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Buyout Frenzy: Five candidates to have contracts nixed from the books

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Ah, the buyout.

A team’s “out” to a bad contract, often one that said team signed and one they regretted at some point after the ink hit the signature spot on the contract sheet.

It’s an out with a catch. You can shed cap space, but only some. While mistakes can be forgiven, they’re not forgotten for some time. The length varies from case to case. It’s like getting a divorce but still living with your ex-spouse. You’re free, but not really. It’s not ideal.

The fact is, some relationships end up in that spot, and in hockey, when a usually-high-paid player becomes unwanted — a surplus to requirements — or he’s a square peg that can’t be fit into the round holes of a team’s salary cap, it’s one way to trim off some fat.

The buyout window opens today and will remain open until June 30.

First, a short primer courtesy of the fine folks at CapFriendly, who are doing God’s work:

Teams are permitted to buyout a players contract to obtain a reduced salary cap hit over a period of twice the remaining length of the contract. The buyout amount is a function of the players age at the time of the buyout, and are as follows:

  1. One-third of the remaining contract value, if the player is younger than 26 at the time of the buyout
  2. Two-thirds of the remaining contract value, if the player is 26 or older at the time of the buyout

The team still takes a cap hit, and the cap hit by year is calculated as follows:

  1. Multiply the remaining salary (excluding signing bonuses) by the buyout amount (as determined by age) to obtain the total buyout cost
  2. Spread the total buyout cost evenly over twice the remaining contract years
  3. Determine the savings by subtracting the annual buyout cost from Step 2. by the players salary (excluding signing bonuses)
  4. Determine the remaining cap hit by subtracting the savings from Step 3. by the players Annual Average Salary (AAV) (including signing bonuses)

With that out of the way, let’s look at five candidates (in no particular order) who may be bought out over the next two weeks.

(Photo by Christian Petersen/Getty Images)

Dion Phaneuf, Los Angeles Kings

The once powerful Kings have been reduced to kingdom more befitting of Jurassic Park. They have their share of stars from yesteryear on that team, and a couple making premium coin for regular, unleaded performance.

Phaneuf is a shade of the player he used to be. It’s understandable, given he’s 34 and on the back nine of his career. He’s got two years remaining on a deal that the Kings will be on the hook for $12 million.

Trading Phaneuf isn’t likely. He had six points in 67 games last year and the Kings, who were dreadful, healthy-scratched Phaneuf down the stretch.

Using CapFriendly’s handy-dandy buyout calculator, we see Phaneuf’s buyout would save the Kings just over $2.8 million, including a ~$4 million savings next year and a more modest $1.583 the following year.

Phaneuf’s cap hit over four years would be a total of $8.375 million, with the Ottawa Senators retaining 25 percent or $2.791 million per the transaction the two teams made in 2018.

(Photo by Ethan Miller/Getty Images)

Scott Darling, Carolina Hurricanes 

A lesson in a team throwing way to much money at a backup goaltender with decent numbers.

Darling has fallen out of favor in Carolina after signing a four-year, $16.6 million deal during the 2017 offseason.

Darling’s play was a disaster in the first year of the deal and Petr Mrazek and Curtis McElhinney took over around December of this past season.

Darling was placed on waivers and was unsurprisingly not claimed and seems a shoe-in for an immediate buyout. The Hurricanes will save $2.366 million, taking a total cap hit of just under $6 million over the next four years.

Those savings can go to toward trying to re-up both Mrazek and McEhlinney, a duo that helped the Hurricanes to the Eastern Conference Final.

(Photo by Hannah Foslien/Getty Images)

Dmitry Kulikov, Winnipeg Jets

The Jets bet on Kulikov’s lingering back injuries being behind the Russian defenseman when they signed him two years ago in the offseason. The bet was wrong.

Kulikov’s back has a durability rating that would be frowned upon by Consumer Reports.

But his back isn’t the biggest issue Winnipeg has. General manager Kevin Cheveldayoff has a money issue. You see, he needs to spend a lot this offseason on guys named Patrik Laine and Kyle Connor, and he has more than one contract he’d like to dispose of. But while a guy like Mathieu Perreault would find suitors in the trade market, Kulikov won’t.

So while Kulikov has one year left on a deal that hits the cap for $4.333 million, a buyout would save Cheveldayoff close to $3 million in desperately needed cap space for the coming season.

Drafting well in the first round has caught up with the Jets.

(Photo by Christian Petersen/Getty Images)

Corey Perry, Anaheim Ducks

Like Phaneuf not far down the I-5, Perry has seen his production nose-dive at 34 years old. There’s a lot of mileage on Perry’s skates, and regular oil changes aren’t cutting it anymore.

Perry has two years left on a deal that hits their bottom line for $8.625 million over the next two seasons.

The Ducks would have $6 million this year alone by buying out Perry, who is essentially trade proof with a full no-movement clause.

Perry’s cap hit would jump up to 6.625 mill the following year with a signing bonus of $3 million still owed, but then would only hurt for $2 million over the two added buyout years. In the end, the Ducks would save $4 million and open up a roster spot for a younger player.

(Photo by Patrick Smith/Getty Images)

Alex Steen, St. Louis Blues

I know what you’re thinking: “Hey, this guy just hoisted the Stanley Cup and played a hell of a role on the fourth line to help the Blues to their first title in franchise history.”

Indeed, Steen did all of those things. But interim coach Craig Berube put Steen on the fourth line, a role he relished in but one that can be replaced for much, much cheaper.

Steen, 35, has seen his production plummet over the past several seasons — far away from the realm of money he’s making with a $5.75 million cap hit. That’s too much for a fourth line player.

The Blues have some signings to make themselves, including a big-money extension for rookie sensation Jordan Binnington and other pieces to the puzzle such as Patrick Maroon.

Buying out Steen would come with a cap savings of $3 million, including a $6 million savings over the next two seasons. The Blues have $18 million and change to play with and a host of RFAs that need to get paid.

Other candidates

The above five came in no particular order. This list could extend for a while.

Some other notable names that could see their contracts bought out are:


Scott Billeck is a writer for Pro Hockey Talk on NBC Sports. Drop him a line at phtblog@nbcsports.com or follow him on Twitter @scottbilleck

Trade: Islanders land Devils captain Andy Greene

Islanders trade for Andy Greene Devils get pick, prospect
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The New Jersey Devils aren’t waiting until the trade deadline to start selling. The Islanders landed Devils captain Andy Greene in a trade on Sunday, and New Jersey may end up making more moves soon.

Islanders trade for Greene, Devils’ return highlighted by second-rounder

The Islanders treasure defense and grit under Barry Trotz. The Islanders got what they wanted, then, in a trade for Greene.

Chances are, Lou Lamoriello looks at Greene as a replacement for injured blueliner Adam Pelech.

The Devils? Well, they landed a pretty nice haul for a defenseman who wouldn’t make sense for their rebuild. That should soothe any discomfort that may come from sending Greene in a trade to the rival Islanders.

Islanders receive in trade: Greene, 37, on an expiring contract ($5M AAV); no word yet if there was salary retention

Devils get: 2021 Islanders second-round pick, prospect David Quenneville

Greene doesn’t blow you away offensively, by any means, with two goals and 11 points in 53 games. Greene also isn’t an analytics darling.

The Islanders march to the beat of their own drum, though, so this Hockey Viz heat map won’t phase them:

Greene Viz trade to Islanders

Greene fits the Islanders’ M.O. of being an experienced, defense-first (second, and third) player.

One interesting part of the gamble is that it’s a 2021 second-rounder, rather than the Islanders’ 2020. Will the Islanders be a better team in 2020-21, or could recent stumbles indicate a bumpier future? The Devils will be rooting for the Islanders slip like the Senators watching the Sharks this season.

Quenneville, 21, was a seventh-round pick (200th overall) in 2016.

TSN’s Darren Dreger reports that Blake Coleman isn’t suiting up for Sunday’s game, inspiring new rumblings.

The Devils shot down a report that Coleman was headed to the Avalanche, but that doesn’t mean a Coleman trade won’t happen in some later form. Stay tuned.

James O’Brien is a writer for Pro Hockey Talk on NBC Sports. Drop him a line at phtblog@nbcsports.com or follow him on Twitter @cyclelikesedins.

Black Girl Hockey Club bolsters fan inclusivity

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NBC Sports celebrates Hockey Day in America this Sunday with an NHL tripleheader on NBC and NBCSN, as well as a collection of stories and features which explore hockey’s impact and influence across the U.S.

At the beginning of the 2018 NHL season, Renee Hess founded the Black Girl Hockey Club to create a comfortable atmosphere for black women to watch hockey games together.

Hess became interested in hockey years ago after running into a crowd of excited Penguins fans while she was working in Pittsburgh. The first game left Hess hooked, but she noticed that there weren’t a lot of people like her in the stands.

Hess found a handful of other black female hockey fans on Twitter and they created a group: the Black Girl Hockey Club. The must-follow group uses this platform to discuss the sport and meet in-person at games across the country. It looks they’re currently experiencing what the Carolina Hurricanes have to offer:

The Black Girl Hockey Club boasts a membership exceeding 200 people. Their story just seems to be beginning, yet they already rank as one of the best stories from “Hockey Day in America.”

You can follow their events and donate to Black Girl Hockey Club here.

(Oh, and Hess must have been happy to see the Penguins win on Sunday, too.)

NBC Hockey Day in America remaining schedule

Bruins at Rangers – NBC – 3 p.m. ET (Watch live) – Mike Tirico will call the matchup at Madison Square Garden alongside Pierre McGuire and Mike Milbury.

Blues at Predators – NBCSN –  6 p.m. ET (Watch live) – Chris Cuthbert will call the action from Bridgestone Arena alongside Darren Pang.

James O’Brien is a writer for Pro Hockey Talk on NBC Sports. Drop him a line at phtblog@nbcsports.com or follow him on Twitter @cyclelikesedins.

Penguins roll through Red Wings, gain ground in Metro race

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On paper, this seemed like it would be an easy win. Hockey is one of the more unpredictable sports, though, so credit the Penguins with taking care of business against the Red Wings. The Penguins won 5-1 to kick off “Hockey Day in America” on Sunday, improving their odds of taking the Metro crown.

Detroit got off to a 1-0 lead, but it ended up being short-lived. The Penguins tied it up 1-1 when Sam Lafferty (or was it Patric Hornqvist?) scored less than three minutes after Valtteri Filppula made it 1-0.

Hornqvist played a big role in the Penguins growing a 2-1 lead to a 5-1 rout during the second period. From there, it was automatic for Pittsburgh.

It turns out Hornqvist didn’t quite get a hat trick as it originally appeared, but he still had a big game. Sidney Crosby scored one goal and one assist, while Matt Murray stopped 26 out of 27 shots.

The Penguins set the stage for a potentially interesting race for the Metro Division title. They’ve been gaining quite a bit on the Washington Capitals:

  1. Capitals: 79 points in 58 games played (37-16-5)
  2. Penguins: 78 points in 57 GP (36-15-6)

NBC and NBCSN Hockey Day in America schedule

Bruins at Rangers – NBC – 3 p.m. ET (Watch live) – Mike Tirico will call the matchup at Madison Square Garden alongside Pierre McGuire and Mike Milbury.

Blues at Predators – NBCSN –  6 p.m. ET (Watch live) – Chris Cuthbert will call the action from Bridgestone Arena alongside Darren Pang.

James O’Brien is a writer for Pro Hockey Talk on NBC Sports. Drop him a line at phtblog@nbcsports.com or follow him on Twitter @cyclelikesedins.

WATCH LIVE: Rangers vs. Bruins on Hockey Day in America

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NBC’s coverage of the 2019-20 NHL season continues with Sunday’s matchup between the Boston Bruins and New York Rangers. Coverage begins at 3 p.m. ET on NBC. You can watch the game online and on the NBC Sports app by clicking here.

Boston looks to be headed to its fourth straight postseason and potentially its first division title since 2013-14, when they won the Presidents’ Trophy with 117 points. They have finished second in the Atlantic in each of the previous two seasons behind the Lightning.

New York sits seven points out of the East Wild Card and enters this matchup on a season-high four-game winning streak after a 3-1 victory at Columbus on Friday to close a three-game road trip. On this run, the Rangers have scored three-plus goals in each game and allowed just six goals total.

After scoring a hat trick against Montreal on Wednesday, David Pastrnak scored again against Detroit on Saturday. He leads the NHL with 42 goal this season and is second in the league with a career-high 82 points. He’s the first Bruin to surpass the 40-goal mark since Glen Murray scored 44 in 2002-03 and Pasta is now on pace for 58 goals – which would be the most by a Bruin since Phil Esposito led the league in goals in 1974-75 (61).

Igor Shesterkin has opened eyes in recent weeks as the potential heir apparent to future Hall of Famer Henrik Lundqvist. After starting his career in the KHL, Shesterkin had been with the Hartford Wolf Pack (AHL) this season before the Rangers called him up in early January. Shesterkin won his first two NHL starts and has gone 6-1-0 with a 2.18 GAA & .941 SV% thus far in his Rangers career, making 40+ saves in three of his six wins.

[COVERAGE BEGINS AT 3 P.M. ET ON NBC]

WHAT: Boston Bruins at New York Rangers
WHERE: Madison Square Garden
WHEN: Sunday, Feb. 16, 3 p.m. ET
TV: NBC
LIVE STREAM: You can watch the Bruins-Rangers stream on NBC Sports’ live stream page and the NBC Sports app.

PROJECTED LINEUPS

BRUINS
Brad MarchandPatrice Bergeron – David Pastrnak
Jake DeBruskDavid KrejciKarson Kuhlman
Anders BjorkCharlie CoyleDanton Heinen
Joakim NordstromSean KuralyChris Wagner

Zdeno CharaCharlie McAvoy
Torey KrugBrandon Carlo
Matt Grzelcyk – Jeremy Lauzon

Starting goalie: Jaroslav Halak

RANGERS
Chris KreiderMika ZibanejadPavel Buchnevich
Artemi PanarinRyan StromeJesper Fast
Phil Di GiuseppeFilip ChytilKaapo Kakko
Brendan LemieuxBrett HowdenGreg McKegg

Brady SkjeiJacob Trouba
Brendan SmithMarc Staal
Ryan LindgrenAdam Fox

Starting goalie: Alexander Georgiev

NBC Sports celebrates Hockey Day in America this Sunday with an NHL tripleheader on NBC and NBCSN, as well as a collection of stories and features which explore hockey’s impact and influence across the U.S.

Coverage shifts to NBCSN at 6 p.m. ET for a Central Division battle as Ryan O’Reilly and the St. Louis Blues head to Music City to battle Roman Josi and the Nashville Predators.

Hockey Day in America pre-game coverage begins at noon ET on NBC from the plaza outside Bridgestone Arena in Nashville, Tenn. Host Liam McHugh and analysts Keith Jones, Anson Carter, and Brian Boucher will anchor pre-game, intermission, and post-game coverage throughout the day.