Sean Leahy @Sean_Leahy

Reminder: New Jersey has to forfeit their 2014 1st round pick because of the Kovalchuk signing.


- Tomahawk

The irony physically hurts right now

And they have to forfeit their 1st round pick this year, OUCH
- Pat MaGroin

I will never understand why they didn't give up the pick in 2012 when they were selecting 29th.

And they have to forfeit their 1st round pick this year, OUCH
- Pat MaGroin

They forfiet the 2013 pick too. Seems like a very poor trade now....

Holy poop, didn't see that Kovalchuk news coming at all!

he has to have some kind of illness or something. What healthy, sane player walks away from 77 million dollars?

Someone on 950 said that there are no cap penalties that he just comes off.

Holy poop, didn't see that Kovalchuk news coming at all!
- BulliesPhan87

He is giving them the Barry Sanders treatment. Devils are going to be scrambling for any kind of offense all season long.

he has to have some kind of illness or something. What healthy, sane player walks away from 77 million dollars?
- PLindbergh31

A guy who has money waiting in the K, I guess. That's absolutely shocking, nobody saw this coming.

he has to have some kind of illness or something. What healthy, sane player walks away from 77 million dollars?
- PLindbergh31

He'll play in the KHL for more money.

He comes off their cap no? They have a ton of cap room now wouldn't they?
- PLindbergh31

Recapture doesn't kill them since the deal wasn't heavily front-loaded... he retires before the penalty would really start getting bad.

http://www.capgeek.com/re...f_season_traded_year=2013

It's awful mostly because of the assets they had to part with to get him and that they lost Parise because of him.

Kovalchuk says what?

http://www.youtube.com/wa...Gs&feature=youtu.be&t=18s

he has to have some kind of illness or something. What healthy, sane player walks away from 77 million dollars?
- PLindbergh31

He is going to the KHL

he has to have some kind of illness or something. What healthy, sane player walks away from 77 million dollars?
- PLindbergh31

He'll get twice that from the KHL over the coming years.

Someone on 950 said that there are no cap penalties that he just comes off.
- mayorofangrytown

I think I'll trust capgeek on this one. 950 probably thinks Ilya Kovalchuk was our goalie last year.

He is going to the KHL
- jak521

Is he going to fly via private jet up there?

He is going to the KHL
- jak521

Yup, tax-free mega deal probably already lined up. Big victory for the KHL.

Recapture doesn't kill them since the deal wasn't heavily front-loaded... he retires before the penalty would really start getting bad.

http://www.capgeek.com/re...f_season_traded_year=2013

It's awful mostly because of the assets they had to part with to get him and that they lost Parise because of him.
- Tomahawk

good point. Also not having a first round pick this year, which could be in the top 10 hurts.

If Ilya Kovalchuk retires or defects in the 2013 off-season (age 30 as of July 1 that year) and is not traded before doing so, following is an estimated breakdown of the recapture penalties for the involved teams.
Team Benefit Penalty
New Jersey Devils (2013-14 through 2024-25) $3,000,000 $250,000
IMPORTANT NOTES [ Edited June 2, 2013 ]: Teams do not receive a credit for net negative cap benefit (where cap hit exceeds salary over the course of the contract prior to retirement). However, in calculating net "cap advantage," teams do receive a credit for seasons in which cap hit exceeds salary ... Calculations for players who have been traded during the season are rough estimates based on best information available and may differ from actual league numbers.

http://capgeek.com/recapt...f_season_traded_year=2013


That's according to capgeek, can anyone translate this.

Recapture doesn't kill them since the deal wasn't heavily front-loaded... he retires before the penalty would really start getting bad.

http://www.capgeek.com/re...f_season_traded_year=2013

It's awful mostly because of the assets they had to part with to get him and that they lost Parise because of him.
- Tomahawk

So because his actual salary exceeds his cap hit at this time, there is not a big penalty??

Holy poop, didn't see that Kovalchuk news coming at all!
- BulliesPhan87

Didn't see it coming. Glad it's happening. The Devils are officially done!!

It's a good day for the NJD organization. $6.5M in cap space and $77M off the books. That contract will have been an albatross in a couple of years.

Recapture doesn't kill them since the deal wasn't heavily front-loaded... he retires before the penalty would really start getting bad.

http://www.capgeek.com/re...f_season_traded_year=2013

It's awful mostly because of the assets they had to part with to get him and that they lost Parise because of him.
- Tomahawk

250k isn't bad at all. I was thinking it would be a lot worse.

It's a good day for the NJD organization. $6.5M in cap space and $77M off the books. That contract will have been an albatross in a couple of years.
- phillydentist

They basically gave up Parise and a first rounder for Kovalchuk. Along with the assets they traded for him. Now he leaves them.

So because his actual salary exceeds his cap hit at this time, there is not a big penalty??
- PhillySportsGuy

His salary was actually less than his cap-hit for the first couple of years... Lou timed the huge salary increases to kick in post-lockout.

They didn't get any 'cap advantage' thusfar, hence the small penalty.

good point. Also not having a first round pick this year, which could be in the top 10 hurts.
- PLindbergh31

This team is in TROUBLE. Say goodbye to Jersey. They couldn't get fans in the seats when they win, image what it will be like when they lose for the next 10 years. This is your new Seattle team.