The NHL’s Buyout Window officially opens on Monday and will end on June 30th.
With the Los Angeles Kings taking their second Stanley Cup Championship in the past 3 years, all 30 teams will now be looking at moving forward from the 2013-14 season and approaching the 2014-15 season with new strategies.
Cap Geek has Bryce’s buyout causing a cap hit of $1 million this year and slightly over $1 million next year. If he does not leave the team, his cap hit stands at $3,166,167.
Anton Volchenkov’s buyout would cost the team $1,416,667 for the next four years but would also save them about $2.8 million the next two years.
Both men are also eligible to be used as the last Devils compliance buyout as all 30 teams had a two year window to use these buyouts. Either man could be bought out and have no cap charges against the team.
Here are some rules on buyouts from Winging it in Motion:
- The club must first offer the player up on unconditional waivers (any other club has 24 hours to take over the entirety of the contract and cap hit.). A player with a no-movement clause may block these waivers and choose to accept the buyout immediately, but he may not block the buyout itself.
- The official notice of termination becomes effective either the instant the player opts not to go on waivers or the instant he clears them.
- The buyout window will open on Monday and will remain open until June 30th. There’s a second window after arbitration settlements are made, but expect the majority of buyouts to be done before free agency opens on July 1st.
- Buy-out payments extend out twice as long as the original contract would have, but only pay the player a percentage of the amount still owed to him, based on age. For those under 26, the buy-out pays 1/3rd. If the Player is over 26, he gets 2/3rds of that salary.
- If a player is claimed on unconditional waivers, the buyout doesn’t happen. The team who claims the player takes over his full contract.
- Once bought out, the player becomes an unrestricted free agent. He may sign with any team he wishes except for the team that just bought him out (and, if rumors from last year in regards to Vinny Lecavalier are true, a team may not re-sign a player they traded to another team in order to have the other team buy him out. This is not expressly laid out in the CBA, but it’s easy to see how the NHL would consider this practice a breach of the spirit of the rule).