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[Official] Luongo Retires

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To bad Florida basically pushed Luongo to retire, obviously from a Canucks perspective it's better for salary cap wise now then the following year if he had retired, but it's just to bad he had to hang them up not on his own, but due to his salary cap. No way Florida would of wanted 15.3M in salary cap for 2 goalies, they straight up probably told Lu we want to pursue Bobrovsky but due to your cap we can't, so we would appreciate you retiring and help us out. But I get it from Florida's point of view, they want to win and they needed to pursue a new #1, I just wish Luongo would of been able to get 1 more shot at a chance of pursuing a cup before retiring and of course reaching 500 wins.

 

 

 

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On 6/26/2019 at 9:00 AM, Keenan's Moustache said:

https://www.sportsnet.ca/hockey/nhl/31-thoughts-short-term-deals-break-rfa-stalemates/

 

31 THOUGHTS

1. At the end of the season, one Canuck predicted the team could have six or eight new players, and he looks to be right. They will try to re-sign Ben Hutton at a number it considers more palatable, but there will be interest. It’s believed Chicago was in before landing Calvin de Haan, and Toronto’s snooped around. I thought Jake Gardiner was out after they re-signed Alex Edler, but with Hutton in limbo, they need another lefty (Jordie Benn?). After Tyler Myers’ Sunday night visit, we all had him sleeping in Orca pajamas. I do think they are the favourite, but there is other interest — right-handed defenders are hard to find.

The Canucks’ biggest concern might be Roberto Luongo. I don’t profess to know Luongo’s final decision, but outright retirement — instead of going on the long-term injury list — is a legit possibility. Should that happen, they are looking at a cap recapture penalty of approximately $3 million per year for the next three years, with Florida at just over $1 million a year. That number would be annoying to the Canucks.

 

Say it ain't so Lou.......:(

 

How come Luongo won't go on LTIR, à la Callahan, Hossa, Pronger, etc.......

because he loves Florida 

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On 6/26/2019 at 11:39 AM, Tre Mac said:

Hey if this prevents us from overpaying for Myers then thanks Lu.  I wasn't a Luongo fan but he was by far the best goalie we had(bar wasn't exactly high lol).

still overpaid for Myers

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On 5/17/2020 at 11:40 AM, Squamfan said:

because he loves Florida 

Because his multi million dollar home on the water, his kids, his extended family, the weather, taxes, plus retiring his #1

 

Florida fudged themselves, they were trying to get panarin and bobrovsky.

 

By making Luongo retire and not ltir the canucks acquired spooner from NYR allowing the rags to outbid florida for panarin.

 

Had the panthers let Luongo go on ltir they would have been able to fit both panarin and bobrovsky.

 

Eat it swamp kittehs!

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4 minutes ago, N4ZZY said:

Does Lu's retirement help or hurt the Canucks salary cap moving forward? 

 

Hurt because there’s a recapture penalty by his retirement which hits us for over 3 mill on our cap for 2 more seasons. If he just went on LTIR it wouldn’t affect us in any way. I feel like the league screwed us over because I thought Luongo signed his deal before this recapture rule was brought in. I feel like we shouldn’t be penalized because there was no rule when we signed Lou.

Edited by flickyoursedin
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1 hour ago, flickyoursedin said:

Hurt because there’s a recapture penalty by his retirement which hits us for over 3 mill on our cap for 2 more seasons. If he just went on LTIR it wouldn’t affect us in any way. I feel like the league screwed us over because I thought Luongo signed his deal before this recapture rule was brought in. I feel like we shouldn’t be penalized because there was no rule when we signed Lou.

This has been discussed ad. nauseam. Teams were warned not to try to circumvent the cap. They were warned there would be repercussions.  Gillis and a handful of other GM’s decided to risk it to make a cup run.  It almost worked but the team fell short.  Time to move on 

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22 minutes ago, qwijibo said:

This has been discussed ad. nauseam. Teams were warned not to try to circumvent the cap. They were warned there would be repercussions.  Gillis and a handful of other GM’s decided to risk it to make a cup run.  It almost worked but the team fell short.  Time to move on 

It’s just every other similar contract has the guy riding it out LTIR with no intention of coming back. Still finding a way to circumvent the cap. For whatever reasons injuries, upcoming role or time with family Lou has outright retired. Which leaves us as the only team being punished for something that was done before the rule was in place.

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46 minutes ago, flickyoursedin said:

It’s just every other similar contract has the guy riding it out LTIR with no intention of coming back. Still finding a way to circumvent the cap. For whatever reasons injuries, upcoming role or time with family Lou has outright retired. Which leaves us as the only team being punished for something that was done before the rule was in place.

Not true.  LA has a penalty for Richards

NJ has had a penalty for Kovalchuk for years now 

Florida has a penalty for Luongo too 

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2 hours ago, qwijibo said:

Not true.  LA has a penalty for Richards

NJ has had a penalty for Kovalchuk for years now 

Florida has a penalty for Luongo too 

LA didn't get much of a penalty if u ask me. That was the softest slap on the wrist I've seen. 

 

Instead of the 5.750 cap hit for 5 seasons, they got away with 1.3 for 5 years... 

 

 

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46 minutes ago, apollo said:

LA didn't get much of a penalty if u ask me. That was the softest slap on the wrist I've seen. 

 

Instead of the 5.750 cap hit for 5 seasons, they got away with 1.3 for 5 years... 

 

 

The recapture penalty is just that.  It’s based on how much of a cap advantage a team got in the early years of the contract.  The formula is the cap benefit divided by the remaining contract years.
 

 NJ’s recapture wasn’t much because Kovalchuk only played a few years under his contract and had a number of years left.

 

Same goes with LA and Richards.  It was early in his contract when he was arrested and had the contract voided due to material breach.  LA had limited cap benefit because of the small number of years played under the contract. That benefit was divided by the remaining 5 contract years.  LA also has his buyout on the books until 2031.   The buyout part was set by an independent arbitrator. The two amounts are totally separate 

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