Monday would have marked the latest day that the NHL’s buyout period would open. Per the CBA, the window begins 48 hours after the Stanley Cup is awarded or “the later of June 15.”
Well, since this season is like no other, we won’t be seeing Commissioner Gary Bettman handing out the Cup until the fall — if that even happens at all.
The financial implications of the COVID-19 shutdown will have a major affect on the NHL’s salary cap going forward. Before the pause, it was believed that the 2020-21 cap ceiling would rise to between $84-$88.2 million. Now? It may remain at $81.5 million, squeezing some teams who have money committed and more extensions to give out.
That will cause plenty of teams to get creative in trying to get under the ceiling and be able to ice a competitive roster. Compliance buyouts have been discussed but owners are reportedly against them. While keeping the compliance buyouts costs off your books may not be an option once the NHL’s regular business resumes, traditional buyouts will still remain a tool for teams to ease the pressure on their salary cap picture.
In this week’s Power Rankings we take a look at five players who would make for prime buyout candidates this off-season.
1. Karl Alzner, Canadiens: It has been not a fun ride for Alzner in Montreal since signing a five-year, $23.125M deal in 2017. Since cashing in during free agency, the 31-year-old defenseman has played 95 games over three seasons with the Canadiens. He’s played nearly as many (87) with their AHL affiliate in the last two seasons. Alzner has two years left on a contract that carries a $4.625M cap hit, which includes a $1.5M signing bonus due this off-season.
A buyout would put a heavy hit on the Canadiens’ cap for next season — $3,958,333M — but for 2021-22 that would go down to $1,958,333M and then $833,333 in the final two years. Montreal is already at $63M committed for next season and that doesn’t include extensions for restricted free agents Max Domi and Victor Mete.
2. David Backes, Ducks: The 36-year-old forward was part of that 2016 free agent class of forgettable contracts that featured the likes of Frans Nielsen, Milan Lucic, Andrew Ladd, Loui Eriksson, and Troy Brouwer. Backes’ production and ice time diminished over his four seasons in Boston as he battled through injury and an inability to find a consistent spot in the lineup. He moved on in February in a deal that sent Ondrej Kase to the Bruins.
Anaheim is attempting to trend towards youth, and while a Backes buyout won’t free up a large amount of cap room ($3M in 2020-21, $750K in 2021-22), the move would open up a roster spot and ice time for one of their younger players. It would also help a team that is currently tied to nearly $76M in cap space for next season.
3. Henrik Lundqvist, Rangers: The emergence of Igor Shesterkin has put Lundqvist’s future in New York in doubt. The 38-year-old netminder has one year remaining on his deal, which carries a pricey $8.5M cap hit. Considering the Rangers are in a transition phase and looking to get younger, getting out from Hank’s number would assist long-term in easing cap pain and helping continue to build for the future.
The Rangers spent big last summer, bringing in Jacob Trouba and Artemi Panarin. That’s put them with a little over $67M committed for next season. Due for extensions are RFAs Brendan Lemieux, Tony DeAngelo, Ryan Strome, and pending unrestricted free agent Jesper Fast. One more RFA who’s owed a new deal is goaltender and long-time piece of trade bait Alexandar Georgiev.
Buying out Lundqvist would mean $5.5M on the Rangers’ books next season, plus Shesterkin’s $925K and either a few million for Georgiev to be part of the picture or a cheap, veteran backup. New York’s cap picture in 2021-22 would see Lundqvist’s buyout hit drop to $1.5M.
Before any move happens with Lundqvist he has to agree to waive his no-move clause. GM Jeff Gorton could always seek a trade, but the goalie’s cap hit would make that difficult.
4. Kyle Turris, Predators: Nashville has $72M committed for 2020-21 and it’s clear Turris’ place in their lineup has diminished. He’s been a healthy scratch at times and still has a $4M cap hit with him for the next four seasons. A buy out would put $2M on the Predators’ cap picture through 2027-28.
In a normal off-season there would always be the possibly of David Poile looking to dump Turris’ contract to a team looking to get above the cap floor. But that will likely not be an option for teams looking to unload money in a tight-cap world.
5. Loui Eriksson, Canucks: Part of that rich 2016 free agent class, Eriksson has not been able to recapture the scoring touch that saw him net over 25 goals four straight seasons in Dallas and hit 30 in his final year with the Bruins. In 245 games with the Canucks he’s scored only 38 times. If compliance buyouts were a thing, he’d be a no-brainer, but a regular buyout? That decision would be a tough one for GM Jim Benning.
Eriksson has two years left with a $6M cap hit per season. The Canucks would be stuck with $5,666,667M and $3,666,667M on their cap the first two seasons post-buyout before a more palatable $666,667 in the final two years. Right now they have almost $64M tied up for next season and have UFAs and RFAs to decide on like Jacob Markstrom, Tyler Toffoli, Jake Virtanen, Adam Gaudette, Chris Tanev, and Troy Stetcher.
As Benning navigates this off-season for his transitioning Canucks, he’ll more certainly be keeping an eye on the summer of 2022. That off-season is when Elias Pettersson and Quinn Hughes can become RFAs. Cap room will be needed to re-sign those two cornerstone pieces.
All salary cap data via the wonderful CapFriendly