Bad job by me yesterday in my post on the Rangers cap situation not properly pointing out how the new CBA's "Redden Rule," which is the formula used to figure out the proper cap hit for those one-way and two-way NHL contracts buried in the AHL, will affect the Blueshirts. So here it is courtesy of Cap Geek (H/T to reader Andy E.)…
BURIED CONTRACTS (Wade Redden Rule)
Money paid to players outside of the NHL counts against the cap.
A one-way contract counts against the cap as follows:
cap hit – [ minimum salary + $375,000 ]
Example: If Wade Redden plays in the minors in 2012-13, he counts as follows.
$6.5M – [ $525,000 + $375,000 ] = $5.6M
A two-way contract counts as follows:
minor-league salary – [ minimum salary + $375,000 ]
Example: Player A’s two-way contract pays $3M/$1M in 2012-13 and counts as follows in the minors.
$1M – [ $525,000 + $375,000 ] = $100,000
Using this formula, if demoted, Arron Asham's cap hit would be $75,000 on a $1M per salary, while Darroll Powe's is just over $91,000 on a $1.066M per. So the Rangers would free up $1.9 million by sending those two to Hartford.
They'll also be losing most of the Justin Faulk (RFA) or Aaron Johnson ($600,000) cap hit when one of them is demoted during camp.
Meaning the real cap number is closer to $13M available than the $11.1M I posted yesterday.
…so this is what happens when I don't do my homework and just go with what Larry Brooks is reporting. Hey, it's the summer, who wants to do homework. Seriously, my bad.
…even with the additional cap space it could still be tight depending on the demands of the five RFAs, but I do feel all five want to remain in a Blueshirt and would be willing to do what it takes to make it happen.
…i also don't think this changes the fact that the Rangers are likely to make a trade. And as Neill pointed out in the comments section yesterday, with Dom Moore on board, the most likely candidate is Brian Boyle. Possible reunion with Torts?
Speaking of McDonagh…
Negotiations between #NYR and RFA D Ryan McDonagh said to be moving in the right direction but no deal just yet.
— Andrew Gross (@AGrossRecord) July 6, 2013
Brett Cyrgalis at the New York Post says that it is believed McDonagh is looking for a deal between four and six years at around $5 million per.
Wednesday is the deadline for McDonagh to file for salary arbitration, so there is still time for another club to send him an offer sheet
…i love McDonagh just as much as anyone, but $5 million seems a bit high to me. I was thinking closer to $4 million.