Canucks are in trouble, but not alone
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The Canucks are in a world of cap trouble.
They are far from alone, but in this case you can be sure that misery does not love company.
Largely due to the slump of the Canadian dollar, NHL revenues were challenged this past season. That affects the salary cap, which will be officially fixed later this month.
The cap was $69 million last season, but is in danger of staying nearly flat for the 201516 campaign. That would pose serious problems for a number of NHL clubs, including the Canucks. The Chicago Blackhawks, who have stars Jonathan Toews and Patrick Kane starting new deals with identical cap hits of $10.5 million, come to mind. But they have plenty of other company. The Canucks (according to NHLnumbers.com) are already close to the $66-million mark, with just 17 players signed for next season. And that’s not taking into account the $800,000 charge against their cap from the money the Canucks agreed to keep in the Roberto Luongo trade. That continues for seven more years.
A cap for next season of, let’s say, $70 million, leaves the Canucks with about $3 million to sign three defencemen and three forwards to get to the usual 23-player roster size. Considering the NHL’s minimum salary is scheduled to increase to $575,000 next season, you can see how the math isn’t pretty.
Of course, it’s nebulous and a trade — say, to move up in draft position — can change things in a hurry. But right now the Canucks are tight.
At issue currently with the league is where the “growth factor,” as it’s termed in the NHL’s collective bargaining agreement — or the “escalator,” as it’s commonly called — fits in. Typically, it’s a five-per-cent increase, but the players are not happy with the escrow payments that clawed back 15 per cent of their salaries last season.
Setting the escalator at less than five per cent would reduce the impact of escrow for next season. Of course, lowering the cap figure would also impact teams’ ability to spend on free agents and would be a drag on contracts in that market on July 1, so it’s complicated.
The league and the NHLPA must agree on the escalator figure. A five-per-cent escalator would yield a cap of about $71 million.
The issue was discussed by the players’ association board last week and, currently, player reps are canvassing teammates to determine the position of the membership.
As for the Canucks, they have some tough decisions to make and likely a significant salary to move to create some cap room. Re-signing winger Derek Dorsett and defenceman Luca Sbisa to generous deals starting next season has tightened things up even further. The free-agent market? Hard to see the Canucks in it unless some serious salary is moved.
Per the accompanying chart, they have to make a call on unrestricted free agent forwards Shawn Matthias and Brad Richardson. The former, rightfully, will try for a home run in free agency, so don’t expect him back. Richardson, 30, is coming off an injury-riddled season and the Canucks have just three centres signed, though RFA Linden Vey plays the middle and is expected to be re-signed.
On defence, there are five players signed and four more pending RFAs. All will be subject to waivers next season, so something has to give to get to the usual eight on the blue-line.
Both goaltenders Ryan Miller and Eddie Lack are signed for next season, while it’s expected that pending RFA Jacob Markstrom — who’s had an excellent season in the AHL — will be traded.