Kings waive Mike Richards, plan to buy him out
The Kings placed Mike Richards on waivers in order to buy out his contract. (USATSI)
The Los Angeles Kings have waived veteran forward Mike Richards for the purpose of buying out the remainder of his 12-year, $69 million contract, according to multiple reports. The Kings will be on the hook for two-thirds of the remaining $22 million of the deal until 2024-25. Over that same span, a portion of Richards’ contract will remain on the Kings’ salary cap.
As important as it was for L.A. to get rid of Richards’ $5.75 million cap hit, this is a particularly painful day for the Kings.
GM Dean Lombardi could have used a compliance buyout on the veteran center last season after it had become clear he wasn’t going to be able to live up to the contract which he signed while still with the Philadelphia Flyers. It would have scrubbed Richards’ cap hit from the team entirely. Instead, Lombardi was swayed into keeping Richards around, perhaps still basking in the glow of the 2014 Stanley Cup win. Now they’re saddled with dead cap space for the next 10 seasons.
Via GeneralFanager.com, here is what the Kings are looking at over the next 10 years as part of Richards’ buyout in terms of cap hit:
2015-16: $1,216,666
2016-17: $1,716,666
2017-18: $2,716,666
2018-19: $4,216,666
2019-20: $4,216,666
2020-25: $1,466,666
Years three and four of that buyout are going to be especially painful considering the club still has to get Anze Kopitar signed to a long-term extension and will constantly be fighting the cap to retain their star players.
This is an unfortunate, but important lesson in when emotions get in the way of the cold, hard realities of the salary cap. This all could have been avoided with one compliance buyout.
The risk Lombardi took on in allowing Richards the chance to prove himself is going to have a long-term negative impact on ownership who has to foot the bill and Lombardi himself who will have to navigate a cap hit for a player that they’re paying not to play for them.
Richards had 16 points in 53 games last season and even spent time in the American Hockey League last season after being waived by the Kings.
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