Finally!
July 19th, 2010, 1:02 pm
So Kovy signs, and not with the Kings, as Doug and I both thought. Financial details not yet disclosed, but I heard a rumor it’s a 17-year deal, which if true, is ludicrous. That would mean he’s under contract until he’s 44, which will be right when Chris Chelios is staging another comeback. Don’t miss the behindthenet take on this, and click other links in that post for background.
Also, Simon Gagne is traded from the Eastern Conference winning Flyers to the Lightning. They needed to clear cap space so bad they trade a top-6 forward for Matt Walker and a 4th round pick. And that cap room they freed isn’t really enough to get the goaltender they said they needed on many occasions. Also they’re paying Michael Leighton $1.6M now, so whoops!
Just found this on the internets a few days ago (I know, I’m late), but it’s funny, and it fits:
Sweet Lou on the left, Dean Lombardi on the right
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In case you were wondering what the definition of insanity is;
“Kovalchuk agreed to a staggering 17-year, $102 million deal with the team. According to the AP, the high-scoring left wing will earn $6 million each of the next two seasons, $11.5 million for the following five seasons, $10.5 million in the 2017-18 season, $8.5 million for the 2018-19 season, $6.5 million in 2019-20, $3.5 million in 2020-21, $750,000 the following season, and $550,000 for the final five years of the unprecedented deal.” (from puck daddy)
Crazy…
This is so broken, hes gonna retire as soon as the money sucks and bang no cap hit, sure I guess the Devils will have to pay him on those last years still (off the books of course) and I am sure they will find enough couch change to make it happen. But the end result is a guy making 10.5 Million and a cap hit of 4.5 Million less then that. The NHL should have dealt with this when they had the chance, but after they let other deals go there is no chance this is going to end until a new CBA.
The worst part is the Devils actually won’t have to pay him after he retires. That’s a player’s decision, so a team isn’t on the hook for that. Same is true for over 35 contracts, but if the player is determined to hang around, his salary will count against the cap even if he’s in the minors.
We’ll be talking about this more tonight.
Actually the cap hit sticks around even if they retire on post 35 contracts. There is almost no way to get rid of it other than to do a buy out.
Good call, I was confused there.
@Ian
I totally agree that the league should have done something about these contracts. I worry that now it could get the NHLPA all worked up if they try and end up being more fodder for any work stoppage… which nobody wants!
Seems like out right cheating. Not even sure why the cap for a player isn’t exactly what his salary is?? Anyone know why it isn’t?
Because then it would be even easier to game the system than it is now- you pay Kovy $2M this year because you only have $2M in cap room, then $10M next year when you have more, etc. And these kinds of contracts would be given to everyone, not just the superstars. It’s a good topic guys, let us know soon if there are other things you want us to discuss tonight.
Limit the contracts to 4 years… but players will be massively opposed to that one. Maybe 7 years?
Oh thats the solution for sure, a max term is going to be in the next CBA, I’ll throw a dart and say 5 years.
Oh hey the NHL actually stood up and did something. I would laugh my head off if he signed somewhere else now after NJ held the press conference.
Those last 5 years are totally bogus and the NHL has every right to challenge that, they are making a joke of the cap.