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.
Apr 20, 2015, 11:30 PM EDT
Apr 20, 2015, 10:54 PM EDT
Devan Dubnyk produces his first playoff shutout.
Apr 20, 2015, 10:37 PM EDT
It drew a two-minute roughing penalty.
Apr 20, 2015, 10:29 PM EDT
No call on the first collision.
Apr 20, 2015, 9:48 PM EDT
Will shifting locales produce interesting results?
Apr 20, 2015, 9:45 PM EDT
A close-to-perfect road effort from New York.
Apr 20, 2015, 9:41 PM EDT
Apr 20, 2015, 9:00 PM EDT
New Jersey’s only player who went under the knife this offseason.
Apr 20, 2015, 8:51 PM EDT
He needs some help, though.
Apr 20, 2015, 7:36 PM EDT
Sleepy start by Pittsburgh.
Apr 20, 2015, 6:43 PM EDT
His issue is an upper-body injury.
Apr 20, 2015, 5:30 PM EDT
But will he be around to see it happen?
Apr 20, 2015, 4:49 PM EDT
Things can change quickly in the playoffs.
Apr 20, 2015, 3:40 PM EDT
He did share some buzzwords though.
Apr 20, 2015, 2:30 PM EDT
Upper-body injury for the veteran forward.
Would McLellan like to coach McDavid? ‘You can have the best player and still not have the best team’
Apr 20, 2015, 2:21 PM EDT
Was he talking about the Oilers? Sharks?
Apr 20, 2015, 1:47 PM EDT
Corey Crawford will sit, once again, against the Preds.
Apr 20, 2015, 1:30 PM EDT
Blues and Wild meet tonight in Game 3 at Xcel.
Apr 20, 2015, 1:25 PM EDT
Meaning he’ll be eligible to play in Tuesday’s Game 4 in Calgary.
Apr 20, 2015, 12:40 PM EDT
Kings have yet to comment on situation.
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