Roberto Luongo's retirement incurs a $3M cap penalty for Vancouver (net $2.2M with retained salary)

[Hit the post]

a believable ruse. “have you seen how many florida trades we’v made? quite frankly, we’ve been fools not to have had a designated south florida scout all along. the ballard fiasco could have been avoided, for ex.”

Followed by the Guds fiasco. Different regimes, same result. Wouldn't surprise me if it was the same professional scout that 'ok'd' both deals.

 

[vadim sharifijanov]

Followed by the Guds fiasco. Different regimes, same result. Wouldn't surprise me if it was the same professional scout that 'ok'd' both deals.

probably. but my point, nested in a joke, is that having a person assigned to just scout the panthers (which of course no team should ever really do) would mean that that person would probably be plugged in enough to know about the ballard injury/surgery that they didn't tell us about.

whereas we all knew that gudbranson was hot garbage just from watching hockey on tv.

 

[Lindgren]

From Friedman's 31 thoughts:

15. Tallon added he spoke to Roberto Luongo hours before we chatted. A decision on the goalie’s future is expected before the draft.​

31 Thoughts: Sharks still have shot at keeping Erik Karlsson - Sportsnet.ca

Here's hoping ...

 

[PuckMunchkin]

But he played a lot of minutes in a couple of playoff games.

- The voice of Branson defense corps

 

[StreetHawk]

From Friedman's 31 thoughts:

15. Tallon added he spoke to Roberto Luongo hours before we chatted. A decision on the goalie’s future is expected before the draft.​

31 Thoughts: Sharks still have shot at keeping Erik Karlsson - Sportsnet.ca

Here's hoping ...

Hmmm. It’s been interesting how they have been phrasing it as realistically if he was a likely ltir candidate there shouldn’t be a decision to make right. He would simply fail his physical at the start of the season and go there.

So could very well mean extra dead cap of $2 million per for the next 3 years

 

[PecaFan]

The thing that most annoys me about the recapture penalty system is that they're completely bass ackwards.

If you signed a guy for a ridiculous 12 year contract and he played 11, proving that the contract was actually valid and not avoiding the cap, you end up with a massive penalty, but if he only played 5 years, you get a tiny meaningless penalty.

It's literally the situation the more cap avoiding the contract was, the smaller the penalty is. That's insane.

I do agree that Lou ends up on ltir sometime, and this all becomes moot.

 

[vanuck]

The thing that most annoys me about the recapture penalty system is that they're completely bass ackwards.

If you signed a guy for a ridiculous 12 year contract and he played 11, proving that the contract was actually valid and not avoiding the cap, you end up with a massive penalty, but if he only played 5 years, you get a tiny meaningless penalty.

It's literally the situation the more cap avoiding the contract was, the smaller the penalty is. That's insane.

I do agree that Lou ends up on ltir sometime, and this all becomes moot.

Exactly. There's actually MORE incentive to have the player retire earlier, which goes against what the NHL wanted.

 

[RandV]

The thing that most annoys me about the recapture penalty system is that they're completely bass ackwards.

If you signed a guy for a ridiculous 12 year contract and he played 11, proving that the contract was actually valid and not avoiding the cap, you end up with a massive penalty, but if he only played 5 years, you get a tiny meaningless penalty.

It's literally the situation the more cap avoiding the contract was, the smaller the penalty is. That's insane.

I do agree that Lou ends up on ltir sometime, and this all becomes moot.

As I point out many times this is specifically due to a flaw in the rules that only effects the players that get traded (what a coincidence). It's not that you're penalized more for the player retiring closer to the end, it's that at that point in the case with Florida/Luongo they will have incurred about $4M more against the cap than what they paid Luongo, and the league simply allows that negative balance to vanish into thin air leaving the original team with an imbalanced account.

 

[StreetHawk]

As I point out many times this is specifically due to a flaw in the rules that only effects the players that get traded (what a coincidence). It's not that you're penalized more for the player retiring closer to the end, it's that at that point in the case with Florida/Luongo they will have incurred about $4M more against the cap than what they paid Luongo, and the league simply allows that negative balance to vanish into thin air leaving the original team with an imbalanced account.

The Canucks paid him around $8.5 mill over hit cap hit. So there is a remaining difference of $8.66 million where salary is under cap hit in the final 2 years.

Sounds like Lu will decide something within a week.

Not sure what that is. Is he changing his mind about playing elsewhere?

I mean the panthers also take a cap hit too if he retires. Do they have a deal lined up to send him somewhere for a buyout? Who knows.

 

[RandV]

The Canucks paid him around $8.5 mill over hit cap hit. So there is a remaining difference of $8.66 million where salary is under cap hit in the final 2 years.

Sounds like Lu will decide something within a week.

Not sure what that is. Is he changing his mind about playing elsewhere?

I mean the panthers also take a cap hit too if he retires. Do they have a deal lined up to send him somewhere for a buyout? Who knows.

Yeah and what I meant was before the final year the Panthers will have paid about $4M more against the cap than to Lu. If you want to balance the books either they get a 1 year over cap bonus or you apply this extra towards the Canucks hit. They will pay a cap hit if he retires now because at this point they've paid Luongo more money than they paid against the cap, so everything works out.

 

[StreetHawk]

Yeah and what I meant was before the final year the Panthers will have paid about $4M more against the cap than to Lu. If you want to balance the books either they get a 1 year over cap bonus or you apply this extra towards the Canucks hit. They will pay a cap hit if he retires now because at this point they've paid Luongo more money than they paid against the cap, so everything works out.

Only in the final year. But really, doubt it gets to that. Don’t see him playing in 20-21 then deciding to call it a career in 21-22

It is stupid how the rule is worded. But Lu is down to $1.6 million next season.

Doubt he plays. But this chatter sounds so odd. I mean it does help Florida if he goes on ltir. He’s too costly to backup Bob. If he was mentoring their young goalie Sam M. he could be on the team.

Cost to buy him out is just over $2 million cash since the Canucks are on the hook for $540K of the remaining $3.6 million. But with the Orpik situation from last season I don’t think the nhl would be ok if fla dealt to to say Ottawa and they bought him out only for him to re-sign in fla afterwards.

 

[Blue and Green]

Florida has no reason to buy out Luongo directly, nor to send him to Ottawa for the same purpose. If he retires this summer that will work out okay for the Panthers. And I can easily envision him retiring as the salary remainder on his contract is a total of $3.6M spread across three years, which doesn't seem like much incentive to hang around for a 40YO in a wearing-down body who has already grossed nearly $100M.

 

[Jyrki21]

The recapture penalty is definitely structured stupidly.

That said, the league “likes” the Canucks now that they’re not a threat and put an Old Boy in power, so I could see them holding his hand and getting him out of it in some unprincipled way.

 

[StreetHawk]

Florida has no reason to buy out Luongo directly, nor to send him to Ottawa for the same purpose. If he retires this summer that will work out okay for the Panthers. And I can easily envision him retiring as the salary remainder on his contract is a total of $3.6M spread across three years, which doesn't seem like much incentive to hang around for a 40YO in a wearing-down body who has already grossed nearly $100M.

By my quick calculations Lu has been paid $12.4 mill more than his cap hits. Fla would have about $3.9 mill of that. So they would take a $1.3 mill per hit if he retired.

 

[Blue and Green]

By my quick calculations Lu has been paid $12.4 mill more than his cap hits. Fla would have about $3.9 mill of that. So they would take a $1.3 mill per hit if he retired.

Panthers would still net about $3.25M each year in cap space so I think they'd be satisfied. Easiest and best for Florida if he retires either this summer or next summer.

 

[F A N]

Once the recapture penalty is assessed, can a team file a grievance and have an arbitrator review the penalty if need be? Realistically speaking, Luongo is good enough to continue playing but for his injuries.

 

[StreetHawk]

Once the recapture penalty is assessed, can a team file a grievance and have an arbitrator review the penalty if need be? Realistically speaking, Luongo is good enough to continue playing but for his injuries.

Not sure I get your point. You want the Canucks to request a physical or something on Lu to determine if he’s injured enough for ltir?

 

[Diamonddog01]

Looks like Luongo may be retiring if his tweet 2 min ago is any indication. Penalty will be 2.8 for the next three years - silver lining is that it may save this team from an albatross Myers contract.




Aaand it's official.

 

[Pure West]

Not sure I get your point. You want the Canucks to request a physical or something on Lu to determine if he’s injured enough for ltir?

It's not Luongo's job to look out for the Canucks cap situation.

 

[iceburg]

There is so much irony in a cap recapture penalty it’s comical.

 

[DonnyNucker]

Looks like Luongo may be retiring if his tweet 2 min ago is any indication. Penalty will be 2.8 for the next three years - silver lining is that it may save this team from an albatross Myers contract.

Can we move our hate from Myers to Luongo? This is brutal

 

[Captain Controversy]

It's okay. It's only 3 years..

 

[Fire Benning]

Doesn’t look like LTIR?

 

[canuckfan75]

There you go. a nice FU from Louogo

 

[Dissonance Jr]

If Luongo's move just saved us from signing Myers to some crippling long-term contract he should go into the Ring of Honour immediately.