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Old 07-30-2019, 10:12 AM
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Default Callahan traded for Condon

Interesting

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The Ottawa Senators acquired forward Ryan Callahan and a fifth-round pick in 2020 from the Tampa Bay Lightning on Tuesday for goaltender Mike Condon and a 2020 sixth-round pick. Callahan announced earlier this off-season he will not play again due to a back condition.
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Old 07-30-2019, 10:47 AM
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https://www.sportsnet.ca/hockey/nhl/...g-mike-condon/

goalie focus all off season. How much bankroll are we gonna accumulate for Point?
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Old 07-30-2019, 11:09 AM
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Question for those who know more than me:
Was it necessary to trade Callahan to get his cap hit off the books prior to the beginning of the season?

I understand that under the LTIR rules, at the beginning of the season, our cap goes up by the amount of Callahan's contract. However, prior to the beginning of the season, he was still counting against the cap, which is why CapFriendly had us at like 5M in space. Now we are at 10M. Figure trading Domingue will get us the rest of the way to re-sign Point and Erne. I guess what I'm getting at, is could we have signed Point and Erne, and gone over the cap prior to the beginning of the season when Callahan's LTIR kicked in?

As far as the goalie situation goes, Condon provides a nice upgrade to Syracuse as far as I understand it, and will provide a better emergency option than Pasquale did last year.
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Old 07-30-2019, 11:15 AM
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Quote:
Originally Posted by dannybolt View Post
I guess what I'm getting at, is could we have signed Point and Erne, and gone over the cap prior to the beginning of the season when Callahan's LTIR kicked in?
I think there is a date somewhere near the beginning of the season where everyone has to be underneath the salary cap. Officially getting Callahan off the books means they can sign Point and Erne sooner than they could have if he was still here.

Granted I don’t understand why Ottawa would trade for dead money instead of someone who can actually play hockey, but that’s a whole other issue.
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Old 07-30-2019, 11:22 AM
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insurance makes Ottawa stay a tight was as expected

https://www.rawcharge.com/2019/7/30/...-ryan-callahan
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Old 07-30-2019, 11:35 AM
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Y'know another facet to this deal is why would Callahan waive to accept this trade? I suppose it's possible that he knows he is getting paid either way, and this inadvertantly helps his buddies on his old team, but I would think this would have a real cash cost to him. Besides the administrative headache of being a US person getting paid by a Canadian organization (two tax returns, etc); that will all get covered by Ottawa I would think.

However, I would think his taxes are going to go up considerably. While his individual rate might not move much, he will have provincial taxes, and higher social security taxes. It wouldn't surprise me if it costs him more than 100K in additional taxes this year (just a guess, I haven't modeled it out or anything). I wonder if part of this was TBL telling him he has a job in the organization once his LTIR is up. I wouldn't be surprised.
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Old 07-30-2019, 11:53 AM
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More than enough to sign Point and Ernie. CapFriendly now has us just over $11,000,000 in cap space.

Very good move.
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Old 07-30-2019, 12:40 PM
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Quote:
Originally Posted by dannybolt View Post
Y'know another facet to this deal is why would Callahan waive to accept this trade? I suppose it's possible that he knows he is getting paid either way, and this inadvertantly helps his buddies on his old team, but I would think this would have a real cash cost to him. Besides the administrative headache of being a US person getting paid by a Canadian organization (two tax returns, etc); that will all get covered by Ottawa I would think.

However, I would think his taxes are going to go up considerably. While his individual rate might not move much, he will have provincial taxes, and higher social security taxes. It wouldn't surprise me if it costs him more than 100K in additional taxes this year (just a guess, I haven't modeled it out or anything). I wonder if part of this was TBL telling him he has a job in the organization once his LTIR is up. I wouldn't be surprised.
Heís an Upstate NY guy. What jobs do the Lightning have in Upstate NY that might be of interest to a recently retired player? Seems pretty obvious to me what was offered, but I could be wrong.
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Last edited by pete; 07-30-2019 at 08:03 PM.
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Old 07-30-2019, 01:56 PM
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Quote:
Originally Posted by dannybolt View Post
Question for those who know more than me:
Was it necessary to trade Callahan to get his cap hit off the books prior to the beginning of the season?

I understand that under the LTIR rules, at the beginning of the season, our cap goes up by the amount of Callahan's contract. However, prior to the beginning of the season, he was still counting against the cap, which is why CapFriendly had us at like 5M in space. Now we are at 10M. Figure trading Domingue will get us the rest of the way to re-sign Point and Erne. I guess what I'm getting at, is could we have signed Point and Erne, and gone over the cap prior to the beginning of the season when Callahan's LTIR kicked in?

As far as the goalie situation goes, Condon provides a nice upgrade to Syracuse as far as I understand it, and will provide a better emergency option than Pasquale did last year.
Iíve posted the LTIR rules elsewhere when the Callahan injury surfaced. Iíll see if I can find them again.

As I understand it, you only get cap relief for the amount that the player puts you over the cap. So if the team has $80 million in salary excluding Callahan ($5.8 million cap hit), the team would get $4.3 in cap relief. $80 + $5.8 - $81.5 = $4.3.

For Ottawa, it is a cash dump. The amount that they would have paid Condon was $3 million. Callahan will only cost them around a million.

Once again, Jeff Vinik. He agreed to pay an extra $2 million out of his pocket for cap relief. He could have kept Callahan and pocketed the insurance like Ottawa is doing. But he didnít.
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Old 07-30-2019, 02:02 PM
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Quote:
Originally Posted by WaiverWire View Post
More than enough to sign Point and Ernie. CapFriendly now has us just over $11,000,000 in cap space.

Very good move.
As I posted above, itís only a good move because Jeff Vinik is willing to pay $2 million out of his pocket to make the team better. Not many owners would be willing to do this.

I hope the financial aspect of this deal is appreciated by the fans.
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