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New York Rangers Buy Out Henrik Lundqvist

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Sep 30: The Rangers have officially announced the buyout. Because of his no-movement clause, there was no need for unconditional waivers. In the press release, Rangers president John Davidson outlined some of the reasons Lundqvist meant so much to the city of New York:

We would like to thank Henrik for his immeasurable contributions to the New York Rangers. From the time I met Henrik when he first came to New York in 2005, he has been the consummate professional. His tireless work ethic, passion for the game, and love of the Rangers and New York City enabled him to become one of the greatest goaltenders in hockey and one of the best players in the history of our franchise. We all wish Henrik and his family the best going forward.

Sep 29: The end of an era is upon us. After 15 years of brilliant play in the New York net, the Rangers and decorated goaltender Henrik Lundqvist are set to part ways. TSN’s Darren Dreger reports that the Rangers will buy out the final year of Lundqvist’s contract, with an announcement expected on Wednesday. At 38, Lundqvist will be an unrestricted free agent for the very first time.

As Dreger explains, this was not an easy decision for New York. Few players have meant as much to a team in NHL history as Lundqvist has to the Rangers since 2005. The potential future Hall of Famer was a Vezina Trophy winner, a First-Team All-Star, and a wins leader, among many other honors in his long career. Lundqvist leads all active goaltenders in career games played, saves, shutouts, and goals saved above average, acting as a workhorse starter for the Blueshirts for much of his career. While he still has a chance to build on this reputation, it won’t be in New York. The team explored all options, but must move forward with young upstart keepers Igor Shesterkin and Alexandar Georgiev, leaving no room on the roster for Lundqvist, especially at his high cap hit.

With just one year remaining on the seven-year, $59.5MM contract that Lundqvist signed back in 2013, the buyout will only impose penalties against the salary cap for two seasons. CapFriendly projects that Lundqvist’s $4.5MM base salary and $1MM signing bonus in this final year will count toward the salary cap in full for a total hit of $5.5MM in 2020-21. In 2021-22, the penalty will be just $1.5MM. The $3MMM in savings this season for the Rangers will give the team even more flexibility to re-sign their pending restricted free agents while also exploring the free agent market for additional help.

Lundqvist meanwhile will hit a free agent market that is already chock full of goalies, most of whom are not coming off the worst season of their careers. Quickly approaching 40 and in steep decline over the past four or five years, it is hard to imagine Lundqvist getting any more than a small, one-year contract to serve as a backup. However, the decorated netminder already has plenty of money and accolades. All he wants at this point in his career is to sign with a team that give him the one thing he doesn’t have: a Stanley Cup.

Latest On Torey Krug’s Pending Free Agency

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It was always going to be difficult for the Boston Bruins to re-sign Torey Krug because of their salary cap situation, but that hasn’t stopped them from trying. Frank Seravalli of TSN reports that the team’s last offer to Krug was a six-year, $39MM contract ($6.5MM AAV). Since that may not be enough to ink the offensive defenseman, Seravalli also notes that there has been “significant interest” from teams hoping to trade for Krug’s rights before the free agent period opens next month.

The 29-year-old defenseman is one of the top free agents set to hit the open market on October 9th, perhaps even second behind Alex Pietrangelo among defenders. There are very few players who can match his offensive output, which totaled 49 points in 61 games this season with the Bruins. In fact, over the last four seasons, Krug trails only Brent Burns, Erik Karlsson, Victor Hedman, John Carlson, and Roman Josi in scoring among defensemen, five players who are consistently in the Norris Trophy race. He’s well ahead of Pietrangelo in that category, though the rest of his game is not nearly as polished.

For a team looking to improve their powerplay though, there may be no better option available. Krug trails only Brent Burns in powerplay scoring among defenseman over the last four years, a total developed through consistent performance instead of breakout seasons. The Bruins quarterback has at least 39 points in each of his seven NHL seasons and has performed even more exceptional in the postseason. Through his first 75 playoff contests, Krug has 52 points

The Bruins, with Jake Debrusk and Matt Grzelcyk still to sign as restricted free agents, aren’t swimming in cap space. The team currently sits with just over $14.4MM for the 2020-21 season, but need to consider the future when discussing a long-term deal with Krug. Charlie McAvoy will be looking at a huge raise when his current deal expires in 2022, while Brandon Carlo is up after this upcoming season. There are plenty of other question marks around the roster given the expiring deals of Tuukka Rask, Jaroslav Halak and David Krejci, though that could potentially provide an opportunity to invest in younger talent instead.

Should a team trade for Krug’s rights, they would have less than two weeks to work out a deal before he reaches free agency. It’s tough to give up a valuable asset for that small window, though perhaps it would be worth it if you believe he is the difference-maker your team needs.

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Detroit Red Wings Acquire Marc Staal

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Another Staal is on the move. Ten days after oldest brother Eric Staal was traded by the Minnesota Wild to the Buffalo Sabres, Marc Staal has been dealt to the Detroit Red Wings by the New York Rangers. Both teams have confirmed the trade, which will see Staal and a 2021 second-round pick go to Detroit in exchange for future considerations. This is a pure salary cap dump by the Rangers, who do not retain any salary in the trade.

Staal, 33, has only ever played for the Rangers after the team used the 12th overall pick to select him in 2005. While Staal has been a long-time stalwart for New York and even an All-Star at one point, his game has been on the decline for some time. Entering the final season of a six-year, $34.2MM contract, the Rangers have been trying to move Staal and his $5.7MM cap hit and have finally succeeded. It comes at the cost of a second-round draft pick, but will give the team much-needed flexibility to re-sign restricted free agent defenseman Anthony DeAngelo, a protégé of Staal’s, as well as RFA forwards Ryan Strome and Brendan Lemieux while maintaining the ability to improve elsewhere in free agency.

As for Detroit, this could merely be the beginning of GM Steve Yzerman weaponizing his cap space. The rebuilding Red Wings have several of their own restricted free agents to sign this off-season, but have more than enough room to work with given their projected $27.4MM in cap space. This allows Yzerman to essentially buy a high draft pick by taking on Staal’s contract, which counts for $5.7MM against the cap but is worth only $3.2MM in real dollars. Detroit now has three second-round picks in 2021 and 12 picks in the first three rounds over the next two drafts, with more surely on the way.

The one remaining question in this deal (other than the future considerations of course) is whether Staal actually plays for Detroit or not. While the young Red Wings could use his veteran presence, they already have Danny DeKeyser, Patrik Nemeth, and Dennis Cholowski on the left side and are expected to be a top suitor for UFA Torey Krug. This deal was about the second-rounder more than it was Staal, so the team could opt to buy out the remaining year of his contract and make him a free agent. Such a move would save the team just over $1MM in real dollars and over $2MM against the cap this year, with a cap penalty of about $1MM being tacked on in 2021-22. Detroit could also opt not to buy out Staal, but explore trading him with salary retained to try to recoup even more draft capital. Or Staal could simply play out his final season in Detroit. Only time will tell in this unpredictable off-season.

Trade Rumors: Kuemper, Laine, Penguins

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There are many factors that have contributed to Darcy Kuemper being one of the most talked-about names on the rumor mill over the last couple of months. The first and most important is simply that the Arizona Coyotes must shed salary this off-season. The team is arguably in the worst salary cap situation of any NHL club, lacking any room to maneuver under the cap ceiling but with several restricted free agents and superstar trade acquisition Taylor Hall in need of new contracts. One area where they can trim the fat is in net, where Kuemper and Antti Raanta combine for $8.75MM against the cap and Adin Hill is also signed to a one-way contract and will need to clear waivers this season. Of the three, not only does Kuemper carry the highest cap hit, he is also undoubtedly the most valuable on the trade market. The 30-year-old was one of the best goalies in the NHL this season and is signed for two more years at a bargain relative to his performance. While this is seemingly a perfect storm of reasons why Kuemper should be dealt, new GM Bill Armstrong won’t let him go that easy. AZ Sports’ Craig Morgan reports that after Armstrong was hired last week, the asking price for Kuemper went up. An offer must now surpass the value of just one first-round pick in order to pry the talented netminder out of Arizona. If they are not satisfied, the Coyotes will not trade Kuemper. Although his trade value is depleted after a pair of injury-plagued seasons, the team could get nearly as much cap savings from moving Raanta, whose contract expires after this season. While Kuemper is the morename, don’t be surprised to see Raanta move instead barring a top-notch offer.

  • Patrik Laine is another one of the hot names on the rumor mill right now, with reports that the Winnipeg Jets are “serious” about moving the young scoring forward. However, Sportsnet’s Ken Wiebe doused those flames somewhat by stating that the Jets’ priority is still to re-sign Laine. It would be difficult for the team to get fair value for Laine and although they have more pressing needs than winger elsewhere on the roster, they could very well be better off holding on to the 22-year-old. A restricted free agent after next season, Laine will command a substantial salary that Winnipeg may find difficult to afford. Yet, Wiebe believes that current trade talks may be overblown so long as the two sides are still amenable to an extension, believing a trade to be more likely next summer – if a deal cannot be reached – rather than pulling the trigger early this off-season. Unless the Jets get exactly what they ask for in exchange for Laine, they have time before they need to get too serious about a trade.
  • The most active team on the trade market so far has been the Pittsburgh Penguins, but things may begin to slow down for GM Jim Rutherford and his club. In a radio interview on Friday, Rutherford stated that his recent acquisition of defensemen Michael Matheson is not a precursor to another major trade regarding his top defensemen. Although there is a considerable logjam on the left side of the Pittsburgh blue line, top-four lefties Brian Dumoulin and Marcus Pettersson will not be traded. Matheson is expected to play on the left side of the team’s third pair, forcing Jack Johnson and Juuso Riikola to compete for a starting job on their off-side with righty Chad Ruhwedel. Matheson’s acquisition has also squashed the Penguins’ interest in free agent defenseman Chris Tanev and others, as Rutherford added that he does not anticipate adding to his defense corps on the open market.

San Jose Sharks Will Not Buy Out Martin Jones

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The San Jose Sharks finished with their worst record since 2002-03 this year and failed to make the playoffs for just the fourth time since the turn of the century. It was a disastrous campaign for one of the most consistent organizations in all of pro sports, especially given the considerable talent that the club has on paper. The Sharks will do anything they can to find their way back to relevance next season – well, almost anything. They are not prepared to go the buyout route to remove their weakest link.

It’s unfair to ever blame on player for the struggles of an entire team. However, in San Jose this season it’s not a stretch to place the lion’s share of the guilt on starting goaltender Martin Jones. Eating up $5.75MM in salary cap space in 2019-20, Jones recorded a career-worst .896 save percentage and 3.00 goals against average. Among goaltenders who played in at least half of their team’s games, Jones ranked 29th out of 30 in both of these categories while recording a 17-21-2 record. What’s worse is that this was the second straight season that the 30-year-old showed significant decline and is signed for four more years with $21MM in salary and bonuses still owed to him.

Yet, the Sharks have made the decision not to buy out Jones’ contract. The Athletic’s Kevin Kurz writes that no buyouts are expected from San Jose, whose only obvious candidate had been Jones. While this is a deep free agent class in goal and San Jose likely could have found replacements for both Jones and impending UFA backup Aaron Dell on the open market, the team will stick with Jones for at least another year. In the current financial climate in the NHL, it is very possible that the team did not feel comfortable playing Jones to not play for them this coming season and beyond. A buyout of Jones’ remaining four seasons would have cost the club $1.625MM in real dollars this year and in each of the following seven years, while the buyout would have counted for $2.875MM against the cap this season.

Jones’ poor play and equally poor contract means that the Sharks will very likely not be able to trade him this off-season. Kurz expects that he will be back in net next season, but assumes that he will have to challenge for the starting job with a free agent or trade acquisition. While San Jose may be wary to commit too much cap space to the goalie position, they do have over $14MM in space and look like one of the few free agent spenders in the impending market. With a number of talented options in goal to consider as a possible new starter, Jones’ performance may not be as much of a factor in San Jose’s attempts to return to the playoffs next year.

Anaheim Ducks Not Expected To Buy Out David Backes

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On Friday, the first buyout period for the NHL will open and teams will be able to reduce the cap hit of some unwanted contracts (while paying a chunk of the remaining salary owed.) With the salary cap ceiling flat for next season (and likely several more afterward) this tool may be important to several teams around the league looking to shed payroll. It’s not the magic wand that compliance buyouts were in 2014, but it could still be useful in the right situation.

One player that has drawn some buyout speculation is David Backes of the Anaheim Ducks, who has just one year remaining on his current contract. The Ducks, who are set to cover just $4.5MM of his $6MM cap hit already thanks to the salary that the Boston Bruins retained in trade last year, would receive an additional $1.5MM in cap savings for 2020-21 should they exercise a buyout of the veteran forward. That would be offset by a $750K cap penalty in 2021-22, while the Bruins would also get a small amount of relief next season ($500K, with a $250K cap penalty in 2020-21).

That doesn’t appear to be the plan, however, as Andy Strickland of Fox Sports Midwest reports the Ducks told Backes they intend to keep him for the upcoming season. Backes himself is preparing for the upcoming season already, working with a skating coach twice a week after scoring just a single goal in 22 games.

Though his play has fallen off a cliff, Backes could still represent a valuable veteran presence on a team that is just starting a rebuild. Youth will be dotted all over the Ducks roster next season, and though they appear quite close to the salary cap ceiling, it’s important to remember the flexibility that will be provided by Ryan Kesler’s contract. Kesler is not expected to play hockey again, meaning his $6.875MM cap hit will be moved to long-term injured reserve.

The Ducks also don’t have any real pressing free agents after already completing deals with Sonny Milano, Troy Terry and Jacob Larsson this summer. Unless they want to pursue high-end unrestricted free agents on the market, they aren’t in desperate need of the $1.5MM in cap savings a Backes buyout would provide.

Coyotes Listening To Offers For Oliver Ekman-Larsson

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With the NHL off-season right around the corner and several notable trades having already occurred in recent weeks, the trade winds are blowing around the league. One of the more intriguing players who may be available is Arizona Coyotes captain Oliver Ekman-Larsson. Sportsnet’s Elliotte Friedman reports that there is interest in the star defenseman, naming the Boston Bruins, Calgary Flames, and Edmonton Oilers as three teams that have checked in. However, he adds that there are undoubtedly more interested teams.

Ekman-Larsson, who comes in at No. 2 on The Athletic’s list of top trade targets, has been an elite defenseman in the NHL since he broke into the league full-time in 2011-12. A true two-way blue liner who is good for 40+ points and 150+ hits nearly every year, Ekman-Larsson plays big minutes and in every situation. He would be an asset to any team in the NHL.

However, Ekman-Larsson also comes with the price tag of an $8.25MM cap hit over seven more years. For that reason, The Athletic accurately states that there is some substantial risk in acquiring the Swedish star. TSN’s Travis Yost also warns that most defensemen begin to decline after the age of 27 and Ekman-Larsson, 29, has already shown some signs of slipping.

With that said, any team interested in Ekman-Larsson also knows that they hold all the leverage in trade talks. While the Coyotes don’t necessarily have to trade Ekman-Larsson, they need to move a player, or likely several, this off-season. Arizona is in the worst salary cap position in the league with only about $1MM in cap space and only 17 regulars signed. While the team can get $5.275MM in relief from placing Marian Hossa on the injured reserve, they are still only left with about $6.5MM and six roster spots to fill, including three key restricted free agents to sign. If the ’Yotes choose to move Ekman-Larsson, it would do wonders for their salary cap situation. Yet, they also stand very little chance of getting fair value back for him due to their desperate situation. For that reason, new GM Bill Armstrong may not want his first major move to be dealing away a franchise icon for pennies on the dollar.

For now, it seems teams are only kicking the tires and the Coyotes have not made a decision on whether Ekman-Larsson is actually available. However, in the difficult flat-cap environment facing many teams this off-season, there is no way of knowing what could happen. Ekman-Larsson could very well start next season on a new team and it might not even take a blockbuster to get him.

Qualifying Offer Deadline Set For October 7

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Given the added pressure applied by the flat salary cap, restricted free agent negotiations will take on even greater importance this off-season. That process is set to begin in just over four weeks, as TSN’s Pierre LeBrun reports that the deadline for teams to submit qualifying offers to their restricted free agents has been set for 4pm CT on Wednesday, October 7.

In order for any team to retain their rights to a restricted free agent, the team must submit a qualifying offer. This value is based on the RFA’s expiring contract; a base salary greater than or equal to $1MM is only owed a matching offer, while a base salary less than $1MM is owed a qualifying offer of 105% of the base (a base salary less than $660K is owed 110%). New this year is also a rule pertaining to those contracts signed after July 10 for the purpose of burning an entry-level contract. Those players may receive a qualifying offer up to 120% of their base salary.  A qualifying offer must also be a one-way contract if the player has played in at least 171 NHL games over the past three seasons combined and at least 51 NHL games in 2019-20, and did not clear waivers this season.

Those RFA’s who do receive qualifying offers are then able to sign those offers when the new league year begins at 11am CT on Friday, October 9. Those offers expire on Sunday, October 18 at 4pm CT. Even if a player does not sign their QO, the issuing team maintains the player’s rights simply by making the offer. A restricted free agent can only be signed to a new team by way of an offer sheet.

As for those RFA’s who do not receive qualifying offers, they become unrestricted free agents and join the open market on October 9. Given the cap crunch that many teams are facing, this has a chance to be an unprecedented year when it comes to the RFA market. Teams will have to seriously think about the opportunity cost of extending or in some cases increasing the salaries of some of their current young players. It will be interesting to see what happens when the deadline approaches on October 7.

Long-Term Injuries Represent Continued Opportunity For Cash-Rich Teams

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The NHL’s salary cap ceiling will be $81.5MM for 2020-21 and will not increase until the league’s hockey-related revenue surpasses $3.3 billion once again. Even then, the number will grow slowly as the difference in escrow is slowly paid off. Despite that cap being the theoretical number that teams can spend to, many around the league will be icing rosters that are quite a bit cheaper.

Frank Seravalli of TSN reported just a few days ago that the Buffalo Sabres, Arizona Coyotes and Pittsburgh Penguins could all be operating with an internal budget much lower (with the Coyotes perhaps going “just south of $70MM”). They aren’t the only three, which could potentially open up even more opportunities for cash-rich organizations that have strong financial backing. Not only will they be able to bring in a roster that adds up to the salary cap ceiling, but players that are earning more money than their cap hits in 2020-21 could potentially be available in trade at a bargain price.

The other opportunity is one that has existed for some time but could be amplified this offseason: long-term injured reserve.

For years now, teams have traded in “dead contracts” in various situations. Trading for players who are under contract but will never play again has been a routine occurrence for teams like the Coyotes and Toronto Maple Leafs—though the two use those opportunities in very different ways. The Maple Leafs have used a strong financial situation to take on the contracts of players like Nathan Horton and David Clarkson, giving them a bit more flexibility when it comes to the salary cap. No, these dead contracts are not just bonus cap space as some imply, but they can create some creative ways to provide wiggle room around the hard cap.

It’s hard to use this to your advantage when you’re already working on an internal budget, especially with contracts that are not fully insured. But for those teams still able to flex their financial might, there will be some obvious candidates this offseason should they want to pursue these LTIR opportunities and can figure out a way to make it benefit their individual situation.

Ryan Kesler has two seasons remaining on his contract with the Anaheim Ducks, which is set to pay him $6.675MM annually. The 36-year-old forward is not expected to play again thanks to multiple hip surgeries, which ended his playing career in 2019 after he battled through pain to reach the 1000-game mark. Kesler does have a full no-movement clause for this season (which will switch to an eight-team no-trade clause in 2021), but that has been worked around in past transactions like this.

The Coyotes themselves still have Marian Hossa on the books for one more season at a $5.275MM cap hit, though his actual salary is still just $1MM for 2020-21. Hossa hasn’t played since a skin condition forced him into retirement in 2017 and could potentially be used as a trade chip if another team is looking for help reaching the salary cap floor this year. Henrik Zetterberg, is another player whose salary is just $1MM in 2020-21, though he carries a $6.08MM cap hit. The Red Wings have moved on from legendary players in this situation before, trading Pavel Datsyuk’s dead contract to the Coyotes in 2016.

Marian Gaborik is much the same, having last played in the 2017-18 season with the Ottawa Senators. The 38-year-old Gaborik is still under contract for next season and carries a $4.875MM cap hit, but is owed just $3.075MM in actual salary. According to a Postmedia report from 2018, approximately 80% of Gaborik’s salary is covered by insurance, making it an inexpensive way for the Senators to build up their commitments, but that doesn’t mean he won’t be used in a deal to get him completely off the books this summer.

One of the newest additions to this retired-but-still-active group is Brandon Dubinsky of the Columbus Blue Jackets, who missed all of the 2019-20 season with a chronic wrist injury. That injury is expected to keep him from ever playing again, but he is still owed $5.85MM for the 2020-21 season.

Of note, the Maple Leafs, who have been the team most notably acquiring these heavy LTIR contracts, will see both Clarkson and Horton come off the books this offseason. That doesn’t by any means indicate that they will go this route again, but don’t be surprised if you see some movement this offseason on players that will never actually hit the ice in an NHL game again.

Photos courtesy of USA Today Sports Images

Latest On Alex Pietrangelo’s Free Agency

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While an early look at the free agent pool each year often results in wild speculation and amazement at the talent potentially available, by the time the offseason actually rolls around there isn’t a lot to actually choose from. Top names are given huge extensions to stay put or dealt to a contender at the deadline who uses their three-plus months to re-sign the star. That’s why it has always seemed like Alex Pietrangelo’s availability was a bit of a pipe dream for every team other than the St. Louis Blues.

The captain of the reigning Stanley Cup champions, in his prime at age-30, coming off a season where he logged more than 24 minutes a night. It was hard to imagine the Blues letting that go in free agency, but as we now stand in mid-September, Pietrangelo doesn’t have a contract for next season.

Speaking to Pierre LeBrun of The Athletic, Pietrangelo called it “a little disappointing” that nothing had been done to this point, and explained “there hasn’t been much in terms of progress” on a new contract. While neither side has ruled anything out—LeBrun even suggests that the Blues will be making another offer soon—the star defenseman has already discussed next steps with his wife should he end up on the open market in a few weeks.

There is no doubt that Pietrangelo is still a game-changing force in the NHL. The Blues captain scored double-digit goals (16) for the fourth straight season and registered 52 points in 70 games. Those 24 minutes a night included more than three on the powerplay and almost two on the penalty kill, coming in as one of the most effective players on the team in both situations. His playoff track record is outstanding, with a league-leading 16 assists last year and another strong performance in the 2020 restart. While he may not be running around hitting opponents, his 6’3″ frame is still more than enough to battle physically when required.

There is a lot to like in Pietrangelo, but that all-around game will also deserve a hefty paycheck wherever he lands. That is likely the sticking point in St. Louis, given the flat salary cap and the fact that the team has already committed $76MM to next season’s roster. Expensive extensions for Justin Faulk and Brayden Schenn have eaten up a lot of the room left by Pietrangelo’s expiring contract, though there are obvious ways to create enough money to bring the captain back, if they want to.

Instead, it seems more and more likely by the day that Pietrangelo will be a free agent on October 9th, with LeBrun speculating that the Toronto Maple Leafs, Vegas Golden Knights, and Florida Panthers could all be in the mix given their respective situations. The connection to Toronto has been discussed constantly (Pietrangelo is from King City, just north of Toronto and once played minor hockey with John Tavares), but the Maple Leafs would have to battle a long list of suitors for the 30-year-old’s services.

Photo courtesy of USA Today Sports Images

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