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The Business of Hockey Discuss the financial and business aspects of the NHL. Topics may include the CBA, work stoppages, broadcast contracts, franchise sales, and NHL revenues.

Luongo said he'd scrap his big contract right now if he could play...

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Old
04-03-2013, 02:33 PM
  #1
AlexandreBurrows
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Luongo said he'd scrap his big contract right now if he could play...

Is scrapping a contract possible if both sides agree.

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04-03-2013, 02:35 PM
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Beezeral
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I have to think the NHL would not allow it.

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04-03-2013, 02:37 PM
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Zombie Mike Murphy
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Coudn't he "retire", which would void the contract, and then come back?

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04-03-2013, 02:39 PM
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Oscar Acosta
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If it came down to it we all know he wouldn't.

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04-03-2013, 02:42 PM
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Originally Posted by Troll Ward View Post
Coudn't he "retire", which would void the contract, and then come back?
I'm certain that it wouldn't work that way.

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04-03-2013, 02:45 PM
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saskganesh
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They could do this, but only through a compliance buy out.

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04-03-2013, 02:46 PM
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I don't get it. Guys under the last year of the contract sit out all the time, restricted free agents they call themselves. Aren't they under contract to play?

Standard contract law allows for contracts to be mutually renegotiated so I don't get why Lou couldn't. I also don't believe him when he says this, because who is going to give up 35 million just to be run over by 200lbs guys moving 30km/h and booed by TO fans?

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04-03-2013, 02:48 PM
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Quote:
Originally Posted by viperswhip View Post
i don't get it. Guys under the last year of the contract sit out all the time, restricted free agents they call themselves. Aren't they under contract to play?
No, restricted free agents are not in the last year of their contract. Their prior contract has completed and they have not yet signed a new one.

Quote:
Originally Posted by viperswhip View Post
Standard contract law allows for contracts to be mutually renegotiated so i don't get why lou couldn't. I also don't believe him when he says this, because who is going to give up 35 million just to be run over by 200lbs guys moving 30km/h and booed by to fans?
2005 cba
Quote:
11.10 no renegotiation. in no event shall a club and a player negotiate a change in
any terms of a player spc for the then-current season or for any remaining season of an
spc.
this provision shall not prohibit a player and club from negotiating an extension
to an existing spc in accordance with the terms of section 50.5(f) hereof or from
negotiating a new or reformed spc or offer sheet in the limited context and time-frame
expressly set forth in section 11.6(a)(vi) above.

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04-03-2013, 02:53 PM
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mouser
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Quote:
Originally Posted by AlexandreBurrows View Post
Is scrapping a contract possible if both sides agree.
There are cases where contracts have effectively been scrapped. But in every instance I can think of it involved one of:
- Player going to Europe, usually permanently.
- Player who couldn't cut it in professional hockey, i.e. AHL level
- Veteran player who refused to report to the AHL. Player almost always retired afterward (or went to Europe to finish career).

There hasn't been an attempt to void a contract anywhere near the size/length of Luongo's. I'm sure the NHLPA and NHL would both object to doing so.

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04-03-2013, 02:57 PM
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I Hate Chris Butler
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I doubt Luongo applies to this, but what about those $125 waivers for mutual contract termination?

That said, even if Luongo doesn't like it I doubt the Canucks would simply buy him out when they can get something for him.

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04-03-2013, 02:57 PM
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Soundwave
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I'm fairly certain restructuring a contract after its been inked is pretty much a no go.

Feel bad for Lu, but at least he didn't get sent to the AHL or something like Redden did.

IMO he'll end up in Philly in the summer after they buy out Bryz, provided Flyers ownership doesn't strangle Holmgren first for wasting so much money on that contract.

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04-03-2013, 02:57 PM
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QcBlizzard
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An unbelievable statement. It show how much disconnected to reality he is.

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04-03-2013, 03:07 PM
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AlexandreBurrows
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Originally Posted by QcBlizzard View Post
An unbelievable statement. It show how much disconnected to reality he is.
It is just an emotional statement. He is upset and speaking form his gut.

But when you think about he's probably got 40 million in his bank account, does he really care if he ends his career with 60 million or 75 if it means the difference between starting for an NHL team, or a backup or god forbid AHL. Probably all this is swriling in his brain because he thought he was leaving. Like I said, emotional.

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04-03-2013, 03:10 PM
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Gillis just spoke to the media and just shot it down. Saying he was emotional but I bet you deep down he regrets giving that contract to Luongo.

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04-03-2013, 03:19 PM
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He also says' "Im human and sometimes it gets to you... my contract sucks... thats probably the reason Im still here". Sixty four million dollars "sucks"? What sucks is that the guy failed to deliver post season and lost his job as the starter as a result thereof. Had he shown, proven that he's a money player, the real deal when it mattered he'd either still be starting or there'd be a line-up around the corner to secure his services. Now he's not only weighed down with that contract but so too fighting age. Talk about a conundrum. For sure he's got gas left in the tank, and its entirely possible that with age will come the wisdom in learning how to deal with high pressure situations I suppose. But who wants to take that chance? Sort of like a pre-arranged marriage whereby the betrothed hope to fall in love as they get to know one another. Legally, I dont see how he gets out of this box. The clauses are pretty much clear, absolutely black & white. Its just such a shame, all that talent riding the pines, the Canuckleheads absolutely caught in a trap of their own making.

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04-03-2013, 03:19 PM
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Quote:
Originally Posted by AlexandreBurrows View Post
It is just an emotional statement. He is upset and speaking form his gut.

But when you think about he's probably got 40 million in his bank account, does he really care if he ends his career with 60 million or 75 if it means the difference between starting for an NHL team, or a backup or god forbid AHL. Probably all this is swriling in his brain because he thought he was leaving. Like I said, emotional.
Then why the heck he doesnt ask to renegociate his contract terms to ease his transfert?

I mean, everyone is talking about this for months now and Roberto did not know his contract was the problem?

I hope he is smarter then that. Sorry, I don't have much sympathy for him. Its sad.

He really is in a "golden jail". I'll exchange place with him anytime.

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04-03-2013, 03:21 PM
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Quote:
Originally Posted by QcBlizzard View Post
Then why the heck he doesnt ask to renegociate his contract terms to ease his transfert?

I mean, everyone is talking about this for months now and Roberto did not know his contract was the problem?

I hope he is smarter then that. Sorry, I don't have much sympathy for him. Its sad.

He really is in a "golden jail". I'll exchange place with him anytime.
No contract renegotiations under the NHL CBA. No take backs, so to speak.

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04-03-2013, 03:24 PM
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Originally Posted by garnetpalmetto View Post
No contract renegotiations under the NHL CBA. No take backs, so to speak.
If this is the case, its quite bizarre two parties who agree cannot change terms of a contract. Then he is stuck. Lesson learned I hope.

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04-03-2013, 03:34 PM
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Beezeral
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Originally Posted by QcBlizzard View Post
If this is the case, its quite bizarre two parties who agree cannot change terms of a contract. Then he is stuck. Lesson learned I hope.
maybe because it would open up Pandora's box to cap circumvention?

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04-03-2013, 03:43 PM
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Quote:
Originally Posted by QcBlizzard View Post
If this is the case, its quite bizarre two parties who agree cannot change terms of a contract. Then he is stuck. Lesson learned I hope.
Under the 2005 CBA this was the case and I don't see any note that it was repealed/changed in the 2013 CBA. In the old CBA:

Quote:
11.10 No Renegotiation. In no event shall a Club and a Player negotiate a change in any terms of a Player SPC for the then-current season or for any remaining season of an SPC. This provision shall not prohibit a Player and Club from negotiating an extension to an existing SPC in accordance with the terms of Section 50.5(f) hereof or from negotiating a new or reformed SPC or Offer Sheet in the limited context and time-frame expressly set forth in Section 11.6(a)(vi) above.
And for reference the "limited context and time-frame expressly set forth in Section 11.6(a)(vi)" wouldn't apply here:

Quote:
In the event a Club files a bona fide SPC or Offer Sheet within twenty-four (24) hours prior to an applicable signing deadline (e.g., a second June 1 for Unsigned Draft Choices or December 1 for Restricted Free Agents), and such SPC or Offer Sheet is rejected by the League pursuant to subsection (i) above, and, either: the NHLPA does not timely dispute and refer to the Arbitrator such rejection in the manner set forth in Section 11.5(g) above or, if challenged, the Arbitrator sustains such rejection, then effective upon: (x) the expiration of the NHLPA's time to dispute and refer to the Arbitrator such rejection in the manner set forth in Section 11.5(g) above, or (y) the Arbitrator sustaining such rejection as set forth in subsection (iii) above, as the case may be, such SPC or Offer Sheet, as the case may be, will be deemed null and void ab initio (i.e., the Player's Free Agency and/or contractual status shall revert to the status he held prior to signing his SPC or Offer Sheet), for a 48-hour period only thereafter, the Player and Club (or another Club, to the extent the Player is a Free Agent) may attempt to negotiate a new or reformed SPC or Offer Sheet, which must be filed with Central Registry within such 48-hour period.


Last edited by garnetpalmetto: 04-03-2013 at 03:53 PM. Reason: Edited for formatting of second quote from CBA
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04-03-2013, 03:46 PM
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Originally Posted by Beezeral View Post
maybe because it would open up Pandora's box to cap circumvention?
Ya, thats what Im thinkin. You'd have to get "creative" and I dont know that the NHL nor even the NHLPA would be sitting still for any Shenanigan's like that. Especially not when they involve Vancouver (history that way) and Gillis (more history).

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04-03-2013, 03:51 PM
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Quote:
Originally Posted by Beezeral View Post
maybe because it would open up Pandora's box to cap circumvention?
Yeah but as long as both parties need to agree, and you do know 99.9999999% of players will never agree to lower their conditions, I am not sure much surprises could come up.

The other option for him is to retire, lets say at least a year.

Funny situation where a player is propably overpaid for a never ending contract and not happy about it. Strange times.

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04-03-2013, 03:53 PM
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The Luongo deal honestly wasn't a bad deal when it was signed, though clearly it was cap circumvention in a wink, wink, nudge, nudge kind of way.

The new CBA has made the deal much worse though, because before he could just retire and the cap hit goes away, now it's much more complicated.

I don't think I've ever heard a pro athlete say he wants to scrap his big contract though, lol.

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04-03-2013, 04:15 PM
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Quote:
Originally Posted by QcBlizzard View Post
Yeah but as long as both parties need to agree, and you do know 99.9999999% of players will never agree to lower their conditions, I am not sure much surprises could come up.
Because then every team would be signing guys to long term contracts with a handshake agreement to mutually agree to cancel it once the guy has been paid his big dollars and is a declining player with a low actual salary and a high cap hit.

Now the player can go sign new contract for a decent amount of real money, and the former team just circumvented the cap.

Quote:
Originally Posted by QcBlizzard View Post
The other option for him is to retire, lets say at least a year.

Funny situation where a player is propably overpaid for a never ending contract and not happy about it. Strange times.
If a guy retires his contract doesnt go away. it gets put on pause in case he ever returns to the NHL

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04-03-2013, 04:27 PM
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His financial advisor would advise him not to do it, but if the player insisted, he would have to fail to report to work permanently. Then the team could lawfully void the contract. The player would then become an unrestricted free agent.

But he would likely never again get the kind of money he was guaranteed in the voided contract.

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