Update as of 12:30pm: All the speculation below can be ignored, as the Rangers bought out Brad Richards contract on Friday. This was not a performance issue per se but one tied to the contract. The new CBA signed last year made keeping Richards next to impossible, given the cap recapture rule. Richards provided a good portion of what NY needed, rebounding this season after a poor second campaign in NY last year. His lack of speed and age was exposed as the playoffs wore on, especially against LA, but if the cap, recapture rule wasn't in place, he likely would still be a Ranger.
Richards was a solid leader in the clubhouse, especially after Ryan Callahan, when he assumed the role of de-facto captain. He mentored several of the younger players and helped marshal the team to the Stanley Cup Finals. The team played 57 playoff games with him, reaching a ECF and SCF in the three years he was here. Granted, he struggled at time during the regular season and in the playoffs, but did score some big goals in each.
Richards gets $12.6 million in "salary" through the 2025-26 season along with his $8 million signing bonus, payable over the enxt three seasons. With his NMC, Richards opted against waivers, enabling the buyout to occur immediately. He will have a variety of suitors, including Toronto, who he spurned to sign with NY. With Richards' release, the Rangers have a hole at center but an additional $6.67 million to play with in re-signing several key RFAs and UFAs. That hole at center is anywhere from the first to the third line, depending on your view on Derek Stepan and Derick Brassard.
Part that can now be ignored as buyout has occurred:
By now, all of us assumed (break up the word as you will) that Brad Richards would be amnestied by the Rangers. How wrong we all are. That delay is causing major consternation among the blogosphere and fanbase, but very little debate as to what the right move should be. What I wrong in my blog the other day and what seemingly is the prevailing attitude is that Richards must be bought it.
One key question is: does the longer this plays out mean that it's less likely to occur? Plus, what is the cause of the delay. Here are a few possibilities and feel free to propose your own in the comments section:
1) Money matters. The remaining cap hit is $6.667 million for six years or $40 million, however, the deal was front-loaded, meaning that I believe $33 million of the contract has already been paid out. Maybe James Dolan is reluctant to have another buyout like he did of Wade Redden and contract eaten, like he did with John Tortorella. On a scale of 1-10, I put this at a 2, especially since a good portion of the deal has already been paid.
2) The Rangers want to keep Richards. GM Glen Sather and the Garden brass have examined the free agent center list, reviewed possible trade and internal options and decided Richards makes the most sense as a second/third line center. That may be true, based on the likely cost of Paul Stastny dollar wise or lack of interest in someone like Mikhail Grabovski. Plus, New York may have some pause based on the expectation of the players required to get a Jason Spezza or Joe Thornton or Eric Staal or a combination of dollars/players to sign or trade for Ryan O'Reilly. In addition, the confidence level in either JT. Miller or Oscar Lindberg might be such that they are not viewed as ready now to fill that role. While that may be true, and will be covered on another blog, that should not be the major factor on how to proceed with Richards. He may very well be the "best" (word in quotes for a reason) option for now, but taking the cap recapture charge risk of keeping him, even with the expectation of a major rise in the cap over the life of the deal, is penny wise, pound foolish. I put this a 5-6 likelihood.
3) They are trying to deal him. Full Tilt Blog proposed the Rangers are looking to deal Richards and would buyout Rick Nash. I have heard this speculation elsewhere. The problem with delaying Richards is that if he does retire before the end of his contact, the Rangers would still be hit the cap-recapture charge, putting them in a similar boat as if they just kept him. This one also is a 2.
4) It's a delay and nothing more. Richards will get bought it. The Rangers are just doing all the due diligence needed to see if any better options are available. Once that due diligence has been done, prior to the June 30 deadline to make that call, Richards will be bought out freeing $6.667 million in cap room. I put this one as a 9 in terms of likelihood.
Of course, the Rangers could announce that they are keeping Richards and watch twitter explode after that. But I don't believe that the former, not the latter part of that sentence, will be the case.