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.
Jul 2, 2015, 11:00 PM EDT
He was fired by Toronto back in April.
Jul 2, 2015, 9:45 PM EDT
Doug Armstrong dipped into the free agency pool Thursday evening for some depth signings.
Jul 2, 2015, 8:45 PM EDT
They’re two-way contracts worth $650,000.
Jul 2, 2015, 7:50 PM EDT
He’s looking forward to playing with Ovechkin and Backstrom in Washington.
Jul 2, 2015, 6:50 PM EDT
They’ve also inked UFA Jordan Caron.
Jul 2, 2015, 6:00 PM EDT
It’s a one-year, two-way deal.
Jul 2, 2015, 5:15 PM EDT
Washington continues to load up.
Jul 2, 2015, 5:00 PM EDT
There’s no “timetables for next steps,” according to NHL deputy commissioner Bill Daly.
Jul 2, 2015, 4:45 PM EDT
The 27-year-old is looking forward to a fresh start in Pittsburgh.
Jul 2, 2015, 3:34 PM EDT
Acquired from Toronto at last year’s trade deadline.
Jul 2, 2015, 2:57 PM EDT
Leagues will continue to respect each other’s contracts. But that’s it.
Jul 2, 2015, 2:52 PM EDT
Pleads no contest to misdemeanor count of corporal injury to a spouse.
Jul 2, 2015, 2:11 PM EDT
Boughner coached against DeBoer in the OHL, Hedberg played for him in New Jersey.
Jul 2, 2015, 2:02 PM EDT
The Mike Gillis era is just a memory now.
Jul 2, 2015, 1:46 PM EDT
Former Hart Trophy winner announced his retirement on Thursday.
Jul 2, 2015, 1:35 PM EDT
Pittsburgh? Florida? New Jersey? KHL?
Jul 2, 2015, 1:29 PM EDT
“At some point Justin became more affordable to us, and we started to lean his way.”
Jul 2, 2015, 12:36 PM EDT
“At the end of the day, nobody wants to get traded two times. But it’s a learning curve.”
Jul 2, 2015, 12:18 PM EDT
But reports suggest Edmonton, Columbus and Philly are interested.
Jul 2, 2015, 12:07 PM EDT
24-year-old has appeared in 220 NHL contests, all with Nashville.
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- Discuss: Where’s the best fit for Alex Semin? 23
- Caps landing ‘affordable’ Williams a sign of the new free agency 3
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- Here’s who’s left after Day 1 of free agency 30
- PHT’s 2015 free agent frenzy tracker 38
- Getting clutch? Capitals sign Justin Williams for two years, $6.5M 21
- Coyotes bring back Vermette with two-year deal 33
- Blockbuster: Kessel traded to the Penguins (131)
- Trade: Flyers send Rinaldo to Bruins for 2017 third-rounder (105)
- Trade: Jackets land Saad; Anisimov and Dano headed to Chicago (93)
- Bypassing a buyout? Kings terminate Richards’ contract for ‘material breach’ (90)
- Trade: Flames land Dougie Hamilton for package of picks (75)