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.
Jul 2, 2015, 12:43 AM EDT
Some interesting players still need deals.
Jul 1, 2015, 11:15 PM EDT
All the signings from what promises to be a busy day.
Jul 1, 2015, 10:37 PM EDT
Quite the steal.
Jul 1, 2015, 9:40 PM EDT
Adding some veteran help.
Jul 1, 2015, 9:10 PM EDT
“Young guns” no more?
Jul 1, 2015, 8:08 PM EDT
It’s reportedly worth $7.5 million.
Jul 1, 2015, 7:04 PM EDT
Reunited and it feels pretty good.
Jul 1, 2015, 6:45 PM EDT
The contract pays the 25-year-old $600,000.
Jul 1, 2015, 6:36 PM EDT
Had 22 goals for the Ducks in 2014-15.
Jul 1, 2015, 6:34 PM EDT
It’s reportedly two-years, $3 million.
Jul 1, 2015, 6:25 PM EDT
Don Sweeney keeps making moves.
Jul 1, 2015, 6:16 PM EDT
The Rangers were a banged-up group in the playoffs.
Jul 1, 2015, 6:09 PM EDT
Was the first netminder taken at the 2011 NHL Entry Draft.
Jul 1, 2015, 5:34 PM EDT
Fresh off winning the Stanley Cup with Chicago.
Jul 1, 2015, 4:53 PM EDT
“We are here to build a team that is capable of winning a Stanley Cup. There are no shortcuts to go around doing that.”
Jul 1, 2015, 4:06 PM EDT
23-year-old had 18 points in 29 games last year.
Jul 1, 2015, 4:05 PM EDT
Moves on from Washington, the team that drafted him in 2004.
Jul 1, 2015, 3:38 PM EDT
Penguins GM considers his new winger in the same class as Alex Ovechkin and Steven Stamkos.
Jul 1, 2015, 3:28 PM EDT
So long, Boston University.
Jul 1, 2015, 3:19 PM EDT
29-year-old forward will look to get his career back on track.
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