million US.

Update III: Crosby says the NHL is the place to be next season, assuming the NHL is in business. His statement undermines whatever negotiating leverage he might have had, but in the new NHL rookies won't have any leverage.