Luongo and the dreaded cap hit

[Tom Sestito]

This is still ridiculous IMO.

 

A retroactive penalty for a contract that was legal at the time.

 

It does not make a lick of sense.

 

The NHL should rescind this. It's stupid.

[Squamfan]

2 minutes ago, 250Integra said:

How about "Luongo's Toilet"?

i was thinking something more related to vancouver but could not come up with something

[Squamfan]

15 minutes 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. 

The NHL, and the Hawks new about his allergies to Equipment before the contract was signed. They knew he might retire early because of this "condition", yet they still allowed the Hawks to sign him for that long and also waived the recapture , Bush league and BS

[TheGuardian_]

55 minutes ago, WalkWithElias40 said:

I still remember when Tallon and Luongo said they will bring many championships to florida for along time

 

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...

 

There are much worse contracts out there, the NHL will take care of penalties because those other franchises are Bettman buddies and can't take the hits. Sutter, Parise 

53 minutes ago, BCNate said:

Retiring this year is the best case scenario.  We owe 8 Million, whether it is spread over 3 years or 1.  An 8 Million hit 3 years from now could really have a negative impact.  

I maybe reading it wrong but a think CapFriendly states the Nucks are only hit for 15% of the cap hit.

 

The perfect scenario for the Canucks would be to trade Markstrom for a pick or two in 2020, his age in 3 years will start to be a issue and Demko would be pushing him out by then if not sooner or should be, and trade for Luongo to come back for next season, the CBA year will wash out a year and if he retires then the hit is negligible, he comes back as a backup and mentor, he did a great job with Schnides as a mentor.

 

That is just next year with Demko getting 50+ games or so, next year the wins an losses should be a side bar, next year should be about training prospects and picks in the NHL.

 

So one year of Luongo as backup and mentor, then the CBA year and then Luongo retires or is injured indefinitely, the Nucks sign another backup or bring Dipietro along

[JM_]

39 minutes ago, Toews said:

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.

I doubt it. I think he'd want to stay with his family at this point, I can't see anything but a paper move now. I'd love to see him up here again but thats not going to happen.

 

Just for sh!ts and giggles lets assume the Canucks are willing to take his contract, I wonder if something like this is possible?

 

Lu's 4.533 mil cap hit, papered to Utica saving 1.025 leaving 3.51 mil cap hit. Lu stays home and is never recalled. 

 

Not a huge step up from the 2.84 we're on the hook for no matter what. 

 

So maybe for the extra 700k we can take Lu off FLAs hands and get a solid prospect or pick back. 

[Toews]

2 minutes ago, Jimmy McGill said:

I doubt it. I think he'd want to stay with his family at this point, I can't see anything but a paper move now. I'd love to see him up here again but thats not going to happen.

 

Just for sh!ts and giggles lets assume the Canucks are willing to take his contract, I wonder if something like this is possible?

 

Lu's 4.533 mil cap hit, papered to Utica saving 1.025 leaving 3.51 mil cap hit. Lu stays home and is never recalled. 

 

Not a huge step up from the 2.84 we're on the hook for no matter what. 

 

So maybe for the extra 700k we can take Lu off FLAs hands and get a solid prospect or pick back. 

Yeah, same here. LTIR seems like the simplest and most likely conclusion to me. Off the top of my head Toronto had 3 of them at one point, Lupul, Horton, Robidas. I don't think the bar for LTIR is too high. Most athletes have some sort of niggling injury over the end of their careers that they can easily use the LTIR exemption for.

[oldnews]

Mickey Mouse attempt to punish franchises - after the NHL themselves approved those contracts at the time.

 

Even more absurd - the Canucks of the next few years are virtually unrelated to the Luongo era Canucks that may have benefitted from something a whole gaggle of teams were doing at the time - one or two players from that time might remain with the team when this penalty is supposed to apply, alongside entirely new coaching and management staffs.

 

Bush league NHL failing to find an appropriate, reasonable resolution.

[oldnews]

2 hours ago, WalkWithElias40 said:

I still remember when Tallon and Luongo said they will bring many championships to florida for along time

 

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

 

If you remember that much, then you should probably also remember Tallon losing his job right after that 100+ point season and playoff birth....as well as Gerard Gallant.

 

Followed by a pseudo-'analyticz' gongshow that set the franchise backwards for years.

 

Not really on Tallon.

[mll]

2 hours 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.

They've enforced it for LA - they have a recapture penalty on their books for Mike Richards (on top of that other settlement penalty).

 

 

[mll]

2 hours ago, Tre Mac said:

I think a simple x-ray and a doctor's note should suffice for LTIR.  

 

Not quite.    

 

Friedman addresses it in his 31 thoughts. To go on LTIR he would have to go through a physical every year but if he is healthy in one of the later years then the penalty would apply and it gets higher the closer to the end of the contract.

 

1. Luongo’s future has ramifications for both the Panthers and Vancouver. He’s got three years remaining on his 12-year, $64-million contract — formulated under the “back-diving” structure now banned in the CBA. Although his cap hit is $5.3 million annually, his actual salary totals $3,618,000 over the remaining term. If he retires, the Canucks face a penalty of $2,840,124 to their cap space for each of the next three seasons. Florida’s punishment is $1,287,209 — lower because it did not benefit as much from the contract structure. This can be avoided if he is stashed on Long-Term Injured Reserve, and his body certainly would qualify for it. The only risk is that if Luongo is ever cleared (and he would have to take at least one physical per year), the cap penalty actually gets worse for the Canucks, and better for the Panthers. The most ridiculous scenario is Vancouver being smashed with an $8.5-million hammer in 2021-22, which would be the first season of Elias Pettersson’s next contract. It’s an incredibly unlikely situation, but could you imagine?

 

Edited March 26, 2019 by mll

[oldnews]

Trade Demko for Puljujaarvi.

 

Claim Luo off waivers from Florida.

Backup.

 

Markstrom

Luongo

 

Cup.

 

/s

[TheGuardian_]

From Capfriendly;

 

Retained Salary

This contract was involved in a retained salary transaction. The resulting costs and cap hit are therefore split between each team based on the percentage of salary retained by the respective teams.

• Vancouver Canucks: 15%

Cost Calculations

BUYOUT DATE	BASE SALARY REMAINING	S.BONUS REMAINING	YEARS REMAINING	BUYOUT LENGTH	AGE	BUYOUT RATIO	TOTAL COST	TOTAL SAVINGS	ANNUAL COST
Jun 15, 2019	$3,618,000	$0	3	6	40	2/3	$2,412,000	$1,206,000	$402,000

Cap Hit Calculations

SEASON	BASE SALARY	INITIAL CAP HIT	ACTUAL COST	SAVINGS	FINAL CAP HIT
2019-20	$1,618,000	$5,333,333	$402,000	$1,216,000	$4,117,333
2020-21	$1,000,000	$5,333,333	$402,000	$598,000	$4,735,333
2021-22	$1,000,000	$5,333,333	$402,000	$598,000	$4,735,333
2022-23	$0	$0	$402,000	-$402,000	$402,000
2023-24	$0	$0	$402,000	-$402,000	$402,000
2024-25	$0	$0	$402,000	-$402,000	$402,000
TOTAL	$3,618,000	$15,999,999	$2,412,000	$1,206,000	$14,793,999

[TheRealistOptimist]

This is such a non issue. Lounging has told Kevin Woodley (I believe), who has said this on the radio, that he (Luongo) said nobody will have to worry about the cap recapture penalties because he can easily retire because of injury whenever he wants. 

 

Also Florida can’t really make Luongo retire, if he wants to continue playing for career stats purposes (cause we all know Florida isn’t winning the Cup soon) it’s his choice. Before going to the AHL I’m sure he would just retire on LTIR for the remaining years. 

[mll]

2 minutes ago, TheRealistOptimist said:

This is such a non issue. Lounging has told Kevin Woodley (I believe), who has said this on the radio, that he (Luongo) said nobody will have to worry about the cap recapture penalties because he can easily retire because of injury whenever he wants. 

 

Also Florida can’t really make Luongo retire, if he wants to continue playing for career stats purposes (cause we all know Florida isn’t winning the Cup soon) it’s his choice. Before going to the AHL I’m sure he would just retire on LTIR for the remaining years. 

The league will have him go through a physical every year and he will have to prove that he is indeed unable to play.  

[TheRealistOptimist]

12 minutes ago, TheGuardian_ said:

From Capfriendly;

 

Retained Salary

This contract was involved in a retained salary transaction. The resulting costs and cap hit are therefore split between each team based on the percentage of salary retained by the respective teams.

• Vancouver Canucks: 15%

Cost Calculations

BUYOUT DATE	BASE SALARY REMAINING	S.BONUS REMAINING	YEARS REMAINING	BUYOUT LENGTH	AGE	BUYOUT RATIO	TOTAL COST	TOTAL SAVINGS	ANNUAL COST
Jun 15, 2019	$3,618,000	$0	3	6	40	2/3	$2,412,000	$1,206,000	$402,000

Cap Hit Calculations

SEASON	BASE SALARY	INITIAL CAP HIT	ACTUAL COST	SAVINGS	FINAL CAP HIT
2019-20	$1,618,000	$5,333,333	$402,000	$1,216,000	$4,117,333
2020-21	$1,000,000	$5,333,333	$402,000	$598,000	$4,735,333
2021-22	$1,000,000	$5,333,333	$402,000	$598,000	$4,735,333
2022-23	$0	$0	$402,000	-$402,000	$402,000
2023-24	$0	$0	$402,000	-$402,000	$402,000
2024-25	$0	$0	$402,000	-$402,000	$402,000
TOTAL	$3,618,000	$15,999,999	$2,412,000	$1,206,000	$14,793,999

What are you trying to say? 

 

I believe you are giving an example of a buyout. But that has nothing to do with the cap recapture penalty, or Lu retiring on LTIR.

[VegasCanuck]

If we had to get hit with a recapture hit, this is the summer to do it. It gets more expensive from here.

 

[TheRealistOptimist]

2 minutes ago, mll said:

The league will have him go through a physical every year and he will have to prove that he is indeed unable to play.  

And your point is? Luongo’s hips are *#$&@! and he knows he can go on LTIR for legitimate reasons whenever he wants. 

[NewbieCanuckFan]

58 minutes ago, oldnews said:

If you remember that much, then you should probably also remember Tallon losing his job right after that 100+ point season and playoff birth....as well as Gerard Gallant.

 

Followed by a pseudo-'analyticz' gongshow that set the franchise backwards for years.

 

Not really on Tallon.

Wasn’t Tallon responsible for that RFA ‘Qualifying offer’ screwup when he was GM of the Hawks?

[hlinkas wrister]

26 minutes ago, VegasCanuck said:

If we had to get hit with a recapture hit, this is the summer to do it. It gets more expensive from here.

 

It doesn't get more expensive, it's 8 million regardless of when he quits. It just gets divided by the amount of years he has left. 8 big ones all in one shot hurts though. 

[CanuckinEdm]

Luongo is going to become allergic to his pads this summer.