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.
May 27, 2015, 11:47 PM EDT
He wasn’t the only Anaheim player that deserved to be blamed tonight.
May 27, 2015, 11:01 PM EDT
Chicago endured Anaheim’s comeback attempt to win this one.
May 27, 2015, 10:29 PM EDT
The Ducks might have caught a break there.
May 27, 2015, 10:08 PM EDT
He has seven goals in 15 playoff games.
May 27, 2015, 9:46 PM EDT
Chicago scored three goals within four minutes.
May 27, 2015, 9:32 PM EDT
Jordan Weal has been a big part of Manchester’s success.
May 27, 2015, 8:09 PM EDT
Chicago’s mixing things up for this must-win game.
May 27, 2015, 7:04 PM EDT
She’s previously been warned that this course could lead to her being found in contempt.
May 27, 2015, 6:06 PM EDT
Anaheim has a chance to advance to the Stanley Cup Final tonight.
May 27, 2015, 5:24 PM EDT
After just one year in Pittsburgh.
May 27, 2015, 4:43 PM EDT
The ladies sure loved that guy.
May 27, 2015, 4:16 PM EDT
One of the many decisions facing new GM Don Sweeney.
May 27, 2015, 3:49 PM EDT
Game 7 of the Eastern Conference Final goes Friday at MSG.
May 27, 2015, 3:27 PM EDT
The two men worked together for a season in New Jersey.
May 27, 2015, 2:40 PM EDT
Tomas Fleischmann likely on his way out.
May 27, 2015, 2:21 PM EDT
“We’re going to be embedded in this community.”
May 27, 2015, 1:46 PM EDT
“I get the fact there were three goals that went in that were ugly. That’s the growth of a young player.”
May 27, 2015, 1:09 PM EDT
Either way, Kimmo Timonen is likely out.
May 27, 2015, 12:39 PM EDT
Rangers forward has had issues with it thus far.
May 27, 2015, 12:32 PM EDT
Former Panthers and Devils coach will take over a team that missed the playoffs for the first time since 2003.
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