Jun 20, 2014, 12:47 PM EDT
Per CapGeek, Richards — who holds a no-movement clause — opted against being placed on waivers, allowing the Rangers to immediately move forward with the buyout process. Capgeek also reports it’s the fourth-largest buyout in NHL history.
Richards just wrapped the third of a massive nine-year, $60 million deal signed in 2011. This move will free New York from his annual $6.6 million cap hit, but the club will pay Richards $1.05 million annually until 2025-26.
The Rangers will also avoid potential cap recapture penalties for Richards’ back-diving contract. The deal paid $57 million in salary in the first six years, and just $1 million over the final three seasons — so, should Richards have retired prior to fulfilling the duration of the contract, the Rangers would’ve been hit with gigantic penalties:
1/2 Lots of talk today about #NYRangers Brad Richards. Here’s a look at his annual cap recapture penalties, by retirement year.
— CapGeek (@capgeek) June 4, 2014
2/2 As follows: 2014: $2.167M x 6 2015: $2.966M x 5 2016: $4.166M x 4 2017: $5.666M x 3 2018: $5.666M x 2 2019: $5.666M x 1
— CapGeek (@capgeek) June 4, 2014
The decision to use the compliance buyout comes after Richards, 34, enjoyed something of a bounce-back campaign this year. He racked up 51 points in 82 games — third on the Rangers in scoring — and 11 points through his first 20 playoff games, averaging close to 17 minutes a night.
While he struggled in the Stanley Cup Final (no goals, one assist, minus-4 rating and a fourth-line demotion midway through the series), agent Pat Morris recently expressed optimism that Richards would be retained by the Rangers, thanks to conversations he had with GM Glen Sather.
“Gut feeling, it wouldn’t surprise me if he’s kept,” Morris told Sportsnet’s Fan 590 last Tuesday. “Glen was pretty positive about Brad’s role this season, especially after [former Rangers captain Ryan] Callahan left.”
Today may be a difficult day for Richards, but he should be comforted by the following two facts:
Brad Richards is seventh in all-time NHL earnings at $89M, per capgeek. He’ll now get $20M from the buyout, plus another contract. #NYR
— Chris Johnston (@reporterchris) June 20, 2014
Update: Per Sportsnet, Richards cannot sign with a new team until July 1.
Aug 2, 2015, 11:48 AM EDT
That will eat up his first year of UFA eligibility.
Aug 2, 2015, 11:28 AM EDT
Can they close to final gap between them and the Stanley Cup?
Aug 2, 2015, 9:48 AM EDT
They avoided an arbitration judgment.
Aug 2, 2015, 9:00 AM EDT
They’re in win now mode.
Aug 1, 2015, 9:15 PM EDT
He’ll add some toughness to the lineup.
Aug 1, 2015, 7:15 PM EDT
New Jersey is still working on getting the 18-year-old signed to an entry-level contract.
Aug 1, 2015, 5:15 PM EDT
The two met in the Czech Republic to get to know one another.
Aug 1, 2015, 3:15 PM EDT
Lehtonen and Niemi will account for $10.4 million in cap space next season.
Aug 1, 2015, 12:45 PM EDT
He’s heading into the final year of his two-year, $5 million deal.
Aug 1, 2015, 11:15 AM EDT
Winnipeg was affiliated with the Ontario Reign last season.
Aug 1, 2015, 9:45 AM EDT
He signed a two-year, bridge contract worth $5.6 million on Thursday.
Jul 31, 2015, 10:22 PM EDT
He’s also a veteran of 616 career games.
Jul 31, 2015, 9:01 PM EDT
That’s close to the middle between his and Washington’s requests.
Jul 31, 2015, 8:30 PM EDT
The decision surprised Arizona’s general manager.
Jul 31, 2015, 7:01 PM EDT
The defenseman spent the 2014-15 campaign in the Swiss League.
Jul 31, 2015, 5:36 PM EDT
He considers himself a “young 29.”
Jul 31, 2015, 4:11 PM EDT
Ray Shero’s restructure continues.
Jul 31, 2015, 2:46 PM EDT
There is a key deadline approaching though.
Jul 31, 2015, 1:16 PM EDT
Johnson won a gold medal in 1988, but it was taken away because of a positive steroids test.
Jul 31, 2015, 11:50 AM EDT
There’s a $500 million expansion fee to consider.
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