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Contract get-out for Luongo?


danaimo

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http://www.capgeek.com/leaders/?season=2013&type=SALARY&position=G&limit=25

Lou is a good goalie, but he is not a bargain. His cap hit drops because of the years at the end of his insane contract.

In regards to a retirement out for Luongo, I would imagine this is a last resort, but he could be considering it. If he doesn't want to play for Vancouver and can't be traded or bought out, it is an option.

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You know I don't see anything about the player having to play overseas to take this path. Lou could just sit out a year and accomplish the same thing. I think the league would buy he wants to stay in Florida with his family.

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I thought that as soon as kovalchuk or Luongo retire, their teams immediately take a cap hit the next year for all the space they have saved.

So if we got cap relief by paying luongo 11 million, but only a cap hit of 5 million.... for 3 years... that means that we would incur a cap hit of 18 million against us next year if he retires. basically wiping out our team and forcing a rebuild.

same with kovalchuk. but new jersey doesn't spend to the limit anyways, so maybe they can afford a huge cap hit in one year without gutting their team.

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If he came back in the 2014-2015 season the cap hit for the Canucks would be just over $1m. Given that the cap is projected to be over $70m by then, this might be a feasible option for the canucks and Luongo. The $250k figure quoted above is probably the hit that the Devils will take on Kovalchuk.

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I thought that as soon as kovalchuk or Luongo retire, their teams immediately take a cap hit the next year for all the space they have saved.

So if we got cap relief by paying luongo 11 million, but only a cap hit of 5 million.... for 3 years... that means that we would incur a cap hit of 18 million against us next year if he retires. basically wiping out our team and forcing a rebuild.

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wouldn't be the first time the canucks followed suit on a kovalchuk loophole - nice to see the new CBA almost made it 6 months before loopholes started being exploited.... what was the lockout for again?

im assuming kovy comes back to the NHL eventually, of course.

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If Lou is really unhappy and will not report this is kind of an option.. if he's going to sit out anyways. ~1million recapture hit for 8 years to the nucks is still way better financially than the other buyout options, they still retain his rights, so then they could trade his rights and still get some return when he comes back after a year. .. and by the sound of it he could conceivably return even sooner if the other 30 teams agree to let him (there seems to be a sense of feeling a little sorry for him around the league so its not impossible also garners goodwill if there own team needs to do the same)

essentially 8 million buyout spread over 8 years

some return for trading his rights

for luongo, gets to go somewhere free of the contract burden, probably could be traded for a pick or something to florida without the contract.

there are possibilities there that may be "good" for both sides... if it comes to that.

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lol at ppl thinking NHL will punish teams that does this.. how often are you going to find a player that leaves a significant amount of money behind and retired? how is this a loophole? is NJ out of the contract without any cap recapture? no.. it just happens that they didn't get much cap benefits from the early days of his contract.. and the cap recapture is small.. beside NJ doesn't ever spend to the cap anyways so it wouldn't hurt them much.. if this was a team that spends near the cap every year.. you'd think they just let the player retire instead of buying him out?

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