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Canucks, Cory Schneider agree to three-year deal

Jun 28, 2012, 10:12 PM EDT

Kari Lehtonen, Dale Weise AP

Well, so much for waiting. The Vancouver Canucks announced that they’ve agreed to a deal – which cannot be official until July 1 – that will keep Cory Schneider in town for the near future. Ben Kuzma and others report that it will be a three-year contract worth $12 million.

John Shannon asked Canucks GM Mike Gillis if this signing “guarantees” Roberto Luongo’s departure. Gillis simply responded: “[I] don’t know yet.”

It seemed like Schneider’s deal might ape Tuukka Rask‘s since their situations are somewhat similar, but Rask reportedly agreed to a one-year, $3.5 million contract with the Boston Bruins. Schneider’s cap hit would be $4 million and he obviously gets a beefier term.

If Schneider is as great as advertised, that’s a steal in an increasingly batty goalie market. He’ll likely face some serious scrutiny in replacing arguably the best goalie in Canucks franchise history – even if Luongo wasn’t always treated that way.

  1. lordfletcher - Jun 28, 2012 at 11:25 PM

    all of this random drama over the brief summer after the cup is creating a great Sunday (free agency) and trade lines stories.

    Cheers to all the GM’s and players creating such amazing tension!

  2. scionofflame - Jun 28, 2012 at 11:53 PM

    Looking forward to seeing what happens with Luongo. I like the guy, and I’d enjoy seeing him succeed.

  3. blomfeld - Jun 29, 2012 at 12:21 AM

    SO FAR, SO GOOD …

    this was definitely the “right” move by the Canucks … now they just have to find a way to rid themselves of Luongo and his big, fat, ugly contract … it’ll be tough no doubt, as the Florida teams already know he’s coming their way … they just have to sit back and let Gilles squirm … in the end however, I now suspect that the Canucks will be forced to just “give” Luongo away … in fact, they may even be compelled to surrender some top-notch talent in addition to the fool ?

    • drewsylvania - Jun 30, 2012 at 10:57 AM

      Doubt FLA will get players along with Luongo unless they’re taking on a significant part of his salary. But given Luongo’s expense and his stated desire to only play for FLA, if FLA is going to take on Luongo’s whole salary, VAN’s not getting much back.

  4. kitshky - Jun 29, 2012 at 12:24 AM

    Even the staunchest Luongo hater has to agree that with every new contract that gets signed his $5.3 million cap hit becomes more and more attractive …. almost like it was designed that way…

    • danphipps01 - Jun 29, 2012 at 2:12 AM

      You’re giving Gillis a little more credit than he’s worth, but I can’t argue with the numbers. He’s actually turning into a saner and saner investment as more and more giant goalie contracts get signed.

    • freneticgarfieldfan - Jun 29, 2012 at 4:55 AM

      Well, if you compare this contract with Jonathan Quick’s (26 yrs old) 5.8m cap hit…
      “like it was designed that way” that’s why, in my opinion, Vancouver should live with it’s contractual obligation. I’d be soo curious about the situation there ;-)

      • imleftcoast - Jun 29, 2012 at 12:39 PM

        In my opinion, the Canucks are living with their contractual obligation by honoring Luongo’s NTC. If there weren’t so much publicly discussed about the situation, I’d be worried that this might be a sign and trade situation. I can’t imagine that’s possible though, and I think Luongo wants out a lot more than Gillis wants to move him.

  5. ray2013 - Jun 29, 2012 at 4:25 AM

    I know people hate the term of the contract, but when the contract was signed, Luongo’s cap hit accounted for around 10% of the cap. With the increase in the salary cap, his cap hit is now around 7% of the cap, or 5.33 million out of a possible 70.2 million total. Even if the growth of the cap decreases over the next six years (until 2018), his cap hit could drop as low as 5% of the team’s total cap.

    That was one of the risks of signing such a long-term contract; if the total cap grew very fast, Luongo could be locked in at a below-market rate. If it grew slow, he’d be guaranteed a top salary, but as it’s looking right now, his cap hit is becoming reasonable.

    After 2018, all bets are off as to whether Luongo continues to play. I’m not sure what would happen to the remainder of his contract should he retire after 2018, but I’m sure someone here would know.

  6. drewsylvania - Jun 30, 2012 at 10:54 AM

    Makes me wonder why Rask agreed to his 1-year/$3.5M deal. Both were RFA’s, so I’m not sure how the leverage situation could be different.

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