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 24, 2014, 11:08 PM EDT
In other words, they want him to be a shutdown center
Jul 24, 2014, 10:14 PM EDT
Eriksson’s looking to bounce back after suffering two concussions last season.
Jul 24, 2014, 9:06 PM EDT
He’ll get a fresh start after struggling with Vancouver.
Jul 24, 2014, 8:00 PM EDT
He’s coming back after testing the free agent waters.
Jul 24, 2014, 6:57 PM EDT
It’s that time of the year.
Jul 24, 2014, 5:53 PM EDT
He started in nine games for the Flames last season.
Jul 24, 2014, 4:42 PM EDT
The Canucks selected him with one of the picks they got from the Ryan Kesler trade.
Jul 24, 2014, 3:31 PM EDT
The two sides managed to avoid arbitration despite a $1.45 million gap on a one-year deal.
Jul 24, 2014, 3:15 PM EDT
Alternately known as “the guy Boston got for Vladimir Sobotka.”
Jul 24, 2014, 2:19 PM EDT
Journeyman split last season between the Rangers and Penguins.
Jul 24, 2014, 1:20 PM EDT
Offensive d-man led all Colorado blueliners in goals last year, with 13.
Jul 24, 2014, 12:22 PM EDT
He’s likely to be the No. 3 goalie in New York this year.
Jul 24, 2014, 11:26 AM EDT
Former Colorado bench boss and Massachusetts native returns home.
Jul 24, 2014, 10:28 AM EDT
With the Wild and ‘Canes, respectively.
Jul 24, 2014, 9:00 AM EDT
“Maybe it just wasn’t our time yet,” Patrick Roy said.
Jul 24, 2014, 8:00 AM EDT
Thursday’s assortment of links.
Jul 23, 2014, 11:00 PM EDT
Makes sense for a franchise that frequently favors puck possession.
Jul 23, 2014, 10:00 PM EDT
Can the STAR system help reduce concussions?
Jul 23, 2014, 9:00 PM EDT
They’ll feature a “skating-only” ice crew next season.
Jul 23, 2014, 7:53 PM EDT
The crash happened on Monday, according to reports.
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