Jun 20, 2014, 12:47 PM EST
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.
Mar 1, 2015, 1:37 AM EST
They’ll play again on March 8.
Mar 1, 2015, 1:03 AM EST
San Jose completed its disastrous month with a loss to Ottawa.
Mar 1, 2015, 12:42 AM EST
In other words, he’s probably not going to be dealt before the trade deadline.
Feb 28, 2015, 11:52 PM EST
The Coyotes might not be done dealing yet.
Feb 28, 2015, 11:11 PM EST
Steve Mason was solid in his first start since undergoing knee surgery.
Feb 28, 2015, 10:41 PM EST
He’s continuing to make his case for the art Trophy.
Feb 28, 2015, 10:12 PM EST
Chicago also added Kimmo Timonen on Friday.
Feb 28, 2015, 9:24 PM EST
Stakes are high for Philadelphia after Boston and Florida won.
Feb 28, 2015, 8:50 PM EST
His leadership and the confidence that he brings might provide Florida with a big boost.
Feb 28, 2015, 8:24 PM EST
Arizona is threatening to drop to 29th in the NHL, which would be big as far as the draft lottery is concerned.
Feb 28, 2015, 7:51 PM EST
Philadelphia is trying to salvage its bid for a playoff spot.
Feb 28, 2015, 7:37 PM EST
A recent report suggests that Boston is interested.
Feb 28, 2015, 6:55 PM EST
He’s been released from the hospital.
Feb 28, 2015, 6:02 PM EST
Alexey Marchenko scored his first career goal.
Feb 28, 2015, 5:34 PM EST
That gives some teams extra roster flexibility.
Feb 28, 2015, 4:45 PM EST
Was injured on a hit from Seth Jones.
Feb 28, 2015, 4:15 PM EST
He’s been the subject of trade rumors lately.
Feb 28, 2015, 3:35 PM EST
News and notes from around the blue paint…
Feb 28, 2015, 2:07 PM EST
The former Caps’ forward reunited with Bruce Boudreau.
Feb 28, 2015, 1:15 PM EST
He’s being evaluated in hospital.
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