Contract Buy-Out

[Thunder Bunnies]

So, I saw on TSN TradeCentre for today and I came across this topic of possibly allowing teams to buy-out one contract; and here's the article from http://slam.canoe.ca/Slam/Hockey/NHL/Montreal/2012/02/11/19369046.html

In this, their lost season, there could be good news on the horizon for the Canadiens.

While it’s a long way from being reality because there’s a negotiation for a CBA ahead, sources say several GMs have asked the NHL to consider a one-time amnesty clause in the next agreement to buy out one contract that wouldn’t have a cap hit.

The clause would allow the Habs to rid themselves of Scott Gomez and his cap hit of $7.3 million for the next two seasons without having to absorb the hit.

Habs GM Pierre Gauthier has hopelessly tried to deal Gomez, who finally ended a goal-scoring slump that dated back more than a year when he scored against the Islanders on Thursday.

“The amnesty clause would be a one-time buyout only,” said a league source. “It would allow the team to get rid of one contract without having to take the buyout amount on their cap.”

With $10 million in actual cash left on Gomez’ deal, the Habs would have to buy him out at two-thirds of the contract, which is about $6.67 million. That would be four payments of about $1.67 million per year.

According to capgeek.com, Gomez’ cap hit would be $3.5 million (2012-13), $4.5 million (2013-14), $1.6 million (2014-15) and $1.6 million (2015-16).

Imagine if the Habs, were given cap relief from that money?

The Habs can only hope the league goes this route.

[PONCHE]

Interesting idea, i dont mind it, but it should have limitations though (one every 5 years maybe?) otherwise GM's will abuse it

Either way cue the BuY0uT L0ung0z threads