Ottawa Senators: Cap implications of Dion Phaneuf’s buyout
The Los Angeles Kings today announced the buy-out of defenceman Dion Phaneuf, in a move that affects the Ottawa Senators.
The Ottawa Senators traded Dion Phaneuf, along with Nate Thompson, to the Kings in February 2018 in exchange for Marian Gaborik and Nick Shore.
As part of the trade, the Senators agreed to retain 25% of Phaneuf’s hefty $7 million cap hit – totalling $1.75 million a year until 2021.
With the Canadian capital club needing to reach the cap floor this season, Phaneuf’s cap hit would’ve come in handy, but the buy-out does not see his cap hit completely disappear for the Senators.
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According to CapFriendly, Phaneuf will now count against the cap for four more seasons, though these will be at a significantly lower cost.
In the 2019/20 season, Phaneuf will cost the Ottawa Senators $729,167 in cap space – meaning that general manager Pierre Dorion will need to find another $1 million (roughly) in order to see the club reach the cap floor.
The following season, however, will see Phaneuf cost $1,354,167 in cap space while costing the club $354,167 in each of the following two seasons.
The Kings’ decision to buy-out Phaneuf’s contract will see the Senators save a total of $708,332 but also have to pay him over four more seasons.
Phaneuf was a solid veteran presence for the Ottawa Senators but saw his production drop off a cliff after moving to the West Coast.
His time in the Canadian capital coincided with the Senators’ most recent run to the Eastern Conference Finals, with the team just one goal away from reaching the Stanley Cup Finals in the 2016/17 season.
The 34-year-old left-handed blueliner could have some suitors in free agency, at the right price, and could still try to keep his NHL career alive.
The ninth overall selection in the 2003 NHL Entry Draft will earn good money over the next four years and no one would fault him if he decided to step away from the game.
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What do you think Sens fans? Are you surprised by Phaneuf’s buy-out? Do you have fond memories of his time in Ottawa? Let us know your thoughts in the comments below!