Tuesday, June 28, 2011

Update: No Waivers For Chris Drury Today, But Can Be Waived Tomorrow For Buyout

Update: According to Steve Zipay today was not the deadline to waive Drury in order to buy him out this week.
From what I hear, an NHL player can be placed on 24-hour unconditional waivers tomorrow and, if not claimed, be eligible for buyout Thursday.  My understanding is that a player with a no-move clause must be notified 24 hours before a buyout and can accept or request a waiver,
And with that bit of news we get to stay in suspense about a possible Drury waiver leading to a buyout for another day.

Original Post:
Today was the deadline for the New York Rangers to place captain Chris Drury on waivers in order to be able to buy out the final years of his five-year, $35.25 million dollar contract.  As Jesse Spector was the first to report, the Rangers chose not to exercise the waiver process today, so there no buyout will occur this week and the team will carry his entire $7.05 million against the summer salary cap.   

The team will likely place Drury on long-term injured reserve in the fall to gain salary cap flexibility during the season, if Drury does not do them a favor and retire before then.  The move costs the Rangers $3.33 million against the summer cap, but does save the $1.67 million that Drury would have counted against the cap during the 2012-13 season.

The other option that could come into play would be the second buyout period in August, but that would require the Rangers to take one of their restricted free agents to arbitration, though that is not a great option.