Larry Brooks at the New York Post reports that the Rangers have given Wade Redden permission to speak with other NHL teams about a possible trade.
Under the new CBA, teams can retain some (up to 50%) of the player's salary/cap they are trading. Brooks thinks this might be an option the Rangers use to entice a team into a trade for Redden, who has another year left on his contract worth $6.5 million per. Brooks says the Rangers would only want to retain remaining salary/cap for this season, however, the new CBA says they'd have to retain it for the entire contract (end of 2013-14 season).
So if they trade Redden and maintain half his salary, the cap hit for the next two years would be just $3.25 million per.
If the Rangers decide to hold on to Redden, they would incur a cap hit of $6.5 million this season, but could buy him out for $3.335 million this summer and not have a cap hit next year.
This year's cap ceiling of $70.2 million falls to $64.3 million next season.
...so if Redden is able to find a team that would be willing to trade for him, but only if the Rangers would retain some of his salary, Sather would have an interesting decision to make. Would he rather trade Redden and retain half his cap hit for two years or keep him and his $6.5 million cap hit this season only to buy him out over the summer? With the cap decreasing so significantly next season I'd go with keeping him on moth balls this year and dumping his ass in the offseason.
So what happens if he say slips on some ice getting into a cab and breaks his ankle. Would he not then be ineligible for a buy-out as well, even though it didn't happen on the ice rink? Trading him is intriguing, especially given Sather's record and Gordie's draft prowess. Tough call.
Are you guys nuts? Trade him!!
If they keep him they have to pay him $6.5 PLUS next years buyout. If they trade him then they only pay $6.5 total and get something back in return.
I'm with you - sit him for the rest of the season, or find a partner to make a deal with that may want him enough so that the NYR would take the 50% cap hit this year, but the new team would be on the hook for 100% next year. Then, that team could use one of its buyouts to dump him, and everyone is happy - Redden gets his money, and nobody takes any cap hit...of course, the NYR would need to find someone desperate enough that it needs a Redden, or friendly enough that it is willing to help out the NYR, maybe for something in return down the road...don't forget, any team that takes him at 50% for this year is only on the hook for the prorated salary - a little less than $2 million, and Redden's contract may be a commodity for a team looking to get up to the cap floor...
@gravey94 wait a second - I just checked some facts...first, a player that is bought out is only entitled to a portion of the salary (1/3 if 26 or under, 2/3 if older); also, from what I see, only players on LTIR cannot be bought out...so, if the major concern is cap space, there is cap relief for players on LTIR, so I'm not sure where the problem lies...maybe I'm missing something.
@Beckfan5 paying him is not the issue, its the cap hit, especially next year, that is the problem...do you honestly think there are any teams that are willing to take Redden, pay his salary, absorb the cap hit, AND give NYR something in return? The only way I see they can trade him is to absorb as much of his salary (and cap hit) as possible this year (50%), and send him with $6.5 million (next year's salary/buyout) to a team that will use their buyout on him at season's end...and the only way that happens is if the trade partner will, if necessary, use his salary to get them to the cap floor next year in case he gets hurt this year and cannot be bought out. Know of anyone?
@Beckfan5 Yeah, but they'll have a cap hit next year if they trade him and retain his salary. Nothing next year if they buy him out.