TORONTO (Jan. 28) -- The options facing Maple Leafs' GM Cliff Fletcher when dealing with players that have long-term, restrictive contracts are severely limited. It is well-known, for instance, that defenceman Bryan McCabe cannot be traded, placed on waivers, or demoted to the American Hockey League, because of the no-movement clause in his deal. McCabe, of course, can withdraw these restrictions if he chooses, but he has full control over his playing rights until the end of the 2010-11 season.
In roughly the same category on the Toronto roster are Tomas Kaberle, Pavel Kubina and Darcy Tucker. Jason Blake does not have any movement protection, but the length of his deal; the average salary per season; his age, and a steep decline in goal production provide acute, built-in restrictions. Combined, McCabe, Kaberle, Kubina, Tucker and Blake are on the Leafs' docket for 15 years and $61.25 million starting next season. It breaks down like this:
McCABE -- 3 more years, $14.5 million
KABERLE -- 3 more years, $12.75 million
KUBINA -- 2 more years, $10 million
TUCKER -- 3 more years, $9 million
BLAKE -- 4 more years, $15 million
While pie-in-the-sky trade suggestions and demotion urgings are all the rage among Leafs fans these days, neither possibility seems overly practical. Dealing sensible contracts is a challenge in the post-lockout NHL; the abovementioned pacts are veritable anvils around Fletcher's neck right now. And, the dispatching of high-priced talent to the minor-leagues will not enhance the Leafs' reputation among players on the verge of free agency. If current players are treated shabbily, future players will look elsewhere for employment.
The lone hammer that Fletcher holds is one that hasn't garnered much discussion. Buy-outs. It's an effective way to ensure that expendable players receive a large portion of their salaries; it allows them to cut deals with other NHL clubs; it doesn't embarrass them like a demotion would, and it greatly minimizes the per-season cap hit of the team involved. Let's say the Leafs decide that Kubina is no longer in their plans after the current season. There is a two-week window (June 15-30) set aside for buying out players. As Kubina is more than 26 years of age, the Leafs would have to pay him two-thirds of his outstanding salary, but the cap hit would be spread over twice the remaining years of his contract. In Kubina's case, it would work out approximately like this:
TOTAL PAY-OUT -- two-thirds of remaining salary ($10 million) = $6,666,666
CAP HIT -- $6,666,666 spread over four years (twice that of his remaining term) = $1,666,666 per season
CAP SAVINGS -- $5 million minus $1,666,666 = $3,333,334 for each of the next two years.
A buy-out of Blake after this season would work out approximately like this (he has four years and $15 million left on his deal with the Leafs):
TOTAL PAY-OUT -- two-thirds of remaining salary = $10 million
CAP HIT -- $1,250,000 per season over the next eight years
CAP SAVINGS -- $3,250,000 in the next two seasons; $1,750,000 in the two years after that
These numbers are approximate, but still close, as they can be slightly influenced by salary average and other variables. But, it means that if the Leafs bought out Kubina and Blake this June, they would shear roughly $6,583,334 off their cap hit for next season alone. Teams cannot exercise more than three buy-outs per year.
In McCabe's case, because he has a no-movement clause, the Collective Bargaining Agreement stipulates that the Leafs give him the option of electing to be placed on waivers before they exercise a buy-out. That would theoretically allow another team to pick up the remainder of McCabe's current deal in full.
The buy-out option is one to watch closely, if players like Kubina and Blake are still on the Toronto roster two weeks before the start of free agency. It gives Fletcher a bit more flexibility in dealing with these highly restrictive contracts left over from the John Ferguson era.
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