: Confirmed with Link:
Flyers waive Michael Leighton; cleared waivers, sent to Phantoms (AHL)
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01-05-2011, 11:24 PM
A Fistful of Dollars
Join Date: Jan 2004
Here's another attempt at trying to decipher the salary cap implications:
VOORHEES, N.J. - Although he wouldn't say it when asked, there was a financial reason behind Paul Holmgren waiving goalie Michael Leighton Monday. Holmgren needed to bank enough cap space before the trade deadline - just in case the Flyers need it.
Understanding the salary cap is about as easy as translating attic Greek. The Flyers failed that course several times, but finally seem to be figuring it out.
The biggest problem that most would-be capologists run into is that they base salary cap calculations on a full season analysis. However, the NHL salary cap is measured on a daily basis, and teams need to be compliant during the entire season.
After dispatching Leighton to the Phantoms, the Flyers have made their way under the daily cap and as such are banking space each day ($4,262 a day to be exact).
They have been operating above the cap all season because of injuries to Leighton, Matt Walker and Ian Laperriere have made them use their long-term injury allowance, so the Flyers are above the cap on their season-to-date, which was 92 days through Wednesday.
There are still 95 days remaining in the season, and at the current rate, barring no more long-term injuries, the Flyers will officially be under the cap for the season on Feb. 11.
With Laperriere and Walker on LTIR, the Flyers are also afforded a maximum of $15,312 in daily LTIR forgiveness.
By the time the trade deadline arrives, the Flyers will have banked enough cap room plus the allotted LTIR space for a total of approximately $850,000 or a full season cap hit of about $3.75 million.
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