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So what to make of the latest Evgeni Malkin shenanigans?

A story in the Toronto Star suggesting that an undisclosed Russian team was prepared to pay him $12.5 million to play in the new Continental League; followed by swift and unprecedented denials from the International Ice Hockey Federation, which threatened sanctions against any team or league that tried to coax away a player under contract to another team.

Malkin is signed for the final year of his original entry level contract with the Pittsburgh Penguins, which extends through to the end of the 2008-09 season, at which point he would become a restricted free agent. Under terms of the current collective bargaining agreement, the Penguins can sign Malkin to an extension any time after July 1.

Sources indicate Malkin was told, through "backchannel communications" that he could earn anywhere from $50 million to $100 million over the course of a multi-year loss-leader style of contract in Russia, with half the money coming up front in a signing bonus, if he wanted to go there as the new league's marquee attraction.

However, Malkin's agent, J.P. Barry of CAA Sports, said he'd had no direct offers from any team in Russia and it wouldn't matter anyway because Malkin is not interested in going home to play.

"He's been focused, since Day 1, on doing an extension with the Penguins," said Barry. "We've had discussions with them, since the end of the playoffs, on a framework and expect to have something done with the team early in July."

They also suggested that Malkin doesn't want to play anywhere other than Pittsburgh for the foreseeable future — and has no plans to return to Russia, either this year or next, even if he could make several million dollars per season more back in his native land. Malkin left his Russian club team, Magnitogorsk Metallurg, following the 2005-06 season, after opting out of the final year of a contract he signed under duress with the ownership of the team. At the time, he stated his goal was to play in the NHL, even though under terms of the NHL's entry-level contract, he is limited to a base salary of under $1 million per season (bonuses have more or less quadrupled that number).

Malkin was unavailable for comment Friday, but last week, at the NHL awards, he expressed an interest in returning to the Penguins; was willing to take less than teammate Sidney Crosby signed for; and suggested that he would be "easy" to deal with in negotiations, once they heated up.

The same source indicated that Russia's Continental League — which thus far, has signed a handful of fringe NHLers, but no bona-fide stars — was in a far better position to land Jaromir Jagr, the Czech-born New York Rangers' forward, who played for Avangard Omsk during the lockout, than they will have with any of the prominent Russians in the NHL. Indications are that Jagr is interested, but that he may opt to return to the Rangers for personal reasons.

The Continental League, which has the financial backing of a number of Russia's oil billionaires, is trying to stem the flow of young talent to North America, without much luck. Even Nikita Filatov, projected to be the top Russian in this year's draft, stated unequivocally yesterday that he wanted to play in the NHL, as soon as possible because it was the best league in the world; and that the Russian league has too many weak franchises, where the crowds are small and uninspiring.

A statement from IIHF president Rene Fasel issued Friday discounted the report, noting that, "although there will be no imminent Player Transfer Agreement between the IIHF and the NHL, all involved parties are in principal agreement to honour each other's contracts. The NHL has informed the IIHF that this will be the policy of the league during the period without a PTA, and conversely, the IIHF has obligated its member national federations and leagues to do the same in its relations with the NHL."

"We would view any signing, from either side, of a player under a valid contract, who does not have any legally valid out-clause, to be a clear violation of the mutual understanding and existing principle. It would potentially be punishable with suspended national team eligibility and suspension from all competition or activity organized by the IIHF or any IIHF member national association. This would include events like the Olympic Winter Games, the IIHF World Championship or international club competitions like the Champions Hockey League."

"Given this, we are confident that the report is not substantiated."