NHL buyouts increase, five veterans waived

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NHL buyouts increase, five veterans waived

Defenseman Tom Gilbert is on his way out in Minnesota, Nick Leddy is back with the Stanley Cup champion Chicago Blackhawks, and the New York Islanders have parted ways with goalie Rick DiPietro's long contract.

Wednesday proved to be a busy day for NHL teams, who scrambled to make subtractions and additions before the free-agent signing period opens at noon on Friday.

Gilbert was one of five players waived for the purpose of contract buyouts. The others were Vancouver defenseman Keith Ballard, Detroit defenseman Carlo Colaiacovo, Nashville forward Sergei Kostitsyn, and Buffalo forward Nathan Gerbe.

"Due to the NHL salary cap decreasing this season, we needed to make this difficult decision to give the team more flexibility," Wild general manager Chuck Fletcher said regarding the team's decision to waive Gilbert.

Some teams re-signed their players, too.

Leddy agreed to a two-year contract before he was eligible to become a restricted free agent.

"I'm thrilled to have the opportunity to remain in Chicago," said Leddy, who had two assists in 23 playoff games for the Blackhawks.

The Dallas Stars announced the signing of Jordie Benn to a three-year deal, preventing him from becoming an unrestricted free agent.

DiPietro, meanwhile, cleared waivers on Wednesday, allowing the Islanders to buy out what is left of the 15-year, $67.5 million contract the former No. 1 draft pick signed before the 2006-07 season.

Washington defenseman Jeff Schultz also cleared waivers and is expected to have the remaining two years and $6 million left on his contract bought out.

The series of moves continued to alter an ever-fluid, free-agent class, whose marquee player is already off the market. That would be Vincent Lecavalier, who agreed to a four-year deal with the Philadelphia Flyers on Tuesday. The former Tampa Bay Lightning captain hit free agency after the Lightning bought out his contract last week.

The Flyers followed up on Wednesday by issuing qualifying offers to retain the rights to defensemen Erik Gustafsson, Oliver Lauridsen, Brandon Manning and forward Eric Wellwood. The Flyers declined to make offers to defenseman Blake Kessel and forward Mitch Wahl, allowing both to become unrestricted free agents.

The St. Louis Blues re-signed defenseman Jordan Leopold to a two-year contract. Leopold is a 10-year veteran who had two assists in 15 regular-season games with St. Louis after being acquired by the Blues from Buffalo on March 31.

Teams had until Wednesday to place players on waivers in order to buy out their contracts. Under the collective bargaining agreement, teams are allowed to buy out contracts of two players over the next two seasons.

The clause was included to give teams the opportunity to clear space under the salary cap, which is dropping from $70.2 million to $64.3 million. Contracts of bought-out players won't count against a team's salary cap, though the players will be paid two-thirds of their remaining salary over double the years remaining on their contracts.

Bruins general manager Peter Chiarelli is confident he will reach a deal to re-sign goalie Tuukka Rask, while adding he anticipates backup Anton Khudobin to test free agency.

Chiarelli is also having a change of heart on Jaromir Jagr. He said he would consider re-signing the veteran forward now that the team expects to lose Nathan Horton in free agency.

"Yeah, I'm open to all options and alternatives," Chiarelli said in regards to replacing Horton.

Maple Leafs defenseman Mike Komisarek announced on his Twitter account that he is on his way out of Toronto. Set to make $3.5 million over the final two years of his contract, Komisarek is expected to be bought out after spending part of last season playing in the minors.

The Florida Panthers announced they used a standard buyout on 36-year-old defenseman Filip Kuba, meaning the remaining year of his contract will still count against the salary cap. Kuba had a goal and nine assists in 44 games last season.

In Minnesota, Gilbert is a seven-year veteran, who was set to make $3 million in the final year of his deal. The Wild have one of the NHL's most expensive payrolls and needed to make the move to free up space.

From Bloomington, Minn., Gilbert failed to make much of an impact with his hometown team after the Wild acquired him in a trade with Edmonton in 2012. Gilbert managed just three goals and 15 assists in 63 games.

Kostitsyn had one year left on his deal and was scheduled to make $3 million next season. The move didn't come as a surprise after Kostitsyn landed in coach Barry Trotz's doghouse last season, his third with Nashville. Kostitsyn is a six-year NHL veteran who had three goals and 12 assists in 46 games.

Kostitsyn has hinted that he could be open to playing in Russia's Kontinental Hockey League next season.

Ballard was scheduled to make $4.2 million in each of the final two years of his contract. He is an eight-year NHL player, who managed just two assists in 36 games with the Canucks last season.

The Sabres' decision to place Gerbe on waivers came as a surprise after general manager Darcy Regier indicated he had no plans to buy out any of his players. Gerbe had difficulty carving out a role during five seasons with the Sabres.

Buffalo did re-sign journeyman forward Matt Ellis to a two-year contract. If Ellis doesn't play with the Sabres, the team is counting on him to serve as captain at AHL Rochester.

Colaiacovo struggled in his first and only season with the Red Wings, failing to play to his two-year, $4 million contract. He had an assist in six games last season, and added an assist in nine playoff games.

Ron Hextall sees benefit in Brayden Schenn's 'market deal'

Ron Hextall sees benefit in Brayden Schenn's 'market deal'

Expensive at the start, cheaper at the finish.
 
That’s how Flyers general manager Ron Hextall views the four-year, $20.5 million contract he gave Brayden Schenn on Monday morning to avoid salary arbitration (see story).
 
Hextall admitted the club is overpaying up front on the deal, but believes it got a “fair” number for the final two years, when Schenn would have become an unrestricted free agent.
 
“We took a higher cap hit for the first two years and essentially a lower hit than we would have taken in Years 3 and 4 if we piece meal it together,” Hextall said.
 
Hextall said he was walking into the 9 a.m. Toronto hearing with agent Don Meehan already deep in a conversation on a deal but prepared to go through with arbitration.
 
Both parties asked arbitrator Elizabeth Neumeier for additional time and completed the contract by 9:45 a.m.
 
Schenn, a restricted free agent, turned down the Flyers’ two-year offer of $4.25 million for this coming season and $4.369 million in 2017-18. That averaged to $4.3 million.
 
His new contract averages $5.125 million.
 
“The benefit for us is our cap number stays flat for four years rather than having have a cap at a lower number, then taking a run at him for two years, if in fact he’d sign for two years at a higher cap number,” Hextall said.
 
Hextall denied he was concerned he might get whacked in arbitration. Yet Schenn has had just one very good season in five years as a Flyer. That was last season with 26 goals and 59 points.
 
Hextall described Schenn as a player who has been “average” in his development, yet has improved in the subtle “intricacies” of the game such as finding open spots, avoiding shot blocks and coming cleanly across the blue line without turning the puck over.
 
Schenn’s true market value is closer to what New Jersey’s Kyle Palmieri, a 25-year-old right winger, signed earlier this month: a five-year deal worth $23.25 million with an AAV of $4.65 million.
 
Then again, St. Louis’ Jaden Schwartz signed a five-year, $26.5 million deal with a $5.35 million AAV. That’s above market value.
 
Meehan originally sought an AAV of $5.5 million for Schenn. In arbitration, it’s likely the Flyers would have received a two-year award in the middle of both numbers.
 
“Nothing really concerned me [about arbitration],” Hextall said. “We had a range and in the end our range was close to what Brayden’s camp felt the range was. Both sides had a range on a two-year deal.

“It’s a market deal. ... Brayden has been a good player. Top-six forwards are hard to find and there’s a premium to pay. There’s no question we paid a premium for a top-six forward who's 24 years old and essentially coming into his prime.”
 
While Hextall labeled Schenn a top-six forward, he tap danced around whether he sees him as a “core” player for the Flyers, even though this makes him the third highest-paid forward behind Claude Giroux ($8.275 million) and Jakub Voracek ($8.25 million).
 
“What is a core [player]?” Hextall asked. “That’s arguable. ... What we do know is Brayden is a very good young player who is getting better and we hope he continues to get better.”
 
This signing leaves the Flyers with just $1.38 million in salary cap space, but with 14 forwards, the club will lose at least one by the end of training camp.
 
Thinking ahead, Jordan Weal could be sent to the Phantoms, shaving $650,000 off the cap. That’s the most likely option for the Flyers, but not their only option.
 
Scott Laughton, whose role was diminished by a strong presence from Nick Cousins, is a lesser possibility. His cap hit is $863,333.
 
Losing either of those two salaries would provide the Flyers over $2 million in cap space.
 
Schenn’s contract lacks a no-trade/no-movement clause that he would have been eligible for starting in 2018-19. He turns 25 in August.
 
The Flyers have one more arbitration to settle: defenseman Brandon Manning on Aug. 2.

Flyers, Brayden Schenn agree to 4-year contract

Flyers, Brayden Schenn agree to 4-year contract

In the end, the Flyers blinked and avoided arbitration Monday morning by overpaying Brayden Schenn with a four-year, $20.5 million contract.
 
The contract leaves the club in a precarious salary cap situation, as the Flyers have just $1.38 million in space now, according to generalfanager.com.
 
The 11th-hour settlement saw the Flyers and Schenn’s agent, Don Meehan, avoid arbitration, which was set for 9 a.m. in Toronto.
 
Meehan was seeking a deal worth $5.5 million for Schenn, who was a restricted free agent.
 
The one Schenn signed will average $5.125 million, according to a source, which still seems excessively high for the 24-year-old, who has had just one excellent season in five full years in the NHL, excluding two partial seasons with the Los Angeles Kings.
 
Schenn had his most productive year last season with career-highs in goals (26), assists (33) and points (59), while showing he could play wing on Claude Giroux’s line with Wayne Simmonds.
 
The Flyers and Schenn were more than $1 million apart going into Monday morning with no progress having been made over this past weekend.
 
Why general manager Ron Hextall didn’t risk the arbitration process remains unanswered. The contracts of some players in comparable situations favored a settlement less than what the Flyers agreed to.
 
The Flyers had offered Schenn a two-year deal that would have paid him $4.25 million this coming season and $4.369 million in 2017-18. That’s an average of $4.3 million.
 
New Jersey’s Kyle Palmieri, a 25-year-old right wing, signed a five-year deal earlier this month worth $23.25 million. His AAV is $4.65 million. That’s the figure the Flyers could have gambled on getting from an arbitrator.
 
They may have been scared away from going through with the arbitration because of the five-year, $26.5 million deal fellow RFA Jaden Schwartz signed with St. Louis earlier that carried a $5.35 million hit.
 
Hextall was not immediately available for comment.
 
TSN’s Bob McKenzie first reported the financials of the contract.

Flyers and Brayden Schenn to go to arbitration

Flyers and Brayden Schenn to go to arbitration

Barring an 11th-hour settlement, the Flyers will go to arbitration on Monday against swing forward Brayden Schenn.
 
The hearing is slated for 9 a.m.
 
The two sides are more than $1 million apart with no progress having been made over this past weekend.
 
“We will probably go to arbitration,” Don Meehan, the agent for Schenn, said Sunday.
 
Flyers general manager Ron Hextall seemed to concur.
 
“I’m not overly optimistic,” he said about avoiding arbitration.
 
Defenseman Michael Del Zotto filed last summer but signed without going to a hearing.
 
The 24-year-old Schenn is the highest-profile Flyer to get this far without signing since John LeClair back in 2000. He received $7 million — the highest one-year award ever.
 
By filing on July 5, Meehan assured his client will get a contract. The Flyers’ qualified Schenn, who earned $2.75 million last season, on June 30.
 
He is a restricted free agent, who could earn close to $5 million a season on his next deal. And that’s the sticky part.
 
Sources said the Flyers offered a two-year deal that would pay Schenn $4.25 million this coming season and $4.369 million in 2017-18 (see story). That’s an AAV of $4.30 million.
 
Meehan wants $5.50 million, which is excessively high given Schenn’s seven-year career thus far.
 
At the same time, if you look at the some of the RFA signings this summer, as Meehan surely has, the comparable numbers would suggest Schenn is worth slightly more than what the Flyers have offered.
 
Two examples here: New Jersey’s Kyle Palmieri, a 25-year-old right wing, signed a five-year deal earlier this month worth $23.25 million. His AAV is $4.65 million. That’s the correct ballpark for Schenn.
 
Schenn had his most productive year last season with career-highs in goals (26), assists (33) and points (59) while proving he can play the wing on Claude Giroux’s line with Wayne Simmonds on the right side.
 
Palmieri had career-highs as well in goals (30), assists (27) and points (57).
 
Problem is, the other end of the spectrum, where Jaden Schwartz of the St. Louis Blues sits.
 
The 24-year-old center recently signed a five-year, $26.5 million deal as an RFA with an AAV of $5.35 million. That’s far higher than Hextall wants to go with Schenn at this point.
 
A fractured ankle and subsequent surgery ruined Schwartz’ past season (33 games played), but Blues’ general manager Doug Armstrong looked at what Schwartz accomplished two years ago — career-highs with 28 goals, 35 assists and 63 points – and used that as a barometer for the future.
 
That deal hurts the Flyers here with Schenn.
 
Hextall’s offer suggests the Flyers want Schenn to prove he’s a $5 million player, which means show the Flyers 30 goals and 70 points this season.
 
Schenn finished second in goals to Simmonds (32) and third in points behind Giroux (67) and Simmonds (60) last season.
 
The arbitrator should be able to locate a fair medium. Expect Meehan to ask for a one-year award only.