*ALL* Luongo Talk (News/Speculation/Rumors/Proposals)
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01-15-2013, 01:20 PM
Join Date: Mar 2009
Originally Posted by
His cap-hit is no longer friendly as the teams that take on his contract will be forced to lose some space after he retires or is traded once again. This is why I mentioned the cap recapture system.
If anything, I'd rather not help the Canucks take space for their extremely absurd contract, I'm sure many GMs feel that way. I'm not sure why Gillis thinks he has the leverage to ask for "gold" when he should be enticing teams to take on contracts with his own gold.
That is all well and good, BUT...if the writing is on the wall for Luongo and he's contemplating retirement with the 3 paltry salary years remaining on the deal, you want to know the easy way to get out of paying the recapture?
You buy him out. It's that simple. From what I understand, you buy out salary not cap hit and the buyout rules are the exact same as the last CBA (please somebody correct me if I'm wrong).
The last 3 years of the deal pay him $3.618m. The buyout is 2/3's of that, spread out over double the length, right?
So 2/3 of $3.618 = $2.39m as the buyout rate, spread over 6 years is under $400K of salary cap space.
The end of the contract is not near as bad as people want to believe, and if Luongo can get bought out for $2.39 million, instead of retiring and not getting that $2.39m, I can see his agent pushing for the buyout....it helps him, and the team(s) that benefitted from circumventing the salary cap.
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