The Washington Capitals won their first Stanley Cup in franchise history in 2018 thanks in part to the leadership of head coach Barry Trotz. They won’t be able to turn to him for a repeat performance, however. On Monday, the veteran head coach resigned from his position, leaving the defending NHL champions without a coach.

The Capitals responded to the news with a brief official statement:

Barry Trotz informed the organization today of his decision to resign as head coach of the Washington Capitals. We are obviously disappointed by Barry’s decision, but would like to thank Barry for all his efforts the past four years and for helping bring the Stanley Cup to Washington. Barry is a man of high character and integrity and we are grateful for his leadership and for all that he has done for our franchise.

Trotz’s contract was scheduled to expire this summer, but his Stanley Cup victory triggered a two-year extension. While that provided job security, that under-market salary led to negotiations between the two sides. When they couldn’t come to terms, Trotz instead opted out, where he’ll be a commodity for a needy team looking to add a championship pedigree to its coaching staff.

But they could not come to terms. Trotz is now a free agent, as WASH will grant permission to other teams who want to talk to him. 3/3 — Elliotte Friedman (@FriedgeHNIC) June 18, 2018

Sports Illustrated reported that both sides wanted Trotz to remain in the nation’s capital for the 2018-19 season, with Trotz even telling fans at the team’s victory parade that “we’ll do it again.” However, the Capitals couldn’t find common ground with their four-year head coach, reportedly due to contract concerns.

Washington had been paying its head coach $1.5 million per year on his old deal — a contract the franchise declined to extend after last year’s run to the Eastern Conference semifinals. Keeping Trotz would have required a significant raise; recently-signed or extended NHL coaches Claude Julien and Joel Quenneville both make at least $5 million annually. Maple Leafs head coach Mike Babcock, the league’s highest-paid coach, earns $6.25 million per year.

That suggests Trotz, who has a .677 winning percentage as the Capitals head coach and has made the playoffs in 11 of his last 14 seasons dating back to his time with the Nashville Predators, was looking at a pay raise in the neighborhood of 300 percent. With his stock at an all-time high, he tried to leverage that advantage into a new deal in Washington with no success.

Now he’ll turn to the open market in hopes of finding a club willing to spend upwards of $5 million per year to bring a world championship pedigree to its bench. There’s currently only one vacant position waiting for a new head coach, and that’s with the Capitals’ Metropolitan Division rival New York Islanders. Could Trotz be gearing up for a move to Brooklyn? Or will another needy team get bold with its offseason moves and replace its sitting head coach with the man who recently earned the chance to raise Lord Stanley’s Cup?

As for the Caps, they could turn to associate head coach Todd Reirden to fill the vacated top spot. Reirden was promoted to that position leading up to the 2016-17 season, stoking the flames under Trotz’s seat and reportedly creating tension between the two. With the coaching market barren — most candidates have already been parsed through by teams licking their wounds from rough regular seasons or early playoff exits — Reirden looks like the odds-on favorite to keep some stability intact for the 2018 NHL champs.