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Luongo and the dreaded cap hit

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smokes
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Looks like the years of dread that knowing this will one day happen might happen, is there a way to circumvent this hit like other teams have done before? 2.83 cap hit for the next three years seems unfair especially when Gillis signed the contract before he knew the rules would change.

 

https://www.tsn.ca/luongo-on-future-a-bit-of-a-tough-situation-1.1279838

 

Luongo on future: 'A bit of a tough situation'

Florida Panthers general manager Dale Tallon has repeatedly stated that he will be aggressive this off-season and the team has been linked to Columbus Blue Jackets pending free agents Artemi Panarin and Sergei Bobrovsky throughout the year.

It's unclear, however, what signing Bobrovsky would mean for 39-year-old Roberto Luongo's future with the franchise.

“It’s a bit of a tough situation,” Luongo told TSN Hockey Insider Pierre LeBrun for The Athletic on Monday. “I still love to play the game. We’ll see where it goes, I haven’t really made a decision one way or another. It’s going to be important once the season is over to talk to Dale and management and coaches and see what the plans for the future are. And hopefully they involve me somewhere. I understand I’m not 30 years old anymore and I can’t take on a 50-, 60-game workload.

“But if there’s any way for me to contribute, I’d love to do that.”

Luongo, who allowed five goals on 33 shots in relief of Samuel Montembeault on Monday, has a 15-16-4 record this year with a 3.19 goals-against average and a .897 save percentage. The veteran of 1,010 career starts will turn 40 next week and carries a $4.53 million cap hit through the 2021-22 season. 

Should Luongo choose to hang up his skates this off-season, the Panthers will be left with a $1.29 million cap recapture penalty for the next three seasons, while the Vancouver Canucks, who signed Luongo to his current contract, would face a $2.84 million cap penalty for the next three years.

The Panthers, who made a total of seven trades in the month leading up to the trade deadline, are currently scheduled to have $17.5 million in cap space this off-season (if the cap stays flat at $79.5 million). In addition to Luongo, the Panthers have goaltender James Reimer signed through 2020-21 at a $3.4 million cap hit. Montembeault, who's appeared in nine games this season, will be a restricted free agent this summer.

Luongo said Monday he believes the franchise is heading in the right direction to become a contender.

“I don’t think we’re that far off, we have a good core of players," Luongo said. "We just need to surround them with the right pieces. It’s not a lot. Maybe a couple of guys. I think we’re right there. Honestly, it’s even more about guys taking that step as a group, reaching a maturity level, understanding that we need to do the right things night in and night out to be successful.”

The Panthers, who could be eliminated from playoff contention as soon as Tuesday night, have reached the postseason just once in the past seven seasons.

Edited by smokes
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I still remember when Tallon and Luongo said they will bring many championships to florida for along time :lol:

 

Only made playoffs once .... since the luongo trade 

 

But back on topic, Luongo is literally done man, he is super slow in net , even as a back up he would be expensive on any team lol 

 

He will be remembered as the best goalie in Canuck history, his number will be retired one day as a canuck. 

 

still cant believe that contract...

 

1a8391bbe640040b30836f8d742e39813b8a8226

Edited by WalkWithElias40
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3mil isn't too bad, if he were to retire ideally it'd be now. Retires after next season it's 4.2mil for 2 years. The season after that is a one year cap hit of almost 8.5 mil. Baer, Pearson and Petey will all need new contracts that season. Boeser's next contract could be in the 7-8mil range. Who knows how good Gaudette will be next season. So hopefully he gets a 2-3 year bridge deal this summer. On the defensive side we have nobody, and I mean nobody, with a big cap hit to worry about. So that's nice.

 

Looking at it, we aren't in major danger from the cap recapture if he retires at all. Preferably if he were to retire though, it'd be after this season. 3 seasons managing 3 mil sounds easier than managing 8.5mil for one season in a year that may see us have some actual cap troubles with our young kids getting paid. Markstrom will be an interesting case though too. His play has been really good. 

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11 minutes ago, shayster007 said:

I'm not in the slightest bit worried about this for one. It was a rule implemented after the contract was signed. If they attempted to in force it I'm sure the Canucks organization would fight it tooth and nail.

 

Other teams have wormed their way out of more deserving punishment then us.

The owners including Aquaman already signed the new CBA, the time to fight the rule was back when it was being implemented. 

 

Fortunately though we will never have to worry about the recapture hit because it is in Luongo's and the organization's interest that he keep collecting the last of his NHL paycheques. I imagine we will do a paper transaction (future considerations) and let him unofficially "retire" as a Canuck. We put him on LTIR which should be easy considering he is a goalie with a million miles on his body. I propose in the future the mods just lock the recapture threads because it is IMO a topic not worth discussing. 

Edited by Toews
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9 minutes ago, shayster007 said:

I'm not in the slightest bit worried about this for one. It was a rule implemented after the contract was signed. If they attempted to in force it I'm sure the Canucks organization would fight it tooth and nail.

 

Other teams have wormed their way out of more deserving punishment then us.

other teams  were American, the Canucks are Canadian so there no why the canucks can get out of this

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2 minutes ago, Toews said:

The owners including Aquaman already signed the new CBA, the time to fight the rule was back when it was being implemented. 

 

Fortunately though we will never have to worry about the recapture hit because it is in Luongo's and the organization's interest that he keep collecting the last of his NHL paycheques. I imagine we will do a paper transaction (future considerations) and let him "unofficially" retire as a Canuck. We put him on LTIR which should be easy considering he is a goalie with a million miles on his body. I propose in the future the mods just lock the recapture threads because it is IMO a topic not worth discussing. 

Luongo's Island

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LTIR is the most likely scenario. Maybe a trade back to us on paper only if Lu is truly done and on LTIR. But 2.83 for 3 years isn't the end of the world if we can shed Loui's deal. 

 

Here's a good article on penalties if Jim ends up going over the cap because of this: https://www.wingingitinmotown.com/2015/6/25/8819603/salary-cap-salary-floor-noncompliance-why-teams-dont-cheat    Basically its anything Gary wants but probably either a large fine and additional cap penalties, or loss of draft picks.

 

Its interesting that the Panarin/Bobrovski thing is being talked about. If its really true that they want to go together to FLA, then a trade for Lu makes a lot of sense particularly if he's not hurt and on the LTIR. In that case, FLA would likely want to shed his salary and we might actually get an asset back too, since we'd be taking on Lu's entire cap hit again but if there's a good young prospect back our way. Lu can be parked in the AHL on paper and never be recalled, if he wants to continue to collect a cheque.  

 

 

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1 minute ago, Toews said:

Marian Hossa went on LTIR for being "allergic to his equipment". Do some people really believe that they can't find something wrong with a 40 year old goalie with 1040 NHL games played? The only way we would actually get hit with a cap recapture if Luongo decides to forego money owed to him just to stick it to us. In which case I think we need to find every Canucks fan who booed him and punch them in the gut. ^_^

well, Lu is saying publicly that he still wants to play so not sure how you spin that into an injury this moment. He would have to leave a game or claim something happened in practice or working out. If it comes down to it, thats probably what is most likely.

Edited by Jimmy McGill
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11 minutes ago, VforVirtanen said:

Does the recapture penalty actually benefit Florida by helping them reach the cap floor? If so they be happy to have him retire. Could make it difficult to execute some of the scenarios outlined above. 

No, the recapture doesn't make much of a difference for the Panthers and they are on the hook for the rest of the salary that Luongo is owed which albeit not significant is still something that an owner has to pay out of his pocket. It is in their interest as it is ours to facilitate a transaction.

Edited by Toews
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7 minutes ago, VforVirtanen said:

Does the recapture penalty actually benefit Florida by helping them reach the cap floor? If so they be happy to have him retire. Could make it difficult to execute some of the scenarios outlined above. 

it wont effect flordia it  will only affect us because we signed the contract.

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1 minute ago, Jimmy McGill said:

well, Lu is saying publicly that he still wants to play so not sure how you spin that into an injury. 

I think he plans on continuing but how do those plans change if the Panthers sign Bob. Is Luongo willing to go elsewhere ala Brodeur (Blues) to find a role? Not too many starter's jobs available especially for a soon to be 40 year old goalie. You can tell he really loves the game as he could have just gone home and collected paycheques but he's battling and hanging on.

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