NHL BUYOUTS TO SAVE SEASON?
By Jason Gregor
11 years ago
We’ve seen NHL teams buyout players before, but yesterday Larry Brooks had an interesting take on how the NHL could use a "sum-zero amnesty buyout program" that could ensure the owners don’t spend more than the 50/50 proposal.
Brooks outlined some of the teams who would either be over the new proposed $60 million cap or would need to sign 6-8 players for less than $3 million to stay under the cap.
Brooks outlined some of the teams who would either be over the new proposed $60 million cap or would need to sign 6-8 players for less than $3 million to stay under the cap.
Here is the main gist of Brooks’ suggestion:
Players bought out under this program before this season at either one-third or two-thirds depending upon their age could be re-signed only for the difference between the buyout amount and the full contract. The entire amount would count against the players’ collective share but the buyout team would not be charged a cap hit.When a major league baseball player is picked up after being released, the new team pays only the league minimum while the original team is on the hook for the remainder of the contract. This would be similar in concept.It would be a win-win. Players would be whole. The owners would collectively pay only what has already been committed. Some teams would add players at a bargain rate. And those teams caught in the transition vise would have at least a chance to comply without unwarranted suffering.
It is an intriguing option to look at. Of course some players would get bought out and never get re-signed, but some teams could get some very good players at a bargain price.
I know many of you will wonder if the Oilers would consider this, and the most likely candidate would be Shawn Horcoff. I’m not sure it would be wise for the Oilers to get rid of him, yet, but for here is a breakdown of what his buyout would cost.
If the NHL comes back with a 48 game season, that would be 58.5% of an 82 game season. Horcoff was due $6 million and $3.51 million is 58% of that.
Adding the $7 million he is owed over the final two seasons of his contract, the Oilers would have to buy him at $10.51 million.
They would have to pay him 2/3 of that, so they’d owe him $7 million. The unknown would be if the player gets all of that upfront, or if it would be spread out over five years. To entice the player it could be a lump sum payment now, thus they could make interest on it.
That would mean that Horcoff would be allowed to make no more than $3 million from another team over the next 2 1/2 seasons. He’d be a steal of a deal for any team who wanted a solid 3rd line centre, who could moonlight as a 2nd liner if needed.
This proposal could make for some interesting signings in the first few weeks of the season. I’d be in favour of it. Would you?
DAY NINE
We raised over $4,100 yesterday thanks to Reese, Justin and Ryan. Big thanks to On The Rocks, Crowley’s Jewellers and River Valley Health for the great packages.
Today we have a great GM/COACH package.
We will have CHEF’s dinner courtesy of Von’s Steakhouse and Oyster Bar. It will include all your beverages as well.
You and three friends will dine with Eskimos GM Ed Hervey, head coach Kavis Reed and Wall of Honour inductee and current head coach of the U of A Golden Bears, Chris Morris. I’ll also be there, but mainly to fill up your wine glasses.
All the proceeds from today will go towards Santas Anonymous. Bidding starts at 2 p.m and goes to 5:55 p.m. You can bid at 780.426.8326 or 1.800.243.1945.
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