Just 11 days after winning their first Stanley Cup in franchise history, the Washington Capitals are without a head coach.

On Monday, Sportnet’s Elliotte Friedman tweeted that Capitals head coach Barry Trotz was stepping down from his position after he and the team were unable to come to terms on an extension to his current contract, which expires on July 1^st.

Just minutes later, the Capitals officially announced the resignation by releasing a statement on behalf of the organization, which read:

“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.”

The Athletic’s Pierre LeBrun tweeted that there was a clause in Trotz’s contract with Washington that would automatically extend the deal by two years and bump his salary from 1.5 million to 1.8 million if the Capitals were to win the Stanley Cup.

However, $1.8 million is considered below market value for a Cup-winning coach, especially when other championship coaches like Toronto’s Mike Babcock and Chicago’s Joel Quenneville annually make $6.25 million and $6 million, respectively. Recently hired New York Rangers head coach David Quinn, who has no previous NHL coaching experience, was just given a five-year deal work $2.4 million annually.

Both Trotz and the Capitals could not agree to a restructured deal, so Washington accepted his resignation and will allow him to talk with other teams about coaching vacancies.

The only NHL team currently without a head coach are the New York Islanders, who relieved Doug Weight of his coaching duties back on June 5^th.

Trotz released a statement after the news was announced.

“After careful consideration and consultation with my family, I am officially announcing my resignation as Head Coach of the Washington Capitals. When I came to Washington four years ago we had one goal in mind and that was to bring the Stanley Cup to the nation’s capital. We had an incredible run this season culminating with our players and staff achieving our goal and sharing the excitement with our fans. I would like to thank Mr. Leonsis, Dick Patrick and Brian MacLellan for giving me the opportunity to be a part of this great organization. I would also like to thank our players and staff who worked tirelessly every day to achieve our success,” Trotz said.

Trotz finishes his tenure in Washington with a 205-89-34 overall record over four seasons. During that time, the Capitals won three division championships, two Presidents’ Trophies and the Stanley Cup this past season. Prior to coaching Washington, he served as the bench boss of the Nashville Predators for the first 16 years of that franchise’s existence.

In his 20-year NHL coaching career, he has amassed 762 wins, 568 losses, 60 ties and 134 overtime losses in 1,524 games coached. His 762 coaching victories rank him fifth on the all-time wins list in NHL history behind Scotty Bowman (1,244), Joel Quenneville (884), Ken Hitchcock (823) and Al Arbour (782).