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.
May 26, 2015, 1:13 AM EDT
Monday’s tough loss hasn’t weakened his resolve.
May 26, 2015, 12:21 AM EDT
Matt Beleskey scored the game winner after initially losing his second line spot.
May 26, 2015, 12:03 AM EDT
Chicago was trailing for most of the game.
May 25, 2015, 11:10 PM EDT
It was a reversal from the first frame.
May 25, 2015, 10:57 PM EDT
Maple Leafs prospect Frederik Gauthier had a big game too.
May 25, 2015, 10:11 PM EDT
The first period was all Anaheim.
May 25, 2015, 9:42 PM EDT
The Ducks got off to an ideal start.
May 25, 2015, 9:17 PM EDT
Emerson Etem is a healthy scratch.
May 25, 2015, 8:29 PM EDT
He needed to keep his wrist frozen to play.
May 25, 2015, 7:25 PM EDT
He was linked to Nashville’s playoff curfew incident.
May 25, 2015, 6:30 PM EDT
The series is tied at 2-2.
May 25, 2015, 5:43 PM EDT
There’s going to be a fight for the No. 1 gig in Detroit.
May 25, 2015, 4:41 PM EDT
Reports out of Swift Current, Saskatchewan.
May 25, 2015, 4:32 PM EDT
May 25, 2015, 3:58 PM EDT
They’re expected to speak again before July 1.
May 25, 2015, 3:31 PM EDT
“One bounce here or there, it’s a different story.”
May 25, 2015, 2:10 PM EDT
Made his NHL debut last season, appearing in 16 games.
May 25, 2015, 2:05 PM EDT
He’s eligible to sign an extension this summer.
May 25, 2015, 12:54 PM EDT
“Everyone involved with the ZSC Lions is so excited about seeing him play in Zurich.”
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