[Official] Luongo Retires

[Provost]

First and foremost, before all the recapture stuff to talk about, we do have to just thank the guy for what he did for our team and the guy that he was.

 

Digging up a link, but on 650 they just said Friedman reported that Luongo is likely to retire this week.

 

We will see if it is a medical retirement, or a straight up retirement.

 

The cap recapture for us is about $3 million for three years if it happens, but presumably we also get the retained salary credit of the $800k we are paying anyways.  So about $2 million per year.  Not horrible, still patently unfair and will limit our options for a while.

 

Edit:  official now

 

 

Edited June 26, 2019 by Provost

[Keenan's Moustache]

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.......

[PhillipBlunt]

1 minute ago, 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 Luongo doesn't have a mystery illness.

[peaches5]

1 minute ago, 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.......

3M a year is fine it would have been a huge problem if he retired 2 years from now and slapped us with a 8m cap hit.

[Mike Vanderhoek]

Just now, PhillipBlunt said:

Because Luongo doesn't have a mystery illness.

Strange as most that I have read suggested he could go on LTIR and fail a physical yearly.

 

Either way, thats just business and maybe think of it as a little cushion of cap the team knows not to spend and will be able to utilize on resigning young guys.

[Zhukini]

Hey it could be a lot worse, maybe it'll lessen the excitement to spend so much money on a certain someone

[VegasCanuck]

5 minutes ago, 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.......

This is already pretty much a known. If he's going to, its better now than next season.

 

I believe its also a good possibility that he'll just move to LTIR for the duration of his contract due to injury concerns. This is usually how teams get around the recapture issue.

 

[VegasCanuck]

5 minutes ago, PhillipBlunt said:

Because Luongo doesn't have a mystery illness.

Sure he does, haven't you seen how he breaks out in bruises every time he gets hit by the puck, somewhere that his equipment doesn't adequately cover?

 

Sure as hell sounds like an allergic reaction to me!!!

 

[Odjick29willkillyou]

6 minutes ago, PhillipBlunt said:

Because Luongo doesn't have a mystery illness.

I thought he has a potentially fatal allergy to baby shampoo???

[aGENT]

Very little actual facts here...

 

Still think he simply goes on LTIR with all his hip/groin/knee/back etc issues.

[Maketherightmove]

Bit of a clickbait title here. 

[Where's Wellwood]

I'd rather he retire now than retire later, but LTIR is preferred.

 

Question: what if he goes on LTIR now but then prior to the last year of his contract, comes off LTIR to retire (because Florida doesn't want to pay the money anymore). Would it still be a 8 million hit?

[JM_]

I have a hard time thinking he'd retire, unless FLA is offering him a coaching job for more money than he'd make on his NHL salary. Which would really screw us and not be fair in the least, if FLA does that and gives him a higher paying job we should not be on the hook for the recapture. That I would go to court over. 

[R3aL]

2 minutes ago, aGENT said:

Very little actual facts here...

 

Still think he simply goes on LTIR with all his hip/groin/knee/back etc issues.

Hope so

[sonoman]

11 minutes ago, PhillipBlunt said:

Because Luongo doesn't have a mystery illness.

Recurring diarrhea? 

 

[Drive-By Body Pierce]

[Gaudette Celly]

16 minutes ago, PhillipBlunt said:

Because Luongo doesn't have a mystery illness.

[qwijibo]

1 minute ago, Jimmy McGill said:

I have a hard time thinking he'd retire, unless FLA is offering him a coaching job for more money than he'd make on his NHL salary. Which would really screw us and not be fair in the least, if FLA does that and gives him a higher paying job we should not be on the hook for the recapture. That I would go to court over. 

Why would his after hockey job have any impact on the recapture penalty?  The bottom line is Vancouver got a significant cap advantage in the early years of Luongo’s contract.  

 

Going  to court wouldn’t do a damn thing. Collective bargaining agreements don’t fall under the same rules as standard contracts.  In addition, there is no actual fiscal penalty involved here.  It’s a restriction on how much the team can spend. It would be like trying to sue the NHL because you want to spend more than the salary cap allows.  All the teams agreed to the CBA and the recapture penalty contained in it.  

[Rush17]

He should fail his physical. If he doesn't I would contest the cap hit as it was a rule created after the fact. Other teams have gotten around it.

 

Worse case I guess Jim will maximize that 3m per when it comes off the books like found money. Maybe target a depth centre.

[coryberg]

1 minute ago, qwijibo said:

All the teams agreed to the CBA and the recapture penalty contained in it.  

The contract was signed under the previous CBA and was perfectly legal.