According to reports (if I recall correctly the NY Post was among them) the Rangers will get approximately 4.18 million against their cap, while the remainder will not show on either the Rangers or Capitals. It will however be part of the number used to determine league wide payroll for the purposes of the 54% calculation.
Yeah - We only have to pay about $4.1-$4.4 million ... which is why all this rebuilding talk is nonsense. We have an extra several million dollars to play around with. Front load a very good players contract (6 and 2 instead of 4 and 4), so that we can spend the extra Jagr money while still being in very good shape w. next years payroll.