Curtis McElhinney

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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

‘Canes surge into summer with confidence after playoff run

RALEIGH, N.C. (AP) — The Carolina Hurricanes enter the offseason confident of one thing: They shouldn’t have to wait another decade to return to the playoffs.

They hope their nucleus will make postseason appearances an every-year thing.

The Hurricanes made their first playoff berth since 2009 last much longer than most expected, advancing to the Eastern Conference final before they were swept by the Boston Bruins.

After getting a taste of postseason hockey, this largely young team wants to do it again.

”I think we all know now what it takes first of all to get to the playoffs, and to go through those tough series,” forward Sebastian Aho said Monday. ”Now we’re even more hungry.”

There’s reason to believe this group has staying power.

The entire defensive corps – including young stars Jaccob Slavin and Brett Pesce – is under team control for next season, with six of them signed and Haydn Fleury a pending restricted free agent.

Key winger Teuvo Teravainen is locked up through 2023-24. Promising forward Andrei Svechnikov oozed with promise during his rookie season. Aho, who also will be a restricted free agent, looks to be a candidate to receive a long-term deal. He declined to discuss his contract status.

This core was responsible for turning the franchise around and bringing entertainment – both during and after games – to the rink.

They brought back those beloved Hartford Whalers uniforms for a couple of games. They broke out the ”Storm Surge” celebrations, those choreographed on-ice parties after regular-season victories at home. They wore the jabs from curmudgeonly commentator Don Cherry as badges of honor – plastering his ”Bunch of Jerks” insult onto T-shirts that sold for $32 at the team shop. They welcomed a live pig named Hamilton into the building for home playoff games.

And, of course, they played winning hockey – especially after the calendar flipped to January. Their record of 31-12-2 was third-best in the league and propelled them from last place in the division to the top wild-card berth.

”As the year went on, as the record shows, it was a lot of good results, and coming to the rink was a lot of fun,” defenseman Trevor van Riemsdyk said.

A few things to watch entering the offseason:

THE CAPTAIN’S FUTURE

The big question is whether 37-year-old Justin Williams will return for a second season as team captain with his two-year contract expiring this offseason. The three-time Stanley Cup winner known around the league as ”Mr. Game 7” for his exploits in those final games brought credibility and leadership to the dressing room and helped steer the young team’s midseason turnaround. ”I put everything I had into it this year, and if I have everything again, then I’ll be here,” Williams said. ”I haven’t gotten that far yet.”

THE GOALIES

The Hurricanes have some decisions to make with both goalies – Petr Mrazek and Curtis McElhinney – facing free agency. Mrazek accepted a one-year, $1.5 million deal last offseason to prove he’s worthy of a starter’s job, and the team snatched the 35-year-old McElhinney off the waiver wire when Scott Darling was hurt. They both played well enough to make Darling an afterthought, and now the question is whether either or both will wind up sticking around.

FREE AGENCY

The only other unrestricted free agents on the roster are forwards Micheal Ferland and Greg McKegg. Ferland provided a strong physical presence on the ice, but he didn’t score any goals after February and had a single assist in the playoffs. The Hurricanes should have some money to spend when July 1 rolls around. According to salary tracking website CapFriendly.com, Carolina had the most room under the salary cap ($16.2 million) of any team in the league.

SPECIAL TEAMS FIX

Carolina has plenty of work to do on its power play, which led to the team’s undoing against Boston. The Hurricanes scored on less than 10% of their postseason chances with the man advantage – the worst rate of any team that reached the second round – and went stretches of 24 and 13 consecutive power plays without scoring. During the regular season, they scored on nearly 18% of their chances to rank 20th in the league.

More AP NHL: http://www.apnews.com/NHL and http://www.twitter.com/AP-Sports

Bunch of questions for Hurricanes during offseason

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The Carolina Hurricanes continued their strange pattern during the 2019 Stanley Cup Playoffs: during the rare times when they reach the postseason, the Hurricanes have made a big run of it.

It surely was bittersweet to get swept by the Boston Bruins in the 2019 Eastern Conference Final, much like it had been the last time the Hurricanes made the playoffs, when they were swept by the Pittsburgh Penguins, who eventually won the 2008-09 Stanley Cup.

Once the agony and ecstasy wears off from that run and the gutting sweep, the Hurricanes face a difficult task. They must build on this season, and ideally avoid spending another decade between playoff appearances. Most ideally, the Hurricanes would see this as a stepping stone to even bigger things in the future, rather than a peak that they can’t repeat.

Don Waddell is a finalist for GM of the Year, yet some of his toughest work could very well be ahead. It’s one thing to enjoy a Cinderella run, but what about becoming a consistent contender? Let’s consider some of the make-or-break factors and questions.

  • The goalie question(s)

For almost as long as they’d been out of the playoffs, the Hurricanes have grappled with problems in net.

To some surprise, the Petr MrazekCurtis McElhinney tandem eventually worked out for the Hurricanes this season, only crumbling after Round 2.

It could be a short-lived duo, however, as both Mrazek (27) and Curtis McElhinney (35) are scheduled to become unrestricted free agents. Should the Hurricanes bring one or both back? Where does 23-year-old Alex Nedeljkovic (37th overall in 2014) fit in? Would the Hurricanes be better off throwing their names in the Sergei Bobrovsky sweepstakes, or generally going after a bigger name?

There are some definite positives when looking at the Hurricanes’ salary structure at Cap Friendly.

Teuvo Teravainen and Nino Niederreiter are very affordable. Andrei Svechnikov has two more years on his entry-level deal. More or less dead money in Scott Darling and Alexander Semin’s buyout will expire after 2020-21.

Overall, Cap Friendly estimates that the Hurricanes only have about $54.24 million locked up in 14 players, and potential young additions such as Martin Necas should be cost-efficient.

But there are some contracts to hand out beyond whatever Carolina does in net, and Aho is the guy who could break the bank. Evolving Wild’s contract projections place Aho’s next cap hit at a hair above $10M per season, and even if Waddell can waddle that number down a bit, things could get challenging during a summer where other prominent RFAs (Mitch Marner, Patrik Laine, Brayden Point) could serve as the rising tides that lift all boats.

  • Other free agent calls

The Hurricanes also see two veterans eligible for the free agent market, as Justin Williams and Micheal Ferland need new deals. At 37, Williams still brings value, although you could argue that maybe the Hurricanes deployed him in excessively prominent spots at times. Ideally, you probably don’t want Williams on your top PP unit at this phase of his remarkable career. Ferland’s future with Carolina seemed to ebb and flow, with his season ending on such a low note that it might be surprising to see him back.

Then again, maybe that would make his asking price more modest? Teams often covet guys who can score a bit and also deliver hits like these.

  • Ship out some of that defensive surplus?

For some time, people have wondered if the Hurricanes might deal from their position of strength on defense to improve in other areas. That only intensified when they added Dougie Hamilton, who creates a mild logjam with Justin Faulk and Brett Pesce commanding big minutes as a right-handed defensemen.

That really didn’t feel like too much of a good thing during the 2019 Stanley Cup Playoffs, though, as Jaccob Slavin and Calvin de Haan rounded out a great group.

Still, it’s fair to continue to ask that question. Faulk’s contract expires after next season, and Hamilton is only locked up through 2020-21. So who knows?

  • Go bold?

Let’s say the Hurricanes still have a decent chunk of change left over after figuring out their goalie situation, signing Aho, and tending to other business.

There’s a difference between bumping against the cap ceiling and dealing with an internal budget, and the question is: did this run inspire owner Tom Dundon to maybe spend a little bit more? The Hurricanes haven’t been named as suitors for the likes of Artemi Panarin and Matt Duchene, but maybe Carolina would hit an even higher level with a gamebreaker added to the mix? They certainly could’ve used just a little more oomph beyond Aho, Teravainen, Svechnikov, and Jordan Staal when the Hurricanes were struggling to score against the Bruins, both on the power play and overall.

Going the trade route could be especially lucrative because the Hurricanes didn’t sell out their 2019 NHL Draft at the deadline. They have three second-round picks thanks to previous moves, so those could be used to sweeten certain deals. After building patiently through the draft for years, the Hurricanes are in a spot where they can be aggressive in seeking more immediate returns.

***

For the most part, the Hurricanes are a young team, and while you never know when everything’s going to click for deep playoff runs, it’s easy to imagine Carolina getting even better.

Then again, the 2008-09 Hurricanes probably thought there would be great days ahead, so it’s all about making the right moves — and getting some good luck.

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.

The Playoff Buzzer: Bergeron, Rask help Bruins advance to Stanley Cup Final

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  • Tuukka Rask stopped all the pucks and Boston’s top line contributed all the goals as the Boston Bruins became the first to book their ticket into the Stanley Cup Final. Boston won 4-0, knocking out the Carolina Hurricanes in four straight. 

Bruins 4, Hurricanes 0 (Bruins win series 4-0)

They had to go at it without their captain, but the Bruins rallied around the absence of Zdeno Chara and put in one of their most complete performances of the Stanley Cup Playoffs to advance to their 20th Stanley Cup Final. The Bruins will contest for their seventh mug after sweeping the Hurricanes following a 4-0 win in Thursday’s Game 4 in Raleigh.

Tuukka Rask, who’s got one hand on the Conn Smythe Trophy, stopped all 24 shots he faced. The Bruins ‘Big Three’ did the rest. Patrice Bergeron scored twice and added an assist, David Pastrnak tallied once and added two helpers and Brad Marchand split it down the middle with a goal and an assist. A combined eight points from those three in Game 4, and a total of 14 between them in the series.

The Bruins now have some time to recover and get set for a meeting with either the San Jose Sharks or the St. Louis Blues. The Sharks currently lead the Western Conference Final 2-1, with Game 4 set for Friday night in St. Louis.

[NBC 2019 STANLEY CUP PLAYOFF HUB]

Three stars

1. Tuukka Rask, Boston Bruins

The superlatives for Rask are running thin and there’s still a round to go in these playoffs. Rask has been on a mission in these playoffs, an unbeatable presence who is already in an opponent’s head before the puck drops.

Rask stopped 24 shots for the shutout on Thursday and stopped 109 of 114 in the series, good for a .956 save percentage. He’s one seven straight and 10 of Boston’s past 12 in the postseason.

He’ll win the Conn Smythe by a country mile if the Bruins are successful in the final round.

2. Patrice Bergeron, Boston Bruins

Bergeron scored twice and helped another get past Curtis McElhinney, giving the perennial Selke contender three goals and five points in the series.

Bergeron is one of the few players remaining on the Bruins that lifted Lord Stanley in 2011 and he appears dead-set on doing it once more.

He’s got eight goals and 13 points in 17 games and his line with Brad Marchand and David Pastrnak is too hot to handle at the moment.

3. David Pastrnak, Boston Bruins

Pastrnak was the quieter of the Big Three heading into Game 4. He had just one assist through the first three games but exploded for a goal and two helpers.

He redirected a stiff pass from Marchand in the second period, a goal that would eventually be marked as the game-winner. Pastrnak finished the series with four points.

Highlight of the night

A lesson regarding turnovers:

You never touch the trophy:

Factoids

The ‘NFL players doing things at hockey rinks’ moment of the night

Friday’s schedule

Game 4: San Jose Sharks vs. St. Louis Blues, 8 p.m. ET (NBCSN; Live Stream). Sharks lead series 2-1


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

Armstrong, Sweeney, Waddell are 2019 GM of the Year finalists

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Last but not least in the list of major NHL awards to be handed out next month in Las Vegas is the 2018-19 General Manager of the Year.

Doug Armstrong of the St. Louis Blues, Don Sweeney of the Boston Bruins, and Don Waddell of the Carolina Hurricanes are the three finalists for the award, which was first handed out in 2010.

Voting was conducted by the NHL’s 31 GMs, a panel of League executives, and print and broadcast media following the end of Round 2 of the 2019 Stanley Cup Playoffs.

The winner will be announced on June 19 (8 p.m. ET; NBCSN) at the 2019 NHL Awards in Las Vegas.

[NBC 2019 STANLEY CUP PLAYOFF HUB]

The Case For Doug Armstrong: After firing Mike Yeo in November, he promoted Craig Berube from the organization’s AHL affiliate, and later did the same with Jordan Binnington as Jake Allen struggled in net. Both moves defined the 2018-19 season for the Blues, who went from being dead-last in the NHL in early January to reaching the Western Conference Final. Berube is now a finalist for the Jack Adams Award, while Binnington is up for the Calder Trophy. Also contributing to this Blues’ turnaround, and were moves made by Armstrong, are Ryan O'Reilly, who was acquired from Buffalo over the summer, and Game 7 hero Patrick Maroon, who was signed during free agency. Having won the GM of the Year Award in 2012, Armstrong is looking to be the first to win the award multiple times.

The Case For Don Sweeney: The Bruins finished third overall in the NHL with 107 points and are back in the Eastern Conference Final for the first time since 2013. Injuries forced the team to use 37 players, with production from their depth being a major contributing factor for their success this season. Some of that depth came via trades Sweeney made before the February deadline with Marcus Johansson (via New Jersey) and Charlie Coyle (from Minnesota) coming in and making impacts during their playoff run.

The Case For Don Waddell: The former Atlanta Thrashers boss is in his first season as Hurricanes GM and helped guide them to their best performance (99 points) since 2005-06 when they won the Stanley Cup. Following his hiring in May 2018, Waddell signed key pieces Petr Mrazek and Calvin de Haan in free agency; acquired Dougie Hamilton, Micheal Ferland, and Nino Niederreiter via trade; and picked up Curtis McElhinney on waivers in October. Each players has played a big role in helping get the Hurricanes to the Eastern Conference Final for the first time in a decade.

MORE 2019 NHL AWARD FINALISTS
• Selke Trophy
Lady Bing Trophy
Masteron Trophy
Norris Trophy
Ted Lindsay Award
Calder Trophy
Jack Adams Award
Hart Trophy

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Sean Leahy is a writer for Pro Hockey Talk on NBC Sports. Drop him a line at phtblog@nbcsports.com or follow him on Twitter @Sean_Leahy.