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.
Dec 17, 2014, 11:15 PM EST
Jason Akeson was in on the action for the Flyers’ affiliate.
Dec 17, 2014, 10:41 PM EST
New Jersey has lost five straight on home ice.
Dec 17, 2014, 10:15 PM EST
New Jersey has now lost five straight.
Dec 17, 2014, 9:30 PM EST
Detroit ranks 30th this season in fighting majors.
Dec 17, 2014, 8:45 PM EST
Marc-Andre Fleury is unavailable Thursday.
Dec 17, 2014, 8:30 PM EST
He’s in his third season with the Wild.
Dec 17, 2014, 7:45 PM EST
Jaskin recalled from the American Hockey League.
Dec 17, 2014, 7:20 PM EST
Boston looks to snap a three-game skid.
Dec 17, 2014, 6:35 PM EST
Has not played since Nov. 18.
Dec 17, 2014, 6:20 PM EST
Hasn’t played since suffering a groin injury Nov. 2.
Dec 17, 2014, 5:30 PM EST
Rivalry Night affair on NBCSN.
Dec 17, 2014, 5:25 PM EST
It’s the first time the league has made a fine public for embellishment.
Dec 17, 2014, 4:53 PM EST
Currently has Calgary in the thick of the Western Conference playoff chase.
Dec 17, 2014, 4:23 PM EST
Former Pens coach was on the radio today.
Dec 17, 2014, 4:12 PM EST
Hurt during Tuesday’s 6-2 drubbing in Toronto.
Dec 17, 2014, 3:40 PM EST
Veteran d-man no longer with the Hartford Wolf Pack.
Dec 17, 2014, 3:02 PM EST
Will instead serve in a “player development/consultant role,” and will work out of his Florida home.
Dec 17, 2014, 2:27 PM EST
News and notes from around the crease…
Dec 17, 2014, 1:34 PM EST
That’s 16 documented cases league-wide.
Dec 17, 2014, 1:31 PM EST
Despite four straight losses and the memory of last season.
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