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Dennis Seidenberg

Dennis Seidenberg Signs With New York Islanders

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5:40pm:  The Islanders have officially announced the deal.


12:03pm: TSN’s Darren Dreger is reporting Team Europe defenseman Dennis Seidenberg will join the New York Islanders on a one-year contract after the conclusion of the World Cup. The deal, expected to come in at exactly $1MM, is a far cry from the four-year, $16MM deal he was just bought out of in June.  Boston deemed him expendable after multiple sub-par seasons, and instead re-signed John-Michael Liles and Joe Morrow to fill out their blueline. Dennis Seidenberg

Dreger believes there were seven teams, including the Ottawa Senators, interested in the German defenseman, however they wanted to wait until the conclusion of the World Cup to sign him. They’ve missed their chance now, as the Islanders are set to snatch him up and try to regain some of his early-career play.

Now 35, Seidenberg was once considered an excellent shutdown defender capable of contributing 20-25 points per season. A veteran of 758 career games, he’ll be joining his sixth NHL club and look to make it back to the playoffs with the Isles. After a wild series with the Florida Panthers which featured less than steller defensive play, perhaps Seidenberg can add some consistency to a back-end led by high-flying Nick Leddy.

For $1MM Seidenberg is worth the gamble – just like fellow veteran defenseman Kyle Quincey signed today. The Islanders can now surround their young back-end with a once dependable veteran who has a ton of playoff experience.

Senators Still In Talks With Several Free Agents

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While Senators GM Pierre Dorion is pleased with the look of his team, he is still in talks with several unrestricted free agents, including both forwards and defensemen, writes Bruce Garrioch of the Ottawa Sun.  It has been speculated during the summer that Ottawa would likely be looking to add to their blueline depth; Dorion had the following to say about their defense corps heading into camp:

“On the back end, I’d like it to be a healthy competition for roster spots so either we’re still looking at bring someone on a PTO or, at this point in time, maybe something more depending on what players are looking for.”

Among the defensemen still available, Garrioch reports that the Sens have ‘kicked tires’ on both Kris Russell and Dennis Seidenberg.  At this stage, neither of them are interested in a tryout deal so for them to land one, they’d have to offer up a guaranteed contract.

[Related: Senators Depth Chart]

When asked about bringing in someone else via the trade route, Dorion wasn’t as optimistic that they’d get something done through that avenue:

“I can’t see us making any trades between now and training camp and even through camp. We owe it to a lot of the players that have trained hard to get ready as best as they can for camp so I can’t see us making any types of deals.

The Senators made one of the more notable trades of the offseason back in July, dealing Mika Zibanejad to the Rangers as part of a trade that yielded Derick Brassard in return.  Ottawa is also hopeful that Clarke MacArthur will be able to return to action after missing all but four games with concussion trouble.  Dorion noted that the team is still looking at adding a veteran up front into the mix for training camp:

“Depth forward, maybe somebody who has played games in the NHL, maybe someone looking for a PTO … That’s more the route we’re going to go as we’ve seen a lot of teams are doing lately.”

From the salary cap perspective, Ottawa has plenty of room to work with as they have just shy of $6MM according to Cap Friendly.  However, the Senators have been more of a budget team than a cap spender in recent years so it’s possible that their actual budgetary space is lower than that.

Free Agent Notes: Russell, Seidenberg, Trouba, Gionta

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Eight teams remain in the hunt for unrestricted free agent defenseman Kris Russell, reports TSN’s Frank Seravalli. Russell’s agent, Allain Roy, noted that a deal is likely to be reached by the conclusion of the World Cup (which runs as late as October 1st).  However, by that point of the preseason, most teams will have played more than half of their exhibition schedule so there may be a push by teams to get an answer before too long.

Among the teams reportedly interested is Russell’s former employer, the Calgary Flames.  He played in 51 games with Calgary last season before being dealt to Dallas in a trade deadline deal.  Seravalli noted that for them to be able to bring him back, they would need to find a taker for fellow blueliner Dennis Wideman.  He has one year left on his contract with a $5.25MM cap hit and a full no-move clause so finding a trade for him may be easier said than done.  Seravalli also believes that some teams may be waiting to see what happens with Anaheim and if they move a defenseman once a deal with RFA Hampus Lindholm gets done.

More free agent notes:

  • Also from Seravalli, a few teams are taking a close look at defenseman Dennis Seidenberg during the World Cup of Hockey (he’s playing for Team Europe). The 35 year old was bought out by Boston earlier this offseason.  However, at this time, Seidenberg doesn’t appear to be interested in going to training camp on a PTO like many other veterans without a deal will be doing.
  • There is little to update in the Jacob Trouba negotiations, writes Ken Wiebe of the Winnipeg Sun, who equates the current state of talks to a staring contest with each side waiting for the other to blink. It’s believed that Trouba is seeking a long-term, big money deal while by-passing the bridge contract but with three other blueliners making $5.5MM or more for at least the next two seasons, the Jets may not want to put Trouba into that pay range just yet.  Earlier this offseason, we took a closer look at Trouba’s situation and some of the questions that will be a factor in their discussions.
  • The Islanders announced that they have officially inked with UFA forward Stephen Gionta. The 32 year old has spent parts of the last six seasons with New Jersey and played in all 82 games last year for the first time in his career, collecting 11 points.  You can keep track of which players have already inked tryout deals with our Invite Tracker.

The Signing Bonus: Rise Of The Buyout-Proof Contract

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The life of an NHL agent is tough. As the league continues to tweak (or totally overhaul) their CBA each few seasons, changing contract regulations and offering teams different ways of structuring deals, agents are always trying to find ways to circumvent them and get the best offers for their clients.

With teams becoming more and more willing to use buyouts to rid themselves of the horrible contracts that they sign on July 1st – famously a day of simultaneous excitement and regret – agents around the league needed to find a way to protect their clients from losing out on a third (or sometimes two-thirds) of the salary the sides agreed on.

The most recent buyout window, which lasted from June 15th to 30th, saw a dozen NHL players bought out, including household names like Thomas Vanek and Dennis Seidenberg. While some fans may see this as an opportunity for a player to earn two contracts at the same time – Vanek was signed on by Detroit for $2.6MM on July 1st, more than the $1.5MM he surrendered in his buyout – most take it as a personal slight, an indictment of their play or character. Regardless, agents continue to try and secure guarantees for their clients, instead of leaving the power in the hands of the league’s general managers.

Enter the signing bonus, this summer’s contract-du-jour. All across the league, big name free agents have inked deals that will see them paid almost entirely in signing bonuses, with very little actual salary being given out each season.  Take Loui Eriksson for instance:

2016-17 – Salary: $1MM, Bonus: $7MM
2017-18 – Salary: $1MM, Bonus: $7MM
2018-19 – Salary: $1MM, Bonus: $6MM
2019-20 – Salary: $1MM, Bonus: $4MM
2020-21 – Salary: $1MM, Bonus: $3MM
2021-22 – Salary: $3MM, Bonus: $1MM

While Eriksson’s cap-hit sits at $6MM per year, he’ll make more than that in bonuses alone each of the next three seasons. There are a couple of reasons why this would benefit the player.

For one, everyone loves getting a big check rather than a weekly salary – who would turn down a piece of paper with six zeros?  As any economist will tell you, money in hand is worth more than money promised to come, and just as teams in other sports are deferring payments for this reason long into the future, having money up front is actually more valuable for the player in question.

It’s in the buyout rules that the contract really holds value though, as – hinted at by the title – these contracts are basically buyout-proof.  Under the current CBA, buyouts are calculated by taking two-thirds of the remaining salary owed, not including signing bonuses, and spreading it out over twice the remaining contract length. The new cap hit is determined by subtracting the savings from the average annual value of the deal which includes signing bonuses.

This means that if the Canucks were to want to buy out Eriksson after say, the third year of his new deal, they’ll only be saving $333K of cap hit in 2020-21, an insignificant portion of the $6MM number. That last season of $3MM is a bit better for the Canucks (they would save $2MM of his cap hit), but structuring it this way almost guarantees that Eriksson will collect at least $35MM of his deal – more than 97%. It’s just not worth it to buy him out any sooner than his final year.

Andrew Ladd, Milan Lucic, Kyle Okposo all signed deals heavily impacted by signing bonuses, protecting them against a buyout through all but the very end of their agreements.  Even Matt Martin, a career fourth liner secured a $10MM deal that is 65% bonus.  He’ll only be collecting $750K in salary in years three and four of the deal.

While this doesn’t necessarily mean trouble for clubs around the league, you can bet the owners and NHLPA will take a look at it when negotiations begin on the new CBA.  The current agreement expires in 2022, though the two sides have the option to end it a year earlier.

Just as the league has used cap recapture and contract limits to close loopholes in the past, be sure that if they want to continue to have the option to buyout bad contracts they’ll remove this option from the equation.  Creating a rule that would make signing bonuses only be able to hit a certain percentage of each season’s salary would be the easy fix, but expect push-back from the NHLPA.

Even if they do end up closing it, agents will work on another way to get their clients the best possible guarantee; they always seem to be one step ahead of the league.

Free Agency Snapshots: Best Remaining Players

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As of 11:30pm, Jason Demers signed a five-year deal with Florida. This article was written prior to that contract being signed. 

A variety of analysts weighed in on who they thought the best remaining free agents were on the unrestricted free agent market. USA Today’s Kevin Allen writes that defensemen Jason Demers, Kyle Quincey, Kris Russell, James Wisniewski and Justin Schultz are all names that should find a new (or possibly the same) home. Allen still believes that Demers was the best free agent defenseman on the market, but that his reported $5MM pricetag may be scaring teams away. Allen also lists forwards Jiri Hudler, Sam Gagner, P.A. Parenteau, and Matt Cullen as other intriguing options. Allen believes that although Hudler has shown a goal scoring knack, his age (32) may be a factor in his inability to land a deal.

  • NHL.com listed their best of the rest, with many mirroring Allen’s list. However, they listed Patrik Elias, Tomas Fleischmann, Roman Polak, Brad Richards, Luke Schenn, Alex Tanguay, and Radim Vrbata as other options. Most intriguing was the inclusion of Elias, who at 40 years of age, is still looking to play. Though they listed Coyotes captain Shane Doan, it was speculated yesterday that he would be returning to the desert, and that a contract was close.
  • Sportsnet’s Luke Fox also had a similar list to the aforementioned,  though he added Brandon Pirri, and Dennis Seidenberg as two additional options. On Pirri, Fox believes that his 29 points along with his young age (25) makes him a smart addition. Fox calls Seidenberg a dependable stay at home defenseman, but one that won’t “wow” any potential suitors.
  • Finally, Greg Wyshynski writes that any team who signs Russell is making a puzzling acquisition. Wyshynski wonders if Russell could get $5MM for blocking shots–and not much more. Last season, Russell had 19 points (4-15) in 62 games with Calgary and Dallas.

Atlantic Notes: Red Wings, Lightning, Bruins

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The Detroit Red Wings are apparently talking more with Darren Helm after many analysts figured his time in Detroit was up. This all changed after Steven Stamkos was locked up in an eight-year deal with the Lightning. Craig Custance tweets that both Helm and the Wings will talk until tomorrow when he becomes an unrestricted free agent. An afterthought after Drew Miller signed a one-year extension, Helm could fill a need at center now that Stamkos is off the market, though it will not be the type of production Stamkos would have generated. Helm, 29, has spent his entire career with the Red Wings.

Nick Cotsonika wonders where the Red Wings go from here after not even getting a chance to talk with Stamkos. Cotsonika reports that Stamkos would have been the first bona-fide superstar signing for Detroit in quite some time, and that a quarter-century of success has its drawbacks in terms of not drafting generational talent due to having lower draft picks. The Red Wings, Cotsonika writes, will have to be deft at not only acquiring the right free agent, but outbidding other teams without overpaying.

Other Central Division notes:

  • Speaking of Stamkos, Kevin McGran writes how the 25-year-old never intended to leave Tampa in the first place. Though he had the chance to be a “hometown hero,” Stamkos opted to stay with the Lightning where the opportunity to win a Cup remains very strong. McGran reports that not only did Stamkos sign for a very cap friendly $8.5MM, he did so knowing it was about $3MM less than what he could have received on the open market.
  • DJ Bean reports that the Bruins would have preferred to trade Dennis Seidenberg instead of buying out his contract. Bean writes that a source told him that general manager Don Sweeney never approached Seidenberg with a trade scenario. Seidenberg’s contract included a no trade clause until December. Bean surmises that this either meant no one was interested in taking Seidenberg’s contract or if willing to take it, they would have expected a return similar to the Blackhawks Bryan Bickell trade that included Teuvo Teravainen.

Thursday Buyout Waivers: Boll, Korpikoski, Carle, Seidenberg, Greene, Jackman

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Today is the last day to place players on waivers for the purposes of buying out their contract in advance of Friday’s free agency period.  Here are the players that are on the waiver wire.

Jared Boll (Columbus) – The Blue Jackets announced that they will buy out the final year of his deal.  The enforcer played in just 30 games last year, picking up a goal and two assists with 61 PIMS.  The buyout will carry a cap charge of $567K in each of the next two seasons.

Elliotte Friedman of Sportsnet reports that Lauri Korpikoski, Matt Carle, Dennis Seidenberg, Matt Greene, and Barret Jackman are also all on buyout waivers.

Korpikoski (Edmonton) played in 71 games with the Oilers last season – his first with the team – collecting 10 goals and 12 assists.  The 29 year old has 181 career points in 540 NHL games, split between the Rangers, Coyotes, and Oilers.  Edmonton will carry a cap hit of $500K in 2016-17 and $1MM in 2017-18 as a result of the buyout.

Carle (Tampa Bay) is by far the biggest of the buyouts.  He collected just 9 points in 64 games last year despite collecting a $5.5MM salary.  He has 45 goals and 237 assists in 724 career games between San Jose, Philadelphia, and Tampa.  The Lightning will be charged with a cap hit of $1.833M for the next four years.

Seidenberg (Boston) has spent the last four years with the Bruins.  In 2015-16, he played in 61 games, picking up a goal and 11 helpers.  In 758 games split between the Flyers, Coyotes, Hurricanes, Panthers, and Bruins, he has 224 career points.  Boston will carry a cap hit of $1.167M in 2016-17, 2018-19, and 2019-20 as well as a $2.167MM cap charge in 2017-18.

Greene (Los Angeles) played in just three games with the Kings and missed the rest of the year with shoulder problems.  He has played in 589 career games with Edmonton and LA, picking up 78 points and 644 PIMS.  The Kings will have a cap charge of $833K for each of the next 4 years.

Update: Pierre LeBrun of TSN/ESPN reports that Greene’s waiving may not result in a buyout after all.

Jackman (Nashville) played his first season with the Preds last year after spending parts of 13 seasons with St. Louis.  Last year, he had a goal and four assists in 73 games while playing a smaller role as the season progressed.  In his career, he has 186 points and 1,102 PIMS in 876 games.  The Predators will be charged with a cap hit of $667K for each of the next two seasons.

Players that have a no-move clause in their contracts do not have to go through the waiver process to be bought out.  The deadline for those moves to happen is 4:00 PM CST.

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