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.
Oct 31, 2014, 5:36 PM EDT
Could play Saturday against Washington.
Oct 31, 2014, 4:45 PM EDT
At the same time, Claude Julien admits the B’s “are still trying to find that confidence level that comes with winning on a regular basis.”
Oct 31, 2014, 4:14 PM EDT
All the latest from the blue paint.
Oct 31, 2014, 3:10 PM EDT
“I just haven’t come to that decision yet.”
Oct 31, 2014, 3:06 PM EDT
When Philly takes on the Panthers in Florida.
Oct 31, 2014, 2:44 PM EDT
Veteran forward is hurt again.
Oct 31, 2014, 2:32 PM EDT
On a professional tryout contract.
Oct 31, 2014, 1:57 PM EDT
Former 13th overall pick doesn’t want to comment on trade rumors.
Oct 31, 2014, 1:48 PM EDT
Club is dealing with a team-wide bacterial infection.
Oct 31, 2014, 1:21 PM EDT
“He was the bettor. He bet on football games.” And that, according to Steve Bartlett, is all he did.
Oct 31, 2014, 12:52 PM EDT
We’d say we were surprised, but we totally thought this could happen.
Oct 31, 2014, 12:16 PM EDT
Hurricanes forward was benched Tuesday in Vancouver.
Oct 31, 2014, 12:01 PM EDT
“We’ve given up a lot of goals and we need to be better, help our goaltenders out.”
Oct 31, 2014, 11:58 AM EDT
Antti Raanta retains the backup gig behind Corey Crawford.
Oct 31, 2014, 11:19 AM EDT
Dallas has lost two straight.
Oct 31, 2014, 10:58 AM EDT
As most expected they’d do with the No. 2 overall pick.
Oct 31, 2014, 10:39 AM EDT
With AK Bars Kazan.
Oct 31, 2014, 10:33 AM EDT
They’re building a $350 million arena with AEG, which owns the Kings.
Oct 31, 2014, 9:57 AM EDT
The Canucks forward has been fined twice but never suspended.
Oct 31, 2014, 8:50 AM EDT
Just replace Chris Pronger with his name from your previous jokes …
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