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Will The Leafs Choose To Take Advantage Of Second Buyout Window??

July 31, 2016, 4:18 PM ET [99 Comments]
Mike Augello
Toronto Maple Leafs Blogger • RSSArchiveCONTACT
The Toronto Maple Leafs settled with all three of their restricted free agents who opted for salary arbitration, as defenseman Martin Marincin (who was scheduled for a hearing on Tuesday) signed a two-year, $2.5 Million deal on Friday.

Every NHL team had an opportunity to buyout a contract on their roster beginning two days after the Stanley Cup Final and prior to the beginning of free agency on July 1, but according to General Fanager, NHL clubs that had players opt for arbitration qualify for a second buyout window 72 hours following the award or settlement of the final player who filed.

Toronto chose the buyout route with defenseman Jared Cowen on the day the first buyout window opened, but that situation has yet to be resolved due to Cowen undergoing surgery after Toronto’s medical staff had cleared him medically to play.

Cowen would be a unique case if the arbitrator rules in Toronto’s favor, as the former Senator’s buyout would result in a cap credit of $650,000 next season (because of the defenseman’s front loaded contract) and only a $750,000 cap hit in 2017-18, but if the Leafs choose to embark on another in the next few days, it could have cap implications for the next two to four seasons.

Stephane Robidas, Joffrey Lupul, Milan Michalek and Colin Greening could be considered potential buyout options, but the length of their contracts mitigate the benefits of a buyout.

Robidas has one year left on his three-year, $9 Million deal, but the fact that the veteran defenseman signed the deal at age 37 provides no cap relief based on the provisions of the NHL Collective Bargaining Agreement for contracts of players 35 or older.

The only thing that would be accomplished in a buyout would be deferring the cash paid by the club over double the amount of years remaining on the deal and the freeing up of space under the 50-player contract limit, but the full $3 Million cap hit would remain on the Leafs books.

Lupul is coming off another injury-plagued season, missing 36 games, undergoing season-ending core muscle surgery and has two years remaining on a five-year, $26.25 Million deal ($5.25 Million AAV).

A buyout this week would result in significant savings on the cap, but it would spread out the cap hit over four years ($1.5M in 2016, 2018 and 2019, $3M in 2017). There has been some speculation that Lupul will disappear from the Toronto scene as Robidas did last October after training camp, but the winger turns 33 in September and may want to try to continue his career elsewhere, which could make his situation complicated.

If Toronto chooses to keep Lupul, demote him to the American Hockey League or tell him that his services are no longer required but keep him on the roster, they can avail themselves of the buyout option next summer, when the cap hit decreases to $1.25 Million for two seasons.

Michalek and Greening were part of the Dion Phaneuf deal and have one year left on their deals. Buying out the final year of the 31-year-old Czech’s $4 Million contract would lower the cap hit to $1.33 Million over the next two seasons, but if the veteran winger can stay healthy and play well, GM Lou Lamoriello could find a taker for him as a rental at the trade deadline.

Greening jumped on his second chance following the trade from Ottawa after spending most of the last year in Binghamton, scoring seven goals in 30 NHL games. A buyout of the big winger’s final year would lower the cap hit from $2.65 Million to $516,666 in 2016, but would result in a $1.06 Million cap hit in 2017.

If the 30-year-old cannot repeat his late-season performance, the Leafs can save $950,000 in cap space by demoting Greening to the AHL, which may be just as beneficial as a buyout option.

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