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

Former Bruins coach Cassidy wins; Boston’s home streak ends

Winslow Townson-USA TODAY Sports
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BOSTON — The Vegas Golden Knights made former Boston coach Bruce Cassidy’s return a success on Reilly Smith‘s score in the fifth round of the shootout, beating the Bruins 4-3 to end their NHL-record for home victories to open a season at 14 games.

The 57-year-old Cassidy was fired by Boston following 5 1/2 seasons in June after the Bruins were eliminated by Carolina in the opening round of the playoffs.

Eight days after he was let go, he was hired by Vegas.

In a matchup of two of the league’s top three teams, Western conference-leading Vegas opened a 3-0 lead early in the second period on two goals by Paul Cotter and the other by Jonathan Marchessault before the Bruins started their comeback when Brad Marchand and David Pastrnak scored just over six minutes apart late in the period.

They tied it on Taylor Hall‘s power-play goal 3:08 into the third when he spun in front and slipped a shot from the slot past goalie Logan Thompson.

Smith had the only score in the shootout, slipping a forehand shot past goalie Jeremy Swayman.

Cassidy took over as Boston’s interim coach on Feb. 7, 2016, before getting the head job that April. His teams made the playoffs all six seasons, including a trip to the 2019 Stanley Cup Final when they lost the seventh game at home against St. Louis.

Cassidy knows what it sounds like in TD Garden with The Standells’ song “Dirty Water” blaring after Bruins’ wins.

“Now that you brought it up, I’m used to hearing “Dirty Water” at the end of the game,” he said, smiling. “I’m glad I didn’t hear it tonight. The streak is irrelevant to me. It’s nice to come in and play well.”

Boston lost for just the second time in 12 games.

“This locker room sticks together, and we knew we were going to do something special tonight,” Swayman said. “It (stinks) losing, but we’re going to make sure we fix the problems.”

The Bruins’ home-opening streak broke the record of 11 that was set by the 1963-64 Chicago Blackhawks and equaled by the Florida Panthers last season.

Before the shootout, Thompson made 40 saves. Boston’s backup Swayman had 21.

“This city meant a lot to him, and he was fired up ready to go,” Thompson said of Cassidy. “We went out there and tried to get him two points tonight.”

Cotter collected William Karlsson‘s pass inside the left circle and unloaded a wrister under the crossbar 1:36 into the game.

Marchessault stole Pastrnak’s attempted clearing pass, broke in alone and tucked in his own rebound to make it 2-0.

Cotter’s second came 51 seconds into the second period when he slipped a wrister past Swayman’s glove.

“We couldn’t get it done early, before the shootout. We had chances,” Pastrnak said. “It’s a tough one to swallow.”

Vegas star forward Jack Eichel missed the game with a lower-body injury.

TRIBUTE

The Bruins played a video montage of Cassidy on the Jumbotron late in the opening period that ended with a picture of him and said: “Welcome back, Bruce.”

The crowd gave him a nice ovation and he waved thanking them.

“It’s a really nice gesture by the Bruins’ organization,” he said. “I appreciate it. I said all along that I have a tremendous amount of respect for them. I’m thankful they did it.”

FOR THE RECORD

Cassidy finished tied for third on the Bruins’ coaching list with Hall of Famer Milt Schmidt (1955-66) at 245 victories, behind Claude Julien’s (2008-17) 419 and Art Ross (1925-45) with 387.

EXTRA SPECIAL TEAMS

The Bruins entered the game ranked second in the league both with their power play (29.6%) and penalty killing (84.1%).

UP NEXT

Golden Knights: Host the New York Rangers.

Bruins: At the Colorado Avalanche.

Penguins plot a way forward as Letang recovers from stroke

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PITTSBURGH — Kris Letang returned to the ice on Thursday, just three days after suffering the second stroke of his career.

The “twirl” the longtime Pittsburgh Penguins defenseman took at the club’s practice facility was approved by team doctors, a spin designed to help Letang’s mental health and nothing else. While the 35-year-old remains upbeat, it remains far too early to put a timeline on when his familiar No. 58 will return to the lineup.

Though Pittsburgh general manager Ron Hextall indicated this stroke isn’t as severe as the one Letang endured in 2014 – when a hole in the wall of his heart led to a stroke that forced him to miss two months – the six-time All-Star is continuing to undergo tests.

There are no plans for Letang to participate in any sort of hockey-specific drills anytime soon, with coach Mike Sullivan stressing the club will “err on the side of caution” when it comes to whatever rehab Letang might need.

While Letang – one of the most well-conditioned players in the NHL – essentially went through the motions by himself, his teammates were 30 minutes south at PPG Paints Arena getting ready for a visit from Vegas and trying to plot a way forward without one of the franchise cornerstones, at least in the short term.

Letang made it a point to help break the news to the rest of the Penguins following a 3-2 overtime loss to Carolina on Tuesday. Pittsburgh scratched Letang from the lineup with an unspecified illness and he spent a portion of the game watching from the press box next to Hextall.

Afterward, Letang informed a somber locker room about his condition, a revelation that came as a shock even as he did his best to reassure those around him that he was and is OK.

“It’s very serious health stuff,” defenseman Chad Ruhwedel said. “You hear about strokes and it’s never really good so we’re just glad to see he’s doing well and everything is good with him.”

Sullivan understands it would be practically impossible for any of the other defensemen on the roster to replicate what Letang brings to the ice, so he’s not going to ask any one player to try. There are few players at the position in the NHL who have Letang’s mix of speed, skill and almost bottomless energy.

The highest-scoring defenseman in franchise history is averaging a team-best 23:54 of ice time and has long been a fixture on the power play and in just about every crucial late-game situation.

“I just think Tanger is not an easy guy to replace,” Sullivan said. “I don’t think from a tactical standpoint things change drastically. It’s just personnel based. But as you know, personnel can mean a lot in those types of situations.”

It’s more than that, however. This isn’t a routine injury. There’s an emotional component and an unknown element to Letang’s status even as the Penguins insist they don’t believe his condition is career-threatening.

“This is a whole different circumstance than an ankle injury or a shoulder injury,” Sullivan said. “This is a very different circumstance.”

Letang’s on-ice presence is just one aspect of his importance to a team that has never missed the playoffs since he made his debut in 2007. He’s become a mentor to younger teammates like 23-year-old defenseman Pierre-Olivier Joseph, who like Letang is French-Canadian and who, like Letang, plays with a graceful fluidity.

Joseph, who declined to get into specifics about Letang’s message to the team on Tuesday night, believes the best thing the Penguins can do during Letang’s absence is attack the game with the same passion he’s shown for 17 seasons and counting.

“The way he plays for the team every single night and the way he puts his heart and soul into the game on the ice, it’s the least we can do is have our thoughts of him whenever we get on the ice,” Joseph said.

Sullivan shuffled the lineup on Tuesday, elevating veteran Jeff Petry and Brian Dumoulin to the top defensive pair. Petry possesses a skillset that’s not too far removed from Letang’s, but it’s also his first year in Pittsburgh. Asking him to provide the leadership that’s innate to Letang is unfair. It’s one of the reasons Sullivan is insistent that it will take a group effort to fill in for a singular presence.

“We have some diversity on our blue line right now,” Sullivan said. “We feel like we have guys capable of stepping in and getting the job done for us and we’re going to try and do that.”

LA Kings put goaltender Cal Petersen on waivers

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LOS ANGELES — The Los Angeles Kings put goaltender Cal Petersen on waivers, a surprising move for a player once considered the successor in net to two-time Stanley Cup winner Jonathan Quick.

Petersen, 28, went on waivers the day after allowing four goals on 16 shots in relief of Quick during a 9-8 overtime loss to the Seattle Kraken. Quick was pulled after giving up five goals on 14 shots.

Only one NHL goalie has a save percentage lower than Petersen’s .868 this season, Elvis Merzlikins of the Columbus Blue Jackets with .864. Petersen is 5-3-2 in 10 games with a 3.75 goals-against average in his third full season with the Kings and fifth overall.

L.A. signed Petersen to a three-year, $15 million contract in September 2021, and he figured to take the starting job from Quick, who turns 37 in January and is set to be a free agent after the season. Petersen has two years left on that deal after this one at an annual salary cap hit of $5 million.

Penguins’ Kris Letang out indefinitely after 2nd stroke

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PITTSBURGH — Kris Letang plays hockey with a grace and inexhaustible fluidity seemingly impervious to the rigors of spending nearly half his life in the NHL.

For the second time in less than a decade, however, a major health scare has brought Letang’s career to a halt.

The 35-year-old Letang is out indefinitely after suffering a stroke for a second time. Letang reported feeling ill and was taken to the hospital, where tests confirmed the stroke.

While general manager Ron Hextall said Wednesday this stroke doesn’t appear to be as serious as the one Letang sustained in 2014, the Penguins will have to find a way forward at least in the short term without one of their franchise pillars.

“I am fortunate to know my body well enough to recognize when something isn’t right,” Letang said in a release. “While it is difficult to navigate this issue publicly, I am hopeful it can raise awareness. … I am optimistic that I will be back on the ice soon.”

The three-time Stanley Cup champion missed more than two months in 2014 after a stroke, which doctors determined was caused by a small hole in the wall of his heart. He spent Monday feeling off and told team trainers he was dealing with what Hextall described as a migraine headache.

Penguins team physician Dr. Dhamesh Vyas recommended Letang go to the hospital, where tests confirmed the stroke.

“He didn’t know (he had a stroke),” Hextall said. “He just knew something wasn’t right.”

Letang is continuing to undergo tests but felt well enough on Tuesday to be at the arena for Pittsburgh’s 3-2 overtime loss to Carolina. He spent the second period chatting with Hextall then addressed his teammates in the locker room afterward in an effort to help allay their concerns.

“I think it was important for Kris to be there because his teammates got to see him in good spirits and that he’s doing well,” Penguins coach Mike Sullivan said.

Sullivan added initial test results on Letang have been “very encouraging.” Letang will continue to undergo testing throughout the week, though he felt good enough in the aftermath to ask Sullivan and Hextall if he could skate, an activity that is off the table for now.

Hextall said he “couldn’t even guess” how long the Penguins may be without the married father of two, adding hockey is low on the team’s list of concerns about a player who, along with Sidney Crosby and Evgeni Malkin, has helped the franchise to three Stanley Cups during his 17-year career.

“First and foremost this is about the person and I told Tanger about that last night,” Hextall said. “This is Kris Letang, the father and family guy, the Pittsburgh Penguins, that’s second.”

Letang, a six-time All-Star, has been one of the most durable players in the NHL. His 662 career points (145 goals, 517 assists) are a franchise record for a defenseman. He’s averaged well over 24 minutes of playing time over the course of his career, a number that’s ticked above 25 minutes per game seven times in eight-plus seasons since he returned from the initial stroke.

The Penguins felt so confident in Letang’s durability that they signed him to a six-year contract over the summer rather than let him test free agency for the first time.

“The level of hockey he’s played for as long as he’s played is absolutely incredible,” Hextall said. “The level he’s continued to play at at his age, the type of shape he’s in … he’s a warrior.”

Letang has one goal and 11 assists in 21 games so far this season for Pittsburgh, which hosts Vegas on Thursday night. The Penguins are pretty deep along the blue line, but Sullivan knows he can’t try to replace Letang with any one player.

“It’s not anything we haven’t been faced with in the past and the reality is we have what we have, and we’ll figure it out,” Sullivan said, adding “it’ll be by committee, as it usually is when you replace a player of that stature.”