Jun 15, 2014, 9:09 AM EDT
The unrestricted free agent market won’t open until July 1, but some big names could be available sooner. That’s because the window for exercising teams’ remaining compliance buyouts will start Monday and run through June 30, per CSN Washington.
Compliance buyouts are a special option that teams were granted as part of the new CBA to help them cope with the fact that the new agreement was lowering the cap. Each franchise was allowed to buy out the contracts of up to two players over the summers of 2013 and 2014 without suffering any cap penalty.
For some teams, this summer’s compliance buyout window represents their last chance to safely get out of long-term contracts that could hurt them down the road, especially given the recapture penalty that punishes teams when players signed to long-term, heavily front-loaded deals retire with years remaining.
One prime example of that is New York Rangers forward Brad Richards, who is 34 years old and comes with a $6,666,667 annually cap hit through 2019-20. Los Angeles Kings forward Mike Richards might find himself in the same boat as his role has diminished despite the fact that he’ll cost $5.75 million annually against the cap through 2019-20.
Not all the compliance buyouts will be on big names though. It seems likely that Detroit will buy out the contract of Jordin Tootoo while San Jose’s Martin Havlat and Buffalo’s Ville Leino will also probably be wearing new uniforms in 2014-15.
It’s worth noting that while these buyouts don’t count against the cap, those players will still receive two-thirds of what was owed, with the payments spread out over double the remaining length of his contract. For example, the Flyers are also paying bought out goaltender Ilya Bryzgalov roughly $1.6 million annually through 2026-27 in addition to consistently spending to the cap.
So while compliance buyouts are a helpful tool for teams to utilize, they also require that owners make a financial sacrifice.
Aug 27, 2014, 10:49 PM EDT
Of course, neither will be wearing a Sabres’ uniform – not yet at least.
Aug 27, 2014, 9:40 PM EDT
They’ve also appointed Don Sweeney as the AHL team’s new general manager.
Aug 27, 2014, 8:28 PM EDT
It matters given that they will start next season with a largely unchanged roster.
Aug 27, 2014, 7:20 PM EDT
Ken Holland hasn’t been in contact with him lately, but that will change soon.
Aug 27, 2014, 6:10 PM EDT
He hasn’t played for them since 2007.
Aug 27, 2014, 4:55 PM EDT
It’s a two-way deal.
Aug 27, 2014, 3:47 PM EDT
Mr. Hockey still reigns supreme in Detroit.
Aug 27, 2014, 2:24 PM EDT
“I haven’t heard that.”
Aug 27, 2014, 1:28 PM EDT
“We haven’t defined a process and certainly no decisions have been made.”
Aug 27, 2014, 1:11 PM EDT
Needs to bounce back after last year’s disappointing campaign.
Aug 27, 2014, 12:31 PM EDT
Finished second in the NHL among forwards last year, with 87.
Aug 27, 2014, 11:39 AM EDT
Former Quebec league sniper is gunning for a gig in Detroit.
Aug 27, 2014, 10:57 AM EDT
Former Tampa Bay forward was bought out of his contract earlier this summer, following legal troubles.
Aug 27, 2014, 10:04 AM EDT
The Red Wings are rebuilding on the fly, but are they assembling a future Cup contender?
Aug 27, 2014, 9:00 AM EDT
He’ll enter the second season of his seven-year, $36.75 million contract.
Aug 27, 2014, 8:00 AM EDT
They have made it to the playoffs for 23 straight seasons.
Aug 26, 2014, 10:51 PM EDT
He’s the former face of the franchise.
Aug 26, 2014, 9:57 PM EDT
A recent report has added new fuel to the speculation on that subject.
Aug 26, 2014, 8:30 PM EDT
Dupuis and Hornqvist are two of the main options.
Aug 26, 2014, 7:23 PM EDT
Will they go another season without one?
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