The Anaheim Ducks are set to part ways with one of their franchise’s cornerstones over the past 14 seasons.
TSN’s Frank Seravalli reported that the Ducks were putting the final touches on the paperwork to buy out the 34-year-old on Wednesday morning. Seravalli said Perry is likely to avoid waivers due to his no-movement clause in his contract.
The Ducks then made the move official not long after.
“This is one of the most difficult decisions I’ve had to make in my 44 years in the NHL,” Ducks GM Bob Murray said in a statement. “Corey gave everything to this franchise for 14 years, never giving an inch to his competitors.
“While his scoring touch is undeniable, his will to win became his greatest attribute. We thank Corey for everything he’s meant to the organization. No matter what he elects to do from here, Corey, his wife, Blakeny, and his son, Griffin, will always be part of the Ducks family.”
Perry was set to enter the seventh year of an eight-year, $69 million deal signed prior to the 2013-14 season.
The move saves the Ducks $6 million in cap space for the coming season, giving the team just over $15 million of wiggle room based on the projected $83 million salary cap for next season. The Ducks will have 17 players signed on their roster once the buyout is official.
Cap hit over the life of the buyout:
This past weekend, The Athletic’s Pierre LeBrun wrote that the Ducks were trying to find a dance partner for a trade involving Perry but would otherwise buy him out if none could be found.
None of this should come as a surprise as Perry has been on a sharp, downward trend for the past few seasons.
Injuries plagued Perry last season, limiting him to 31 games. He had just six goals and 10 points. A year earlier, he played 71 and had 49 points. Perry, a former 50-goal scorer, hasn’t surpassed 20 since the 2015-16 season.
In 988 NHL games, a franchise record, Perry has 372 goals (second most in franchise history) and 776 points (third most in franchise history). Perry was selected 28th overall in the first round of the 2003 NHL Draft.
He becomes one of the bigger names now on the free agent list and could prove as a solid veteran add for the right price.
Perry is the third player bought out since the window to do so opened on June 15. Dion Phaneuf and Andrew MacDonald were bought out on June 15 (MacDonald had to clear waivers, so officially June 16 for him).
After the Sharks signed Erik Karlsson to that megalodon of an extension on Monday, the already-thin free agent market for defensemen dried up that much more. It’s tempting to depict that group as a tumbleweed rolling through a dusty town.
Of course, that’s not totally fair.
There are a few good defensemen available, at least if teams find the right combination of contract and role.
Unfortunately, things aren’t always so sober when demand simply can’t meet supply, as there simply aren’t a lot of great UFA options when it comes to defensemen. Scratch that: there simply aren’t a lot of passable UFA options, at least when you consider likely price tags.
Let’s start with Jake Gardiner, who in my opinion is the best option potentially available, and then contrast Gardiner with Tyler Myers, who stands out as a huge risk for less savvy NHL teams.
Also, a quick note: there’s a chance that some of these defensemen will just return to their current teams, rather than hitting the free agent market. So keep that in mind, too.
Jake Gardiner: The 28-year-old has been the Maple Leafs’ second-best defensemen for some time now, which may rank as a curse more than anything else. Every mistake is magnified, and every wart shines under the spotlight.
Overall, Gardiner is a very productive scoring defenseman – throwing out lockout seasons, he’s only failed to reach 30+ points once – and tends to check out pretty well from a possession standpoint.
Gardiner isn’t perfect, but he’s every good, particularly when you realize just how tough it is to land quality blueliners. If I were a GM who absolutely needed to get better on defense now, and couldn’t pull off a trade, Gardiner would be far and away my target. But, if he gets paid too much, then Gardiner will be a go-to scapegoat. Sadly, that’s just how sports work.
Looking at Evolving Wild’ssalary projections spreadsheet, a potential Gardiner contract would clock in at seven years, with just less than $7 million in AAV. That term leads me to believe that Gardiner would eventually become a source of harsh scorn, but really, giving scary term away is just the nature of the beast. (I’m a huge proponent for Erik Karlsson, but that deal adds a huge block to what was already a wobbly Jenga puzzle that is the Sharks’ salary structure.)
I don’t know if $7M-ish is ideal for Gardiner, and big term would scare me, but teams could do worse, especially if they’re really opening up their wallets.
Tyler Myers: While Gardiner tends to shoulder too much blame, Myers sometimes gets a free pass from hockey people.
Those hockey people see a massive 29-year-old defenseman who can score, and who can skate remarkably well for his size. For whatever reason, many look away from Myers’ mistakes more than they would with Gardiner, and that’s a problem since Myers takes away more from the table than someone like Gardiner does.
The red flags become flashing neon signs the deeper you look.
Sean Tierney’sVisualization uses Evolving Wild’s GAR metrics to provide a snapshot of certain player values, and it’s eye-popping to see how poorly Myers checks out, including looking worse than Dmitry Kulikov, a defenseman the Jets should be eager to trade away for cap space:
To be clear: I’m not saying that Myers can’t be the type of player who would help a team. Instead, I’m saying that he profiles as someone who will cost way too much, and thus will be asked to do too much, and there’s a strong chance that an expensive mistake would be made.
Alexander Edler: For the second season in a row, the veteran defenseman scored 34 points, and this last time he did so in just 56 regular-season games. The 33-year-old generally brings a respectable two-way game to the table, too, so there’s some appeal there.
Edler’s an interesting choice if a team can stomach forking over a fairly beefy cap hit, but doesn’t want to hand out the sort of term Gardiner-types likely will demand.
At 33, there’s definitely a risk of a plummet, especially if Edler mainly looks promising compared to a rough group of Canucks defensemen, and might not be that much of a difference-maker on a contender.
So, there are some worries … but Edler is one of the better options beyond Gardiner, at least if you’re talking about more prominent choices (assuming he makes it to UFA status).
Anton Stralman – There was a time when Stralman was underrated, but now the risk is that a team’s view of the Swede would be steeped in the past. Stralman’s not the same player at 32, and the projected cost of $4.5M AAV for three years is downright scary for a potential suitor.
Now, could Stralman be a reclamation project if he fell into a PTO-type situation? That would be a fair question to ask. Actually, most of the veterans on this list should be approached that way. If you like a guy, don’t splurge early and heighten your risks. Instead, hope for a tepid market, and strike. If not? Chances are, you saved yourself money and a roster spot.
Jordie Benn, Patrik Nemeth – On one hand, you could make bigger mistakes. On the other hand … are you sure that you can’t get similar value from a prospects climbing to the NHL?
Ron Hainsey, Deryk Engelland – Two players who’ve generally exceeded low expectations lately. Unfortunately, that only means so much, and you can’t ignore just how old they are. Hainsey is 38, and Engelland is 37. Veterans like these can get a salary boost because of past accomplishments, and that could be enough to drop them from “Eh” to “Oh no.”
If you’re like me, you’ve grimaced at quite a few names on this list, or at best shrugged your shoulders.
To reiterate, not every hypothetical situation ends in disasters. PHT will monitor this offseason for that very reason: maybe a team will be creative in making something work, or conversely, make huge mistakes based on faulty assumptions.
As far as moves that can be truly substantial, Gardiner stands out as the most appealing option; even then, handing Gardiner big money and big term is pretty scary. So … the UFA route ultimately seems like a perilous one, at least for defensemen.
Phaneuf’s name had been circulating in buyout discussions for a while, so it’s hardly surprising that the Kings have elected to do so.
Phaneuf is a shade of the player he used to be and is on the back nine of his career. He’s got two years remaining on a deal and the Kings will save $2,833 million over the course of the buyout, including shedding over $4 million of cap space next year.
Phaneuf’s cap hit over four years will $8.375 million, with the Ottawa Senators retaining 25 percent or $2.791 million per the transaction the two teams made in 2018.
#LAKings have bought out the final 2 years of Dion Phaneuf's contract.
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.
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:
One-third of the remaining contract value, if the player is younger than 26 at the time of the buyout
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:
Multiply the remaining salary (excluding signing bonuses) by the buyout amount (as determined by age) to obtain the total buyout cost
Spread the total buyout cost evenly over twice the remaining contract years
Determine the savings by subtracting the annual buyout cost from Step 2. by the players salary (excluding signing bonuses)
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.
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.
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.
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.
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.
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.
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:
One way or another it appears as if Corey Perry‘s time with the Anaheim Ducks is coming to a close over the next few weeks. Over the weekend the Athletic’s Pierre LeBrun and Eric Stephens both reported extensively on the team’s willingness to move on from their long-time star winger and former league MVP in an effort to get younger.
It should be pretty obvious as to why the Ducks are looking to move on and make a change. The franchise as currently constructed has hit its ceiling with its current core, while Perry carries a substantial salary cap hit (more than $8.6 million per season over the next two seasons) for what has been steadily declining production over the past three seasons.
LeBrun reported that if the Ducks fail to find a taker in a trade they would consider buying him out during the league’s buyout window later this month. According to the buyout calculator over at Capfriendly, a buyout of Perry’s remaining contract would leave the Ducks on the hook for a $2 million salary cap hit in 2019-20, 2021-22 and 2022-23, with a $6 million cap hit in 2020-21. That would be a pretty drastic step to take with a franchise icon, but the Ducks aren’t currently getting $8.6 million worth of production out of Perry and it seems unlikely that he is ever going to return to that level.
He was limited to just 31 games this past season where he scored six goals and four assists. That came after a 2017-18 season where he managed 17 goals and 49 total points in 71 games, which came after a 19-goal, 53 point season the year before. For three years now his production has been cratering across the board, whether it’s his traditional box score numbers (goals, assists, points) or his underlying numbers that look at his possession and shot numbers. It is not just that he’s lost some of his fastball when it comes to his shot and ability to beat goalies, but he is also not able to generate anywhere near as many shots as he did when he was a consistent 35-40 goal scorer and one of the league’s elite power forwards.
To get a sense for just how far — and how quickly — his game has fallen off, just consider that since the start of the 2016-17 season he has the following league-wide ranks among forwards that have played at least 100 games (rankings are out of 405 forwards):
Goals per game: 147th
Points per game: 122nd
Shots per game: 87th
Even-strength goals: 188th
Corsi Percentage: 273rd
Compare that to where he was in the three years prior to that:
Goals per game: 4th
Points per game: 16th
Shots per game: 28th
Even-strength goals: 1st (tied with Alex Ovechkin)
Corsi Percentage: 126th
That is significant.
So, yeah, it is understandable as to why the Ducks would be looking to move on.
The Ducks have a significant chunk of money tied up in an aging core (including Perry, Ryan Getzlaf, and Ryan Kesler, whose career seems to be in serious jeopardy) that saw its run of six consecutive playoff appearances end this past season. Even though the franchise is just two years removed from a trip to the Western Conference Finals the team has rapidly declined over the past two seasons and looks to be several steps below the rest of the Stanley Cup contenders in the Western Conference. They looked overwhelmed in their 2017-18 Round 1 sweep at the hands of the San Jose Sharks, and despite getting an All-Star worthy performance from starting goalie John Gibson this past season the team was never really even close to being competitive. The potential for major changes existed even before the start of the season, and given how badly things went once the season began it is clear the time has come to turn the page.
For as great as Perry has been for the team during career, he is at this moment a natural starting point for those changes given the total package he provides (age, contract, production).
The problem is the Ducks probably do not have many good options when it comes to moving on.
Keeping him is not really ideal because they would still paying superstar money for a player that, when healthy, is probably giving them second-line (at best) production. For a team that is looking to get younger and does not always spend to the salary cap that is a tough contract to justify, especially when it is likely that the production is only going to keep declining over the next two years.
Even with that being said, buying him out should be an absolute last resort because even though there are some cap savings that come with that, they are still going to be on the hook for a significant portion of money over the next four years while getting nothing in return for it. And it is not like Perry is a zero value player. Somebody else could use him as he can still play and produce a little bit. It just not at an $8.6 million dollar level. That salary cap number is probably double what he would get on the open market right now as a free agent.
That leaves the trade market, which probably will not be easy or result in a satisfying return for Ducks fans (or Perry’s current Ducks teammates).
Given the size of his salary the next two years and the decline he is experiencing it might have the look of an unmovable contract, but there is really no such thing in the NHL. Every contract can be moved, you just have to find the right team that is willing to work with you. If the Ducks do find a trade partner the framework of a deal is probably going to look like another trade involving a similarly aging player where they either have to retain a significant portion of salary, and/or take on another team’s bad contract in return.
It is the same situation the Edmonton Oilers find themselves in with Milan Lucic and the same situation the Toronto Maple Leafs find themselves in with Patrick Marleau. It is the same situation the Los Angeles Kings found themselves in with Marian Gaborik a couple of years ago and the Ottawa Senators with Dion Phaneuf (who were eventually swapped for one another, while the Kings will ultimately find themselves in the same situation now that they have Phaneuf).
The problem with that option is it still leaves them in a situation where they are probably overpaying a declining player under the cap, which then forces them to ask the question: Why even make the trade? In that case it would depend on what else they can get in return. Perry would still probably be better and more valuable than whatever player the Ducks take on in return, which should result in additional assets thrown their way (a younger player, a decent draft pick, etc.).
The other option in a trade: Retain a significant chunk of salary over the next two years. They are still paying something under the cap for a player that isn’t playing for them, but if the Ducks are willing to eat some of that money it should — should being the key word — result in a better return. Perry may not have much value to another team at $8.6 million per season, but he might have some value at, hypothetically speaking, $5 or 6 million. It is cheaper long-term than a buyout, and it gives them something tangible in return to add to the organization.
None of this is an ideal way for the Ducks to part ways with a player that helped the team win a Stanley Cup, won an MVP award, and is one of the franchise’s all-time greats. It is simply the reality of playing in a salary cap league and spending significant money on players well beyond their 30th birthdays.