Speculation: Roberto Luongo might be retiring - will we be subject to a recapture penalty?

[BenningHurtsMySoul]

Unbelievable that a personal vendetta by Brian Burke could result in massive consequences for a rule that doesn’t even exist anymore.

It’s been five seasons since Luongo even played a game with Vancouver.

 

[BenningHurtsMySoul]

The league is simply never going to enforce this in a serious way. The only contract that has ever been recaptured is Richards, and that was an extreme circumstance.

Luongo will go on LTIR or they will find some other solution. I am not worried about this in the slightest.

I mean, look at Hossa. An allergy he had been playing with for his entire career. Luongo has chronic hip problems or back problems or whatever it is.

They will enforce this because it’s the Canucks.

 

[LickTheEnvelope]

I'd also be quite surprised if he walked on the money.

LTIR is the most likely scenario, IMO.

 

[Intangibos]

Canucks are several years from competing anyway, him retiring now isn't a huge deal for us. LTIRetirement is ideal for everyone, including Luongo, though.

Unbelievable that a personal vendetta by Brian Burke could result in massive consequences for a rule that doesn’t even exist anymore.

It’s been five seasons since Luongo even played a game with Vancouver.

Unbelievable that Aquilini signed off on it

Would be hilarious if he retires in 2020 or 2021. All those "but cap space don't matter so it's okay for Benning to overpay for bad hockey players" people will have some 'splainin to do.

Wouldn't have mattered if Gillis didn't screw the team up!

 

[vancityluongo]

Would be hilarious if he retires in 2020 or 2021. All those "but cap space don't matter so it's okay for Benning to overpay for bad hockey players" people will have some 'splainin to do.

You really think the explanation would be anything other than "GILLIS!!!!" in size 72 font?

Let's see that OBC charm be put to good use Jimbo. I have no doubt that if Gillis was still in charge the NHL would be punitive here. But hey, Burkie wouldn't wanna f*** over his pal when he's supposedly on the hot seat.

 

[vancityluongo]

The more interesting conversation around this actually would've been if the NHL ever enforced their own stupid shady rule. It'd be awesome for the game if these contracts were allowed, but the loophole meant that the Canucks would have to compensate Florida to give them the incentive to put Lu on LTIR.

That $8.5M hammer in the last year would be a hell of a bargaining position. Send us a 1st round pick or we don't file the LTIR paperwork... the leverage on the Weber contract would've been fascinating.

 

[StreetHawk]

The original salary cap cba allowed teams to send guys down to the A or Europe and be free and clear of the cap like Redden and Huet. NHL should have nipped these long term deals past age 40. Everyone who signed them always said yes we intend to play until then. Easy statement to make when you are 29/30 but you body says otherwise later or your play does.

What the nhl did in the last cba was ensure all contracts hit the cap in some way. You can’t bury dead in the A. Have to eat all but $950k of it.

And they want these long term deals to hit the cap in some way. When they allowed Philly to trade peonger to AZ you know the NHL has no desire to punish a team.

See how this plays out. Just means that the Canucks have to be wary of any moves just in case. But now that players can get their full salary I doubt you see him walk away.

 

[Megaterio Llamas]

No, the NHL let the Blackhawks put him on LTIR. Hossa was on LTIR with the Blackhawks last season and is on IR with the Coyotes this season.

The Blackhawks traded him so they had more flexibility when setting their roster. LTIR can't be used until after the opening day roster is set, so trading him relieved that issue. Also you don't get LTIR relief in the offseason.

Interesting.

 

[canuckfan75]

More smoke to this fire Elliot Friendman and spoke to Loungo after the game last night in Toronto and sure sounds like a guy who might retire.

31 Thoughts: Will NHL players fight for change to playoff format? - Sportsnet.ca

 

[canuckfan75]

it would be the Canucks best interest to have him retire this year. and pay the 2.5 million over 3 years. We will see

 

[canuckfan75]

1. Luongo’s future has ramifications for both the Panthers and Vancouver. He’s got three years remaining on his 12-year, $64-million contract — formulated under the “back-diving” structure now banned in the CBA. Although his cap hit is $5.3 million annually, his actual salary totals $3,618,000 over the remaining term. If he retires, the Canucks face a penalty of $2,840,124 to their cap space for each of the next three seasons. Florida’s punishment is $1,287,209 — lower because it did not benefit as much from the contract structure. This can be avoided if he is stashed on Long-Term Injured Reserve, and his body certainly would qualify for it. The only risk is that if Luongo is ever cleared (and he would have to take at least one physical per year), the cap penalty actually gets worse for the Canucks, and better for the Panthers. The most ridiculous scenario is Vancouver being smashed with an $8.5-million hammer in 2021-22, which would be the first season of
Elias
Pettersson
Centre
Sundsvall, SWE
gp
65
g
27
a
37
+/-
6
sog
132
s%
20.5


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" data-toggle="tooltip" data-placement="auto" data-html="true" data-trigger="hover click focus" style="box-sizing: border-box; background-color: rgb(255, 255, 255); color: rgb(21, 107, 172); white-space: nowrap; font-family: pt-serif, georgia; font-size: 20px;">Elias Pettersson’s next contract. It’s an incredibly unlikely situation, but could you imagine?

 

[HolyGhost]

Class act

 

[Hollywood Burrows]

it would be the Canucks best interest to have him retire this year. and pay the 2.5 million over 3 years. We will see

It's in Luongo and Vancouver's best interest for him to go on LTIR. And that's what will happen. This is a non-issue.

 

[opendoor]

I don't think contracts the length of Luongo's are insurable, so the team is likely on the hook for any salary. So between that and the fact that the Panthers won't suffer anything from a potential recapture, there's isn't really an incentive for him to go on LTIR from the team's perspective.

 

[canucksfan]

Would be hilarious if he retires in 2020 or 2021. All those "but cap space don't matter so it's okay for Benning to overpay for bad hockey players" people will have some 'splainin to do.

They'll just blame Gillis

 

[FroshaugFan2]

I don't think contracts the length of Luongo's are insurable, so the team is likely on the hook for any salary. So between that and the fact that the Panthers won't suffer anything from a potential recapture, there's isn't really an incentive for him to go on LTIR from the team's perspective.

I had assumed it was insured because I hadn't heard otherwise.

Hossa's 12 year contract is insured according to Capfriendly. If that's the case then length isn't the determining factor.

 

[Eddy Punch Clock]

I see red every time this subject comes up.

Such an injustice the way the whole changing of the rules after the Canucks and Luongo signed a deal went down.

 

[opendoor]

I had assumed it was insured because I hadn't heard otherwise.

Hossa's 12 year contract is insured according to Capfriendly. If that's the case then length isn't the determining factor.

From what I understood, only contracts 7 years or shorter (or the first 7 years of a longer deal) are insurable through the league's plan. And private insurance for those 10+ year contracts was so expensive that it didn't make any sense. Though my info might be out of date. Here's a thread with some older info about this:

How does the NHL handle injury insurance?

 

[Just A Bit Outside]

Beauty. Good for Lu if he finally does walk away.

Also would mean it's less money for Benning to piss away on shit FAs so that's a bonus.

 

[StreetHawk]

I see red every time this subject comes up.

Such an injustice the way the whole changing of the rules after the Canucks and Luongo signed a deal went down.

Teams just assumed the cap hit would go away. They went by the old adage if it’s better to ask for forgiveness than ask for permission.

For the Panthers, Luongo is likely still the most recognizable Panther despite how great Barkov is. So depends on how he and the Panther plans on playing this out.a team like Ottawa could come in and acquire him and buy him out. Cost is $2.4 million of the $3.6 million left, not sure how buyouts impact retention.

Buyout calculator has Lus cap hit being $4.1, $4.7, $4.7, then 3 years at $400k. At a cost of $800k or less per season for the 3 big years to get that extra cap hit might make sense for them or a NJ for example.

 

[Hit the post]

No, the NHL let the Blackhawks put him on LTIR. Hossa was on LTIR with the Blackhawks last season and is on IR with the Coyotes this season.

The Blackhawks traded him so they had more flexibility when setting their roster. LTIR can't be used until after the opening day roster is set, so trading him relieved that issue. Also you don't get LTIR relief in the offseason.

I think you can go up to 10% over the cap during the offseason ( which offsets that problem for s short time)

 

[StreetHawk]

Article today by Pierre Lebrun in the Athletic. Florida going on a spending spree this offseason

with Bobrovsky and Panarin on there shopping list. if they were to get Goalie Bob that would mean a issue for Roberto Loungo as they have Reimer and the new kid who is doing very well .... Sam Montembeault who turns 23 in October. Reimer can be cut lose by good old Bobby Lu still has 3 years left on his deal till the end of the 2021 /2022 season. when he will be 43 years old Salary wise is ok. he is only owed $3.6 miilion over the last 3 years. But there is the Salary Cap Recapture Penalty that people may have forgotten about but not Mr Gary Bettman. This could really screw over Vancouver especially if he retires in two years. the penelty then will be $8.5 million not good at all. considering that will be the year that both Hughes and Pettersson will need new contracts.

here is the breakdown of the clawbacks if Luongo retires in

2019 - $2,840,124 x 3 years
2020 - $4,260,186 x 2 years
2021 - $ 8,520,373 x 1 year - Pettersson and Hughes contract years


I wonder if Jimmy understands what is coming down the road potentially


LeBrun: Panthers already feeling changes ahead of what's...

Reimer has term on his deal as well. 2 more years I believe as he has a bonus due before a potential work stoppage in 2020.

It’s generally writers who use the retired word. Players are more reluctant to say it.

See how it plays out.

 

[vadim sharifijanov]

A million bucks is a million bucks. Why leave it on the table if you don't have to? And why would Florida do that? The Panthers and Luongo will work something out so he can Pronger and still collect a paycheque.

almost certainly while staying with the organization as a consultant of some sort. in a lot of cases, for example pronger, the deal is insurance covers the contract, the player gets paid anyway, learns some managerial or business stuff with the organization to figure out his next step basically as an unpaid intern, the organization gets free labour and more importantly a superstar to pose in front of the cameras at press conferences.

there's value for everyone involved except the insurance company. retirement makes no sense here unless of course the league decides to really make him test out that groin to see if it'll still do the splits.

 

[Cupless44]

Would be hilarious if he retires in 2020 or 2021. All those "but cap space don't matter so it's okay for Benning to overpay for bad hockey players" people will have some 'splainin to do.

Totally. This recapture penalty is just another reason we need a smarter GM who doesnt waste cap space on stupid long term contracts for average to bad players.

 

[SillyRabbit]

I’m pretty confident he will go on the LTIR.

Firstly because he gets his money and gets insurance protection.

Secondly because the NHL has shown to not look too much into these things and just let these contracts die out.

Thirdly because Florida can do the Canucks a favor without costing them any assets. They will gain good will with the organization which they can use in the future.