The Edmonton Oilers have cleared even more cap space. Duncan Keith has decided to retire, which will not only open cap space for the Oilers but also means a significant cap recapture penalty for the Chicago Blackhawks:
- 2022-23: $5.54MM
- 2023-24: $1.94MM
Cap recapture is a function of the CBA that penalizes teams for previously signing extremely front-loaded contracts. When Keith signed his 13-year, $72MM deal in 2009, the last few years included a very low salary in order to drop the overall average.
For instance, he would have only earned $1.5MM this season in actual salary. The Blackhawks then must repay the savings they received in the early part of the contract–Keith was earning $8MM per season at the start of the deal while carrying a cap hit of just $5.54MM.
On the other end of that coin, the Oilers should actually receive a cap credit, as they paid the elevated cap hit this season despite Keith only making $2.1MM. Unfortunately, that credit is apparently being removed by the NHL–though a grievance process is possible through the NHLPA. For now, they will only receive the benefit of clearing the $5.54MM cap hit off the books for 2022-23.
While the cap implications will cloud Keith’s retirement, nothing should overshadow the fact that one of the best players of his generation is calling it quits.
The 38-year-old played 1,256 regular season games, 151 playoff contests, and won three Stanley Cups with the Chicago Blackhawks. An elite two-way player, Keith racked up offensive numbers while also playing a quiet, effective defensive game.
During his 16 years with Chicago, he averaged nearly 25 minutes a night, won the Norris Trophy twice and the Conn Smythe in 2015. He sits 34th all-time in points from a defenseman, and 26th in games played.
When he is eligible, Keith will have a great case for Hall of Fame induction, as a player who was legitimately at (or at least near) the top of his position for a long stretch in his prime.
Photo courtesy of USA Today Sports Images
About time!
Wilf, your babbling has been extra amusing this week. Your ability to increase the quantity of of posts while continuing to yap aimlessly is to be admired.
Doesn’t Edmonton get a 5 million credit or is the nhl for sure nixing that
The cap credit for paying 2.1M for a 5.54M cap hit is being nixed. That’s why they had to pay to dump Kassian.
Bah god that’s Matt Murray’s music!
LMAO
The recapture penalty for CHI will be almost worse than if they had bought him out when the opportunity was there. And, while EDM will have a bit more cap space now (even more if Mike Smith goes on LTIR as they hope), they still can’t help the image that some players have when viewing the prospect of playing in Edmonton.
When Edmonton acquired Keith they sent Chicago a third round pick. A lot of people, including me, thought at the time that didn’t make sense. I’m guessing both sides knew at the time of the trade that this was a possibility. It makes more sense in retrospect.
@mattc68 – One of the big stinks about his acquisition from the EDM side was the lack of 50% retention, as if Ken Holland “owed” it to CHI to jam his own team’s cap as a bogus favor to the ‘Hawks or something. Sending a pick AND not demanding/getting retention infuriated fans to no end.
Makes the decision to trade DeBrincat and not offer Dylan Strome a QO make a lot more sense anyway.
It was Caleb Jones and a 3rd and no retention is why Oiler fans were so peaved.
@wreckage – Yep. It’s like Holland either felt he “owed” Bowman a favor, or forgot he was the one with the leverage, and not Bowman.
Is there any way Holland can blow this or are they going to now use this money to sign Kuemper and FINALLY get a goalie who doesn’t doom McDavid to irrelevance?
@forwhomjoshbelltolled – Kuemper would be a marginal upgrade on Mike Smith, but the Avs’ D-core covered his many warts. EDM’s D is far inferior, especially with Barrie back there. If Kuemper signs there, it might look like a continuation of the previous mediocrity in goal.
Smith isn’t that bad…everyone craps on him but he’s still a solid D
Mac is right. The team D is dreadful and the actual d players are too
Did Arizona cover his warts, too? He’s a good goalie. And he’s not 40.
He’s good enough for the Oilers to win if they fill their other holes.
The other goalies available are not good enough even if they do fill those holes.
3 cups + 2 Norris + 1 Conn Smythe = 1st ballot
Absolutely a first ballot HOF’er. Thanks for the memories Duncan, Best of Luck.
Does this cap penalty count towards the salary cap bottom limit?
Yes. It’s still a cap hit.
Great career! Happy retirement! Next stop hall of fame