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.
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Speculation on MLSE President & CEO’s next move.
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Aug 22, 2014, 10:05 AM EDT
At 23 years old, he’s one of the best players in the NHL.
Aug 22, 2014, 9:00 AM EDT
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Aug 22, 2014, 8:00 AM EDT
They came back to the pack hard last season.
Aug 21, 2014, 11:00 PM EDT
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Aug 21, 2014, 10:00 PM EDT
He died in the plane crash that killed the Lokomotiv Yaroslavl team in 2011.
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The NHL changed the process for the Draft Lottery on Wednesday.
Aug 21, 2014, 7:33 PM EDT
We know it’s not surprising, but just go along with it.
Aug 21, 2014, 6:24 PM EDT
A Stanley Cup and a Conn Smythe in separate years is a nice legacy.
Aug 21, 2014, 5:15 PM EDT
No one scored more Pens goals than he did the past three seasons.
Aug 21, 2014, 4:08 PM EDT
Call it an audition if you want.
Aug 21, 2014, 2:39 PM EDT
“He has instructed me to do all I can to facilitate a return to the Twin Cities.”
Aug 21, 2014, 2:04 PM EDT
He was quite good.
Aug 21, 2014, 1:11 PM EDT
“Nor is he very smart to have made untrue defamatory statements such as these.”
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