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Buying Out Wade Redden

With the Rangers in dire salary cap straits, the need to alleviate pressure on the cap grows everyday. The biggest cry amongst fans has been to buyout Wade Redden, who’s $6.5 million cap hit for the next four seasons is, to put it mildly, atrocious. The thought of buying out Redden is appealing, until you see what it would cost to buy him out. Per CapGeek, it is pricey, and lengthy:

Season Salary Buyout Savings Buyout Cap Hit
2010-2011 $6,500,000 $1,916,667 $4,583,333 $1,916,667
2011-2012 $6,500,000 $1,916,667 $4,583,333 $1,916,667
2012-2013 $6,500,000 $1,916,667 $3,083,333 $3,416,667
2013-2014 $6,500,000 $1,916,667 $3,083,333 $3,416,667
2014-2015 $0 $1,916,667 $-1,916,667 $1,916,667
2015-2016 $0 $1,916,667 $-1,916,667 $1,916,667
2016-2017 $0 $1,916,667 $-1,916,667 $1,916,667
2017-2018 $0 $1,916,667 $-1,916,667 $1,916,667

So if the Rangers were to buyout Redden, they would be paying him until the end of the 2017-2018 season. That’s a full eight seasons of Wade Redden, as opposed to the four remaining. The buyout of Redden may not seem like much, but paying $2 million for someone that’s not on the team for the next eight years isn’t exactly ideal. Also, because of the structure of Redden’s contract, that $2 million becomes $3.4 million for two seasons.

From a business standpoint and from a hockey operations standpoint, buying out Redden simply does not work because it is just too expensive. The only option that makes sense from a hockey operations sense is to demote Redden, but that is unlikely to happen due to varying reasons, especially when there may have been pressure to play him. The Rangers desperately need salary cap space, but it looks like it may have to come from another method.

5 Responses to “Buying Out Wade Redden”

  1. Greg Ballentine says:

    The solution if Wade Redden is to be jetisoned is to send him to the minors. Rangers still pay him his full salary and it does not count against the salary cap at all. A team like the Rangers could easily afford to well exceed the salary cap – so they have the money to do this.

    • Dave says:

      When Cablevision was the parent company for the Rangers, this would have gone without saying. However, now that MSG has been spun off (due to the MSG entities dragging down Cable’s stock price), it really isn’t a guarantee that MSG Inc can afford to do that.

  2. Jurgenno88 says:

    there is also the fact that the cap is apparently rising by 2m. if that is indeed true then that can be the cap hit for Redden, at least short term?!

  3. Mikeyyyy says:

    If sending him down is the only option. The real question is would Bother team pluck him off waivers for 3.25m per. I would. He is a serviceable 2nd pair defender. Can’t we trade him to a khl team?

  4. Dave says:

    That’s the risk of sending him down, if injuries happen, then the Rangers could lose him on re-entry waivers and still have to pay him against the cap.