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.
Sep 21, 2014, 11:05 PM EDT
Head coach Todd McLellan thinks he can play, at least.
Sep 21, 2014, 10:10 PM EDT
“But sometimes you have to lose what you have to realize what you had.”
Sep 21, 2014, 9:40 PM EDT
Players nursing bumps and bruises as camps wrap.
Sep 21, 2014, 9:00 PM EDT
“In a perfect world, it would be three.”
Sep 21, 2014, 7:31 PM EDT
“He’s thinking usually two or three plays ahead.”
Sep 21, 2014, 6:09 PM EDT
“God, defense was just so much fun though.”
Sep 21, 2014, 4:49 PM EDT
The team’s still trying to determine if surgery is necessary.
Sep 21, 2014, 3:48 PM EDT
He won’t play in either of Ottawa’s Monday exhibitions games.
Sep 21, 2014, 3:02 PM EDT
Seasoning in the AHL should serve the 20-year-old well.
Sep 21, 2014, 1:31 PM EDT
Agent confirms talking to several KHL teams.
Sep 21, 2014, 11:30 AM EDT
With Giroux out, Craig Berube juggles lines.
Sep 21, 2014, 10:31 AM EDT
Not at Oilers camp for the first time in his career.
Sep 21, 2014, 9:30 AM EDT
Columbus looking at options with Johansen not at camp.
Sep 20, 2014, 11:36 PM EDT
The restricted free agent seems to be at an impasse with Columbus.
Sep 20, 2014, 11:01 PM EDT
Devils GM Lou Lamoriello said he’s “fine,” but he initially said the same of Clowe when the player had a concussion.
Sep 20, 2014, 10:05 PM EDT
The knee injury he sustained during the lockout shortened season might be partially to blame for his struggles.
Sep 20, 2014, 9:07 PM EDT
That’s after years of being the center of a goaltending controversy in Vancouver.
Sep 20, 2014, 8:09 PM EDT
Can they be the first repeat winners since Detroit in 1997-98?
Sep 20, 2014, 7:03 PM EDT
He was asked how he would have handled the Ray Rice situation.
Sep 20, 2014, 6:07 PM EDT
Do Thornton and Marleau disagree with coach Todd McLellan on this point?
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