The Maple Leafs have waived defenseman Jared Cowen for the purposes of buying him out of the final year of his contract.
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A mere 72 hours after the Pittsburgh Penguins were presented with the Stanley Cup in San Jose, National Hockey League clubs will begin to augment their rosters for next season as the window for contract buyouts begins.
The buyout window lasts until June 30 (the day prior to the beginning of free agency), allowing NHL clubs to get rid players who they believe are not providing good value for their salaries. With the salary cap remaining relatively flat or going up slightly depending on the NHLPA approving the 5% escalator clause, the number of buyouts this summer could exceed those in previous seasons.
The Toronto Maple Leafs are expected to exercise this option on defenseman Jared Cowen, who was acquired in the Dion Phaneuf deal from the Ottawa Senators on February 9th.
A buyout of Cowen will provide an unusual benefit to Toronto due to the fact that the contract was backloaded. The salary in the final year of the blueliner’s four-year, $12.4 Million deal is $1.4 Million more than the $3.1 Million cap hit, which will give the Leafs a $650,000 credit on the cap for next season and a $750,000 hit in 2017-18.
It is unknown whether GM Lou Lamoriello will use the buyout option on other players in an effort to further the club’s transition.
There is no cap benefit for the Leafs if they bought out the remaining year of Stephane Robidas three-year, $9 Million contract, since there is no deferment on deals signed to players 35 and over.
Joffrey Lupul could be a buyout candidate, with a $5.25 Million cap hit and two years remaining, but the veteran winger had offseason stomach muscle surgery and would have to be medically cleared before a buyout could take place.
Lupul has $9 Million in actual salary due in the remaining two seasons ($5.25 Million in 16-17, $3.75 Million in 17-18). A buyout this summer would result in a $1.5 Million cap hit over the next four seasons. If the Leafs kept Lupul through next season, a buyout of the final year would result in a lower cap hit of $1.25 Million for two seasons.
The impetus for buying out contracts is not there for Toronto, since the club has significant cap space available this summer and will have an additional $16.5 Million available next summer with Brooks Laich, Milan Michalek, Colin Greening, Matt Hunwick and Jonathan Bernier becoming unrestricted free agents.
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