The Eleven Million Dollar Myth

I’m hearing the number $11 million being thrown around a lot recently. Apparently that’s the amount the Rangers have to sign their five RFAs: McDonagh, Stepan, Hagelin, Zuccarello, and Falk.

I suppose this is due to people taking CapGeek’s figure listed as cap space for the Rangers, $11,255,833, at face value, without further inspection. However, counting the Rangers’ RFAs, CapGeek includes 15 forwards and 8 defenseman in that figure.

It’s also not helping to have Larry Brooks promoting this boogeyman, suggesting that the Rangers three signings yesterday–for a total cap hit of $2.9 million–make them very susceptible to an offer sheet (a real laugh riot).

Here’s the math that they’re not doing:

If the Rangers demote 2 forwards to get down to a reasonable 13, presumably recently waived Arron Asham and Darroll Powe, they will not carry most of their cap hit. They would only be charged with the amount in excess of $925,000.

Salary Chart

Note: Powe’s charge should actually be $141,167

So $12.4 million is more accurate figure,and trust me, that $1.4M makes a world of difference. That’s carrying a full 23 man roster, which the Rangers could elect not to do if they need the space. Demoting Aaron Johnson would clear another $600,000; Taylor Pyatt another $925,000. And that’s also assuming the Rangers are carrying the dead cap space for both Asham and Powe. They could conceivably find a taker for their contracts if a cap floor team is willing to swap one for a similar fringe player on a one-way salary below the 925K threshold.

I guess what I’m trying to say is: breathe.

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