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NHL General Managers Could Discuss Closing LTIR Playoff “Loophole”

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Next week holds in store an NHL general managers’ meeting in Manalapan, Florida, and Daily Faceoff’s Frank Seravalli reports that the agenda may include a discussion around altering the long-term injured reserve “loophole” used by teams to build legal, but non-salary-cap-compliant rosters for the Stanley Cup Playoffs.

As it stands, teams are allowed to gain cap relief from players on injured reserve for the end of the regular season before the salary cap disappears for the playoffs, then bringing those players back once healthy for playoff runs. It theoretically allows teams to exceed the hard cap by several millions of dollars during the playoffs due to the salary cap not being in effect at the end of the regular season. Seravalli says at least one general manager has requested that this be included on the meeting’s agenda, with that GM believing “strongly that wasn’t the intended spirit of the CBA when it was written.” It’s a rule that’s been taken advantage of by multiple Stanley Cup-winning teams in the past, including the Tampa Bay Lightning in 2021 with Nikita Kucherov and the Chicago Blackhawks in 2015 with Patrick Kane.

The anonymous general manager cited in the article doesn’t think a complex solution is required to fix this inequity, however. While they don’t advocate for overall financial roster limits, they put forth a proposal that the 20-man roster on the ice for each team during a playoff game can’t exceed the salary cap. This would provide a boost to essentially all playoff teams, considering that during the regular season, any healthy scratches or players on regular injured reserve count against the salary cap as well. It gives teams flexibility, allowing them to make roster decisions freely during the playoffs among healthy players within the constraint of a combined $81.5MM cap hit for the on-ice lineup.

However, as Seravalli notes, any modification to this rule requires negotiation with the NHLPA, as it constitutes a “material change” to the Collective Bargaining Agreement.

While no surefire playoff team this season is taking advantage of this loophole in earnest, it was widely assumed the Vegas Golden Knights’ playoff lineup would benefit from this ability due to captain Mark Stone’s long-term back injury that’s expected to keep him out through the regular season. Now, with additional injuries continuing to pile up for the Knights, it’s feasible the team misses the playoffs entirely.

Evgenii Dadonov Trade Under Review

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March 22: After news broke last night that there was an issue with this trade, Darren Dreger of TSN tweets that it is still being reviewed by the NHL Central Registry and the NHLPA. The issue stems from a no-trade clause that was not disclosed by the Ottawa Senators when Dadonov was originally traded to Vegas, despite it being public knowledge at the time.

March 21:  After much speculation throughout the day, the Evgenii Dadonov trade has finally gone through this evening reports TSN’s Chris Johnston. In addition to Dadonov, also heading to the Anaheim Ducks is a conditional second-round draft choice, which will be determined by the conditions of a draft pick previously traded to the Buffalo Sabres. In exchange, the Vegas Gold Knights acquire defenseman John Moore and the contract of forward Ryan Kesler.

This deal had been reported and all but confirmed earlier today before the NHL’s 3:00 pm EST trading deadline, however it had not been processed through NHL Central Registry and was not official until this evening. As Sportsnet’s Elliotte Friedman explains, the trade would have been accepted had it been submitted to Central Registry before the deadline, however that would have made Dadonov and Moore ineligible to play for the rest of the season. However, it appears the trade was submitted in time.

This trade was, for the most part, a salary cap deal. By sending Dadonov to Anaheim, Vegas clears his $5MM salary cap hit for this year and next year. However, by acquiring Moore, they absorb his $2.75MM cap hit, but that will lower to $1.625MM if they bury Moore in the AHL. In acquiring Kesler’s contract, Vegas can put him straight onto LTIR and have no net impact on their salary cap. All told, Vegas, will save $3.375MM in cap space, in exchange for a second-round draft pick and any production they will miss from Dadonov.

For Anaheim, the team has allowed Vegas to navigate a tricky cap situation, and was compensated for doing so with a second-round draft choice. The condition on the draft pick, as mentioned, concerns the Jack Eichel trade with Buffalo. If Vegas’ first-round draft choice in 2022 is in the top ten, then Vegas will send their 2024 second-round pick to Buffalo instead of the 2023 second-round draft pick originally reported in the Eichel deal. In other words, if Vegas’ first-round pick in 2022 is in the top 10, Anaheim receives their 2023 second-round draft choice; otherwise, they will receive Vegas’ 2024 second-round draft choice. Regardless, this move represents further precedent of the cost of shedding salary cap for a team that desperately needs to do so.

Not to be forgotten, the Ducks also acquire Dadonov, who has played in 62 games for Vegas this year, amassing 15 goals and 12 assists in the process, which replaces a good deal of the production Anaheim lost by trading Rickard Rakell away to the Pittsburgh Penguins earlier today. Dadonov also has an additional year under contract at $5MM for next year.

Vancouver Canucks Acquire Travis Dermott

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In order for the Toronto Maple Leafs to figure out the salary cap gymnastics of their acquisition of Mark Giordano and Colin Blackwell, they have opened up some space and honored a trade request by sending young defenseman Travis Dermott to the Vancouver Canucks. TSN’s Darren Dreger was the first to report the deal, with colleague Pierre LeBrun adding that the return is a 2022 third-round pick, a pick originally belonging to the Winnipeg Jets. Both clubs have confirmed the deal.

After trading Travis Hamonic earlier today for a third-round pick, the Canucks essentially made a Travis-for-Travis swap after receiving and sending similar draft selections. However, it is difficult to call that anything but a win for Vancouver. Dermott, 25, is much younger and at this point in his career a more dynamic player than Hamonic and likely has his best days ahead of him. Yet, he also costs half as much at $1.5MM through next season compared to Hamonic’s $3MM, something highly valuable to the cap-strapped Canucks. Vancouver will also maintain control of Dermott after the 2022-23 season, as he will be a restricted free agent.

Dermott requested a trade out of Toronto seeking greater opportunity and he will find that in Vancouver. The Canucks’ defense corps is led by young Quinn Hughes and includes veterans Oliver Ekman-Larsson and Tyler Myers, but Dermott could wind up as the final piece of the top four. Tucker Poolman and Luke Schenn are both signed through at least next season while Jack Rathbone and others could make a push from the AHL, but this is less stiff competition than what Dermott faced with the Leafs. A player who flashed greater ability earlier in his career than he has in recent years, Dermott could find his way back to the player he was expected to be, which would make this an excellent deal for the Canucks.

Montreal Canadiens Could Move Shea Weber’s Contract

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Earlier tonight on the 32 Thoughts segment of Hockey Night in Canada, Elliotte Friedman added another name to the list of potential Montreal Canadiens defensemen to be moved: Shea Weber (link). Friedman believes Montreal will look to move Weber’s contract to a team that either needs long-term injured reserve room or who needs to get to the cap floor and prefers not to spend much over the next few years.

The 36-year-old Weber has not played this year, having had his playing career likely come to an end due to injury. Weber last played in the Stanley Cup Finals for Montreal against the Tampa Bay Lightning last season before being placed on long-term injured reserve this season.

What is most notable about Weber’s situation is his remaining contract terms. While he has another four years left on his contract, carrying a $7.9MM cap hit each season, he is only owed $6MM total over those four years. In other words, a team that acquires Weber would only have to pay him $6MM, despite his contract having four years at $7.9MM each year. This would be an intriguing option for a team that is looking to take on cap for their own benefit or to alleviate another team’s salary cap concerns.

Montreal may not be inclined to move Weber, however, unless the terms were in its best interests. If the Canadiens are committed to a rebuild, then they might be the exact team that could benefit from having Weber’s contract on the books in the first place. Still, this idea has only thus far been reported and a market for Weber has yet to establish itself, and could carry on into the offseason potentially.

Snapshots: KHL Departures, AHL Signings, NHL Trade Market

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Amidst the ongoing conflict in Ukraine, the exodus in the KHL continues. While many North American players had already left their respective Russia-based club and two non-Russian teams left the league altogether, perhaps the largest blow yet occurred Friday as European players across the KHL left their teams en masse. The move takes place as the Gagarin Cup playoffs are underway.

The Eastern Conference first round match-up between Salavat Yulaev Ufa and Sibir Novosibirsk will look decidedly different moving forward. Ufa, the No. 3 seed in the conference, announced that all of their import players have left the team. This includes names familiar to NHL fans like Markus Granlund, Teemu Hartikainen, and Philip Larsen. Granlund and fellow departure Sakari Manninen led the club in scoring this season. Novosibirsk revealed that a pair of former NHLers had left their ranks as well in goaltender Harri Sateri and defenseman Jyrki Jokipakka. Leading scorer Nick Shore had already left the team and is now joined by the starting goaltender and arguably their best defender. Perennial favorite CSKA Moscow is not immune to this movement; the team announced that they have lost recent NHL contributors Joakim Nordstrom and Lucas Wallmark, both of whom served in top-six roles. Finally, regular season champion Metallurg Magnitogorsk may have lost their title hopes with the departure of starting goaltender Juho Olkinuora. The former AHLer and University of Denver standout was among the best keepers in the KHL this season. This is not the extent of the departures of foreign players, nor will it be the last.

  • There has been a flurry of activity in the AHL of late, headlined by an extension for veteran forward Tanner Fritz. The Hartford Wolf Pack announced that their plus/minus leader has inked a new contract for the 2022-23 season. Fritz, 30, has played his pro career almost exclusively in New York and Connecticut, spending five years with the New York Islanders and their affiliate in Bridgeport before moving to Hartford this season. While appreciative of a new contract, Fritz is probably eyeing a contract with the New York Rangers next, if possible. In Toronto, the Marlies have elevated NHL veteran Joseph Blandisi from a PTO to a contract for the remainder of the season. Blandisi, 27, has been a near point-per-game player for the Marlies this season and is well-deserving of a real contract. Down in Charlotte, the Checkers are bringing in some fresh blood from the junior ranks. Defenseman Robert Calisti of the OHL’s Sault Ste. Marie Greyhounds and forward Xavier Cormier of the QMJHL’s Rimouski Oceanic have each signed two-year contracts with the club, beginning next season. The two combined for 72 points in 81 games this season and the Checkers hope that production translates to the pros.
  • If it seems like all the action right now is outside of the NHL, while the trade market remains all bark and no bite, it’s true. Despite the usual speculation, there have been nearly no early moves made this season with the deadline just over two weeks away. Outside of Tyler Toffoli and Nick Ritchie/Ilya Lyubushkin, the only trades made of late have included future considerations, seventh-round picks, and third-string goaltenders. TSN’s Pierre LeBrun reports that the holdup on the market comes from the buyers rather than the sellers. He believes that the salary cap concerns, especially from those teams managing long-term injuries, is slowing deal-making. However, there may be hope that things will pick up soon, as LeBrun notes that sellers are getting antsy. Contenders with cap space, such as the Predators, Rangers, Wild, and Bruins, could be the beneficiaries if other cap-strapped teams continue to drag their feet.

West Notes: Golden Knights, Forsberg, Blackhawks

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Much has been made of the Vegas Golden Knights’ salary cap management, with the team playing with fire ever since acquiring Jack Eichel. Now, with the team potentially in a bind if they don’t have enough room to activate healthy players off long-term injured reserve prior to the playoffs, The Athletic’s Jesse Granger suggests a post-Trade Deadline cap-clearing move could potentially be in play. The return dates of Alec Martinez and Mark Stone aren’t certain, and it’s possible both could be healthy before May. If that’s the case, the Golden Knights could potentially move a player after the deadline to a non-playoff team in order to become cap-compliant. There’s no rule preventing this, as the Trade Deadline is legally only relevant because players moved after that date aren’t eligible for playoff games. However, as Granger notes, this could likely significantly reduce the trade value of any player Vegas is looking to move out, considering they’d have no other option to become compliant.

Other rumblings from the Wild West:

  • Bally Sports Midwest’s Andy Strickland reports that he’s hearing the Nashville Predators are “actively shopping” Filip Forsberg ahead of the deadline. While the team is a likely playoff lock in the Western Conference at this point, they’re likely not in the Stanley Cup conversation, and Forsberg is a free agent at season’s end. The NHL’s leader in even-strength goals would likely become the deadline’s biggest prize, and any Forsberg deal could reap considerable rewards for Nashville’s future and help replenish a prospect pool that, while it has some nice names, isn’t the strongest. He’s carrying an extremely reasonable $6MM cap hit that most contenders can stomach with some retention.
  • According to Scott Powers and Mark Lazerus at The Athletic, if the Chicago Blackhawks and goalie Marc-Andre Fleury agree on a trade, it could potentially net the team a first-round pick. While they do say a second- or third-round selection is probably more realistic, some do believe teams will pay up for last year’s Vezina winner. The team does not have their first-round pick this year after including it in the Seth Jones trade.

Mark Stone Placed On LTIR; Jack Eichel To Make Season Debut

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Speaking to reporters including Jesse Granger of The Athletic, Vegas Golden Knights general manager confirmed what had been reported in recent days. Mark Stone is headed to long-term injured reserve with a back injury. This is notable not only because the Golden Knights will be without their captain for the next while but it also opens up enough salary cap space to activate Jack Eichel to make his season debut on Wednesday against the Colorado Avalanche.

McCrimmon explained that the team’s medical staff or the numerous specialists he has met with haven’t been able to determine exactly what is causing Stone’s injury, and did not have a concrete timeline for his return. That answer will certainly draw some curious glances from around the league as the team escapes the cap crunch they were facing without trading away any assets.

Still, losing Stone is no small thing. The 29-year-old forward is among the best two-way players in the game as a two-time Selke Trophy finalist and point-per-game producer. In 28 games this season–broken up by multiple absences due to his back concerns–Stone has scored eight goals and 28 points while playing a little over 18 minutes a night. Taking him out of the lineup for an extended period of time will certainly not be an ideal situation for the Golden Knights, especially as they are in no sure position in the Pacific Division

While they are in first currently, the Calgary Flames are nipping at their heels with a better points percentage and the Los Angeles Kings, Edmonton Oilers, Anaheim Ducks, San Jose Sharks, and Vancouver Canucks are all above .500 and within striking distance. With so much time left, it’s not even a sure thing that the Golden Knights make the playoffs, let alone secure the division crown.

One way to help your case–add a $10MM center into the lineup. Eichel hasn’t played an NHL game since March 7, 2021 but is now fully healthy and ready to resume what has been a strong career so far, at least in terms of individual production. The second-overall pick in 2015, he has recorded 355 points in 375 games and scored a career-high 36 goals in 2019-20. That put him eighth in Hart Trophy voting, meaning this is a potential MVP candidate that the Golden Knights are sliding into the lineup. Sure, there will be some rust for the 25-year-old pivot, but Vegas has also never had a center like this to build around.

If the team is to bring Stone back before the playoffs, they’ll need to find a way to shed some salary. That would presumably need to be done before the March 21 deadline, so if they don’t–expect the captain to miss the rest of the regular season. Alec Martinez, the other key player on LTIR, is getting closer but there is also no clear timeline for his return just yet. Robin Lehner, who missed practice today, is out with an upper-body injury but his status for Wednesday is not yet determined.

Rangers Have An Opportunity To Strike Early In Trade Market

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The concept of the time value of money is a very common one in investing.  Your money is worth a certain amount today but ideally grows over time.  A similar philosophy applies in the NHL when it comes to cap space – $1MM at the start of the season can be worth around $4MM at the trade deadline so teams wisely try to save what they have, hope for minimal injuries, and that would put them in a position to add a useful piece or two for the stretch run.

The end result of such a philosophy is a trade market that has basically resembled that of Major League Baseball since the start of December, notwithstanding a couple of minor AHL swaps last week.  (If you don’t follow MLB, they’ve been in a lockout since then with no trades allowed.)  For the most part, that’s probably not going to change over the next few weeks as many contenders have cap space ranging from none to minimal with a hope that between now and the deadline, it could improve to a level that could be considered as slightly better than nothing.  Such is life in a league where half the teams are technically over the cap and are using LTIR to get into compliance.

That provides an opportunity for a contender that’s fortunate to have cap space to make a move now to get a leg up on their competition.  Only one such team in the top seven in the NHL standings heading into Monday’s games is in that situation and that’s the New York Rangers.

So far, they’ve been linked to many different players with former Ranger J.T. Miller being the headliner.  Some of the others are on expiring contracts and there needs to at least be a mixture as new contracts for Mika Zibanejad and Adam Fox add $11.725MM to next season’s payroll compared to what they’re making now.  With nearly $71MM in commitments to 16 players per CapFriendly, there is some room for a longer-term addition but some of their pickups will need to be rentals as well.

Right now, they’re pegged to finish the season with $7.056MM in cap space, an amount that’s equivalent to $17.2MM today and $35.2M at the trade deadline.  Yes, they have some bonuses to factor in but the struggles of Alexis Lafreniere and Kaapo Kakko limit that somewhat.  Fox will reach his $850K but his bonuses should be the only ones of any sort of consequence.  So if you’re working backward, New York needs to have at least $850K in room at the end of the season.  Even if you add a few hundred thousand as a safety net for some of their other youngsters and factor in that they’re just carrying the minimum-sized roster due to the All-Star break, we’re only looking at holding back around 15-20% of their end-of-season cap room and a few million off the present value of contracts they can acquire right now.

That means that New York could add comfortably more than $10MM in salaries today to their roster.  That’s enough to add an impact player up front and some depth in the bottom six which is an area of concern for the Rangers at the moment with even perhaps having enough left over to shore up their back end.  There’s a reasonable chance that will be about all of the spending they’re going to do between now and the deadline; no one should be expecting GM Chris Drury to bring in five or six new players between now and March 21st.  That would be asking a lot of any team.

In that sense, there isn’t much of a need for them to wait.  While many contenders will have to wait until more time elapses resulting in less salary to take on, the Rangers can go after their targets aggressively now.  Waiting until closer to the deadline will bring in more contenders for their desired players which could drive the price tag higher.  With that in mind, there’s a case to make that paying a little more now to get the player is worth doing, ensuring they get their targets and getting several weeks of extra games out of them in the process.

Patience is often a good characteristic but for New York, the time may be right to be aggressive and strike early on the trade front.  With their cap situation, they’ll be a team to keep an eye on in the coming weeks.

Trade Rumors: Canadiens, Petry, Stars, Coyotes

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Though unimaginable just a few short months ago, the defending Stanley Cup finalist Montreal Canadiens are fully open for business, according to new GM Kent Hughes. Hughes tells TSN’s Pierre LeBrun that the team is “open to everything” when it comes to trading away players amidst this dismal season. Montreal is on pace for a historically poor campaign and Hughes must do all he can to try to right the ship. It remains to be seen if that is just moving some select players or an outright fire sale. Confounding the situation is the fact that the Habs are not your typical sellers; the team has just a handful of expiring contracts to ship off as rentals and is mired in long-term contracts. Montreal has more than $70MM in annual salary committed through the 2023-24 season, with many contracts extending well beyond that point too. So while Hughes can name drop Ben Chiarot as a player who he has discussed the possibility of a trade with, the critical moves for the Canadiens will not be the obvious rentals but getting out from under some of their long-term commitments. Is that something that Hughes can do before the trade deadline or will the dismantling of the roster truly begin this offseason?

  • At least one term player who could be on the move is veteran defenseman Jeff Petry, whose name has begun to circulate on the rumor mill alongside Chiarot’s. Petry is suffering through an uncharacteristically bad season, which understandably makes the Canadiens wary of the remaining three years left on his $6.25MM AAV contact. While only mentioning Chiarot by name, Hughes noted to LeBrun that he had begun discussing trade potential with a number of his veteran players, in part to determine how they were feeling about being a part of the current Habs roster. It seems Petry was one of these players and didn’t hide that he was equally dissatisfied with being in Montreal as the club has been with his performance. On TSN’s “Insider Trading”, LeBrun reported that Petry has indicated that he is open to moving on. More specifically, he would actually “welcome a trade.” LeBrun hears that one team who could be interest in Petry becomes attainable are the Dallas Stars, who seem to be moving on shortly from a cornerstone right-handed defenseman of their own in John Klingberg. If the Stars want Petry though, they will have to pay up. Hughes was adamant that he will not trade Petry at a discount due to his poor play and the team’s struggles this season, a policy that he may apply to all of his core players. This could lead to trades for Petry and others having to wait until the summer or perhaps even next season when the memory of the horrific 2021-22 Montreal Canadiens has faded in the minds of potential suitors.
  • One other hindrance to the Habs’ ability to make trades this season is an inability (or unwillingness) to retain salary. Montreal is currently in the Long-Term Injured Reserve salary cap overage and actually have the highest real money payroll in the league currently. Especially when it comes to term players, Hughes is not going to want to add any more unnecessary salary to his roster, even though doing so has become a common way for sellers to land improved trade returns. However, there is good news for the 16 other teams currently in the LTIR or with less than a minimum salary’s worth of cap space – the Arizona Coyotes are still willing to play ball. The ’Yotes jumped head first into their rebuild this past offseason when they took on the likes of Jay Beagle, Loui Eriksson, Antoine Roussel, Anton Stralman, Andrew Ladd, and Shayne Gostisbehere from cap-strapped teams in order to land a treasure trove of draft picks as well. Looking at a whopping seven picks in the first two rounds of the 2022 NHL Draft and plenty of cap space still to spend, GM Bill Armstrong is ready to keep it going. With a cap number that is already among the bottom third of the league and an incredible $36MM coming off the books this summer in unrestricted free agents, the Coyotes are willing and able to keep taking on bad contracts in trades, reports TSN’s Chris Johnston. With that being said, as the team looks to improve next season from a 2021-22 pace that would be worst in the league if not for Montreal, Johnston notes that Armstrong and company will be a bit more particular about who they are willing to take on this time around. The caliber of the player going to Arizona appears to be more of a concern than the weight of the contract as the ’Yotes hope to make progress in their rebuild while also taking advantage of the salary cap.

Early Postponements Could Provide Salary Cap Opportunity

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Today marks the first day of the second half of the season, whether it feels like it or not. The 2021-22 campaign began on October 12, 2021, which was 100 days ago, half of this year’s 200-day NHL season. Despite that, teams like the New York Islanders and Ottawa Senators have played just 32 of a scheduled 82 games, less than 40 percent of their season. In fact, only the Tampa Bay Lightning, Nashville Predators, and Anaheim Ducks have reached the halfway point in terms of games played, with most teams falling somewhere between 35-38 because of the hundred-plus postponed games in the early part of the season.

With that in mind, there is actually an interesting opportunity for teams that have a condensed schedule in the coming months. Since a player’s cap hit is applied to a team’s finances on a daily basis, anyone acquired today would be added at half of their original average annual value. That is to say, as PuckPedia explains on Twitter, a player with a full-season cap hit of $5MM would only need $2.5MM in cap space from here on out. With more than 60 percent of the games left for some teams, that offers some increased value for any acquisition—basically, they’ll play in more games for the new team than they’re paid for.

There could even be more savings if a team waited until the optimal time. Take the Islanders for example, who like the rest of the NHL had their February Olympic break filled up yesterday with the revised schedule. The team has seven more games before the All-Star break, at which point they will be off for another week. As they head into their February 9 game against the Vancouver Canucks, 120 of 200 days will have passed in the NHL season—60 percent—yet they will have played only 39 games out of 82, not quite 48 percent of the schedule.

While the Islanders are still struggling to even get above .500 and may not be the most likely to take advantage of this opportunity, it is present for other contenders as well. The Minnesota Wild have played just 35 games to this point, the Carolina Hurricanes and Boston Bruins just 36. With some smart maneuvering, these teams could get more than half a season of performance from a new player, while paying him quite a bit less.

This opportunity is most apparent for teams that have been able to stay out of long-term injured reserve, accruing cap space all season. The Wild, for instance, are on track to have more than $15MM in deadline cap space according to CapFriendly, obviously enough to add several impact players. The Bruins meanwhile will have more than $8.2MM in deadline cap space, and have played fewer games than all of the other contenders in the Atlantic Division.

In a league where every single dollar has come into focus during a flat-cap period, any advantage is important. For some teams, adding reinforcements for what will be a war of attrition down the stretch could come at a considerable financial bargain.

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