Cap floor turning trade market upside-down
It was just three summers ago that the Buffalo Sabres, bumping up against the first salary cap in National Hockey League history, took a pass on forward
The Sabres didn't want to do that, but they did need to get their payroll below $39 million even if it meant giving up a serviceable player for nothing in return. The Sabres' loss was a gain for both Dumont and the Nashville Predators, who signed him to a two-year deal for $4.5 million. This past winter, Dumont re-upped with the Preds for four more years and $16 million.
Tough nut for the Sabres, but that was the way it was supposed to work in the new-era world of the NHL. The idea was that, because of the cap, one team's player personnel riches would lead to a trickle-down for clubs that had, say, a need for a reliable two-way winger who can score reasonably well in a timely fashion and enough salary cap room to obtain him.
But a strange thing happened on the way to "cost certainty" and it's not just impacting the clubs that have trouble fitting in under the cap.
As the cap this summer zoomed to a stunning $56.7 million in a ridiculously scant three years, NHL teams have learned that the floor also rises.
With apologies to
Take the Los Angeles Kings as exhibit A.
By most accounts, the Kings are in year 37or so of their latest rebuilding plan, and while the unabashed commitment to youth may have an upside regarding current general manager
The Kings are not in danger of having to shed players or payroll in an effort to get below the $56.7 million figure, but they are a goodly sum away from getting to the $40 million floor.
According to several websites who keep track of these things, the Kings have only 14 players under contract for about $27.7 million. Now, I was not a math major, but using my trusty
To be fair, there are a couple of signings left to complete, but even if the restricted free agents come back into the fold and the Kings find a gem or two in the rubble of what is now the bargain bin in the free agent market, their payroll "deficit" is not likely to be overcome anytime soon. And since there's next to nothing coming in terms of possible walkaways from arbitration hearings that should be announced soon, the only option left is the trade market.
Normally the trade market would be something akin to salvation. I have an asset I can't afford. You have a need and room to accommodate it. But here's the newest wrinkle in a CBA that is now showing more wrinkles than
Again let's use the Kings, as an example.
Let's say the Kings came sniffing around one of the over-the-cap clubs that needs to shed payroll before the season gets underway. According to YouCouldBeWrong.com, a fictional website I pretend to use when I need to make educated guesses with an air of certainty, there are currently four teams -- Anaheim, Calgary, Chicago and Philadelphia -- who likely will have to shed some payroll to get under the ceiling.
Since "You Could Be Wrong "is also a phrase that former GM
Khabibulin might not be at the top of his game right now, but he's got a Stanley Cup ring from 2004, thanks to an all-world effort for Tampa Bay, and he hasn't slipped all that far since. Sure his $6.75 million salary is a tad on the high side for where he sits in the goalie pecking order these days, but hey, the Kings need a vet and that $6.75 million would help close a gaping hole and, besides, it's only for one year, which is plenty enough time to determine if any of the L.A. goalies of the future are going to arrive anytime soon.
But here's the rub:
The Hawks aren't so far over the cap that they can't tweak elsewhere and still keep Khabibulin and the recently-acquired (and much lesser paid)
So, in theory at least, the Hawks can put the proverbial gun to the Kings (rather than the other way around) and ask for something decent in return, like a low-priced, budding star still in the throes of his entry-level contract yet still a well- recognized talent that the Kings or any other sensible team would be loathe to give up.
Does the name
And therein lies the problem for the Kings or any other well-under-the floor club.
To reach the mandated floor, they need to spend more, in some cases considerably more, money than they take in. To do that, they have to trade not just for useable players per-se, but for salaries that will get them to the new lower level. That usually means getting a high-salaried player, the kind that generally comes with liabilities such as fading performance for the dollar or an expiring contract and/or impending free agency, perhaps even a lifestyle issue. Risky in their own right, but now those same players also come with a demand for some cap-friendly and budding young talent to close the deal.
It didn't work that way in the not-that-long-ago-Dumont era, but that's the way it goes in the new NHL. Like cars and houses worth less than the loans still on them, the cap floor has created an upside down trade market.
It's an unreal market system that brings with it its own set of unreal problems, like having to spend more money to lose even more than you did the year before just to get to a mandated spending floor that is in excess of what the cap was just three seasons ago.