End of an Era

It's official: Henrik Lundqvist has been bought out by the New York Rangers. An era has come to an end. 

15 seasons, 459 regular-season wins (6th all time), 61 postseason wins and one Vezina trophy. Had it not been for his acrobatics in the 2014 playoffs, the Rangers would never have made it out of the first round, let alone all the way to the finals.

An argument can be made that, apart from Mark Messier, Lundqvist is the most valuable player ever to wear the uniform. And given how many good players the Blueshirts have had in their proud history, that's quite a statement.

But as valuable and great as the King has been, it was time to turn the page. It was obvious that no team was going to trade for a 38 year-old goaltender, especially one with a $8.5 million cap hit - $4.25 with a 50/50 split - so the Rangers did what they had to do.

And now this team - officially the youngest in the NHL with the trade of Marc Staal to the Detroit Red Wings - has $23 million of available cap space with which to sign their four restricted free agents and maybe even their one unrestricted free agent, assuming GM Jeff Gorton and Jesper Fast can agree on a contract. In short, the Rangers, with the addition of first-round pick Alexis Lafreniere, will field a considerably deeper team next season than the one that was dispatched in three straight by Carolina.

This is a sad day, a bittersweet day, in New York Rangers history. A legend is gone. But it was a day that was a long time coming. Lundqvist was the oldest player from the team that went to two conference finals and one cup final. It never did drink from the Stanley Cup. Hopefully, Gorton and team president John Davidson will assemble a team that can close the deal and capture the championship that alluded its predecessor. 

 

Rangers Can't Afford To Get Sentimental Over Lundqvist

Face it, growing old sucks. Trust me, I know. I'm 59 going on 80. And that's on a good day. I can't imagine what it must feel like to be an athlete and to grow old. The window for a professional athlete is extremely small. Most don't survive for more than a decade without serious decline setting in.

For the better part of 15 years, Henrik Lundqvist has been an elite goaltender who was almost single-handedly responsible for the Rangers advancing to the Stanley Cup finals in 2014. And if his team had managed to protect multiple two-goal leads in games one and two against the Los Angeles Kings, it is quite likely that the Blueshirts would've captured the Cup that year and the King, as he has come to be affectional called, would've been awarded the Conn-Smyth trophy.

Alas, that wasn't the case. The Rangers blew those two-goal leads and with it the series, losing in five. The following year (2014-15) the team won the President's trophy only to lose to the Tampa Bay Lightning in the conference finals. From there, it's been all downhill. Back-to-back early exits in the first and second rounds respectively, followed by a two-year hiatus from the playoffs altogether.

All that brings us to this past season. A young coach and a very young team with an aging goalie, who looks more like a backup than a perineal Vezina trophy winner. Were Lundqvist making what most backups make, he'd be a steal. But with a salary cap hit of $8.5 million, he's a luxury this team can no longer afford.

In an earlier piece, I wrote that the Rangers had approximately $13 million available cap space with which to sign their RFAs and UFAs. In actuality, it's $14 million, so they shouldn't have all that much difficulty, right?

Wrong.

Turns out I neglected to factor in all those ELCs that the team is carrying. What is an ELC, you ask? That would be an entry level contract, and the Rangers have a boat load of them. While on the surface, it may seem as though players on entry level deals are quite cheap insofar as the cap is concerned, if you look under the hood, they're not quite as cheap as you might suspect.

That's because virtually all ELCs carry what's called a performance bonus that if a player hits, entitles him to additional money. And that additional money, as you might expect, gets added to the cap. According to Capfriendly, the Rangers would need to set aside roughy $7 million in cap space if all their ELCs were to hit their bonus levels.

How likely is that to happen? Let's put it this way, would you want to take a chance that Igor Shesterkin wins the Vezina and Kaapo Kakko scores something like 80 points and have to pay out more than $5 million in bonuses between them, only to find out you don't have enough cap room and are now relying on the benevolence of Gary Bettman to avoid what will almost assuredly be a substantial penalty? I sure as shit wouldn't.

So, long story short, that $14 million is now, for all intents and purposes, $7 million, which barely covers the cost of re-signing Ryan Strome and Brendan Lemieux. The former is an absolute must. There's no way this team can afford to go into next season without a number two center, not unless you think Filip Chytil is ready to assume those duties. And from what we saw last season, that would be an enormous risk, one that the franchise would be reckless to take. You don't commit $11 million a year to arguably the best left wing in the NHL in Artemi Panarin and not have a legitimate center to feed him the puck. Strome and Panarin were - to coin a phrase from the movie Forrest Gump - peas and carrots. You don't split that pair up unless you're pretty damn sure you have someone in the wings who can step right in and assume the role.

So let's say Strome agrees to a two-year bridge deal for $5 million a year, and Lemieux re-signs for, say, $2 million. Now what? You're at your cap limit, and you still have at least two players left to sign. Without shedding some salary, you're basically rolling the dice hoping your young players under perform. But what would be the point of that? Either these last three years have been worth it or they haven't. The truth is nothing would accelerate this rebuild more than to see Kakko have a breakout season alongside Mika Zibanejad and Chris Kreider.

And let's not forget, there will be one pretty substantial young player joining the team next season: Alexis Lafreniere, the overall number one pick. And unless the scouting reports on this kid are severely off, he will likely hit his performance bonus with room to spare, meaning the Rangers would need to set aside at least $2 million for him, not the standard $925,000.

You can see where this is going. If it sucks getting old, imagine what it must be like being the GM of the second youngest team in the league with a lot of holes to fill and not enough available cap space to fill them.

That's why it is imperative that the Rangers buy out Lundqvist's contract. Sure it adds more dead cap space to an already mountainous total, but Gorton has no other choice. He needs the $3 million in cap relief to help him fill out his roster, and even then, he'll have to get creative.

This is the part of the game nobody likes. A player who has given everything he can for an organization that came up short twice and is now on the verge of putting together a core that will hopefully be together for many years, is now the square peg in a round hole, and that sucks. If there was another way to do this, I'm sure the Rangers would've found it by now. 

He isn't going to retire, nor should he, and in a league with a flat cap and with several teams needing to shed salary themselves, no one is going to trade for a 38 year-old goaltender that is at least two years removed from elite status. Even with the Rangers picking up half the tab, you're still talking about $2.75 million. Think about it this way: the Rangers will likely have to fork over $2 million just to re-sign Alexandar Georgiev, and he's 24. Get the idea?

It's been a nice career for Hendrik Lundqvist; a brilliant career, in fact. As I've said before, he's the best Ranger never to win a Stanley Cup, but it's time to move on. Gorton knows it and so does Lundqvist.

Parting is such sweet sorrow, especially when it's bittersweet.

Post script, 

Breaking News: the Rangers announced Saturday that they have traded defenseman Marc Staal and a 2021 second-round draft pick to the Detroit Red Wings in exchange for future considerations. Staal was in the final year of a contract that paid him $5.7 million. Detroit was able to absorb the full amount of Staal's cap hit because they were significantly under the minimum and actually needed to add salary.

Given this development, the Rangers might decided not to buy out Lundqvist but I would still do it. The added cap space would help them acquire a solid left-handed defense partner for Jacob Trouba - Vince Dunn? - and allow them to re-sign Tony DeAngelo who had a good year offensively last season.

Major Decisions for Rangers This Offseason

Over the next couple of months, the New York Rangers will have to make a number of major and tough decisions regarding how this team will look once the 2020-21 season gets underway. John Davidson and Jeff Gorton have their work cut out for them.

A number of sports "analysts" have chimed in with their opinions, and with the rare exception or two, you can tell none of them have ever run a professional sports franchise. That notwithstanding, I thought I'd dip my big toe into the pool and see if I drown. Spoiler alert, I don't swim.

The Number One Pick: Under no circumstances should Davidson and company trade this pick, not even for the proverbial king's ransom, which for the record hardly ever resembles a ransom, much less a king's one. I've seen most of the prosed trade packages and not one of them makes sense, not even the one involving the Senators sending the Rangers the number three pick along with Brady Tkaczuk in exchange for the number one. No disrespect to Tkaczuk, who is a solid two-way forward, but at best he's a 25 goal scorer. You don't trade the overall number one pick for a player you can get in the middle of the first round in any given year.

Even if Alexis Lafreniere isn't the second coming of Jaromir Jagr, he's still better than anyone the Blueshirts have at left wing, including, dare I say it, Artemi Panarin. The moment he steps onto the Garden ice, he instantly becomes one of the best forwards on this team, and if he does in fact become the next Jagr, he will be the generational player this franchise hasn't had since the days of Mark Messier. Only a fool would trade that away, and I don't believe either Davidson or Gorton are fools.

Second-Line Center: Do the Rangers re-sign Ryan Strome or do they look elsewhere? I know I've beaten this like a dead horse, but thanks to the Kevin Shattenkirk buyout last year, the Rangers will have just north of $13 million in available cap space to attempt to resign four RFAs and one UFA. That's not a lot of space, given that Strome is arbitration eligible and will likely command a hefty raise from last year's $3.1 million contract.

If the braintrust decides to look elsewhere, the pickins are slim. A trade for the rights to Tampa Bay Lightning center Anthony Cirelli - the current fave of the peanut gallery - will come with a huge price tag. The Lightning will almost certainly demand something close to equal value in return, and that return has to something they can retain given their own cap problems, which are considerably worse than the Rangers. I'm thinking Filip Chytil and Vitali Kravtsov. Assuming the Blueshirts say yes, which they shouldn't, they will likely have to pony up about $6 million per over the next six years. That's roughly 45 percent of the available cap space. And I'm not even sure Cirelli is worth that kind of money given that he's scored a measly 5 points in 13 playoff games and he's currently the number two center on this team with Steven Stamkos out with an injury.

The smart move is to re-sign Strome to a two-year bridge deal for about $5.5 million per until you find out if Chytil is the real deal or not. If Strome doesn't pan out, you can always leave him exposed in next year's expansion draft. Hell, he's already been on three teams in five years, what's one more team in the grand scheme of things?

Henrik Lundqvist: Let's not beat around the bush. With the exception of Messier and Brian Leetch, no one has done more for this franchise over the last 30 years than The King. He deserves a better fate than the one that's currently awaiting him, which is to be a backup for 24 year-old Igor Shesterkin. Gorton has already said the Rangers will not go into camp with three goalies, so assuming they sign Alexandar Georgiev, that means Lundqvist is the odd man out.

The only question remaining is whether Lundqvist retires, which would give the Blueshirts all $8.5 million of his cap hit to play with, or he gets bought out, which would leave $5.5 million on the books next season and $1.5 million on the books for 2021-22. Obviously, the former would be a dream come true, but seriously, if you were Lundqvist would you leave that kind of money on the table knowing that you might be out of hockey next year? I sure as shit wouldn't.

With trade options severely limited by 1. Lundqvist's age (38) and 2. his no trade clause, the consensus is that he will be bought out. And that would mean the Rangers would be carrying a staggering sum of $13 million in dead cap space going into next season; 16 percent of the NHL salary cap. Anyway you slice it, that's insane. This is what happens when you sign players in their 30s to very long contracts with no movement clauses.

Lack of Toughness: Unless you believe in flukes, what you saw in Toronto was a Rangers team that got bounced around by the Hurricanes. We saw this all too many times throughout the season: a team with very creative forwards that wasn't adept enough to win the battles in the trenches. More often than not, the goaltending saved their bacon, but not in the Qualifying round. When push came to shove, the Blueshirts got handed their lunch and dinner with dessert on the side.

Obviously, the team needs a transfusion of toughness in order to succeed in the postseason. Perhaps Gorton can trade Pavel Buchnevich - who's in his walk year anyway - for a scrappy winger who isn't afraid to take a hit or initiate one. Or he can just promote a couple of the meatier forwards already in the system like Morgan Barron and Austin Rueschhoff, both of whom can play either center or wing and weigh 220 pounds each. Combined with Julien Gauthier, another 220 pound winger that was obtained from the Hurricanes last year, and Brendon Lemieux - a must sign - the Blueshirts could finally be the team with a chip on its shoulder instead of the other way around. I firmly believe that when it comes to hits, it is far better to give than to receive.

Left Defense: It's no secret that the left side of this defense after Ryan Lindgren is a major liability. Both Marc Staal and Brendan Smith are over 30 and at least two seasons removed from being legit starting defensemen. Staal, in particular, was about as slow as a freight train stuck on the 7th Avenue Express. The good news is that both players are in the last year of their contracts, which means they will be gone after next season. The bad news is that their contracts - $5.7 and $4.35 million for Staal and Smith respectively - make it virtually impossible for them to be traded, even with the Rangers absorbing half of the load. So what to do?

Well call me a fool, but I believe in improving where you can. With the recent, shall we say, "issues" in Arizona, the Coyotes find themselves with no first round pick in either this or next year's draft. The Rangers could dangle the number one pick they got from the Carolina Hurricanes in the Brady Skjei deal for 22 year-old left-handed defensemen Jakob Chychrun. He would instantly become their best left-handed defenseman and coach David Quinn could pair him with Jacob Trouba to make a formidable tandem. And since he's already signed to a team-friendly $4.6 million for the next five seasons, he would help solidify the one glaring weakness this team had throughout the season.

If Chychrun isn't available, the Rangers should give St. Louis a call and inquire about Vince Dunn, another solid left-handed defenseman who may be too expensive for the Blues to keep. Dunn is an RFA, so Gorton would have to come to terms with him once the two teams agreed on a trade, but somewhere in the neighborhood of $4 to $5 million per over six years should suffice. Either player would instantly slide into the number one pairing and become a staple to this beleaguered defensive corps.

Lindgren and Adam Fox would remain the second defensive pairing, and Quinn could move Smith to the right side on the third pairing, where he's played before. Staal and Libor Hajek would then alternate on the left side. When K'Andre Miller is ready (2021-22) he would take over on the left side, and if there's no one inside the organization that can step in to play the right side, they could always look outside via a trade or signing. Don't forget, most of that dead cap space will be gone after next year.

Obviously, Deangelo would be the casualty in this scenario, but if that's what it takes to shore up your top two defensive lines, then so be it. Besides, Deangelo, apart from his scoring prowess, brings a lot of baggage with him, and he's not exactly Larry Robinson on the blue line, if you know what I mean.

I'm sure there are a few other minor issues Gorton will have to attend to, but these are the biggies, as I see them. If the Rangers solve these problems, they will be able to accelerate their rebuilding process and maybe even challenge for the Cup next season.