And the team spent just about $23 million on forwards in 2007-08.

Deadline acquisitions such as Huet and Sergei Fedorov are prorated against the cap, which is particularly helpful in a case such as Fedorov’s, as Columbus picked up the lion’s share of his $6-million-plus salary last season.

According the NHLnumbers, the Caps by early spring 2008 were on the hook for just under $42 million in salaries and bonuses counted against the cap — whereas at season’s start, when the team was closer to $39 million in payroll, it had about $12 million of cap room to spare. One of the reasons George McPhee was able to be so aggressive at the February trade deadline was the cap space he had this past season. Look for him to have a lot less of that in 2008-09.

Recall that when hockey returned post-lockout in 2005-06, the salary caps was at $39 million. In 2006-07, it jumped up to $44 million. This past season it stood at $50.3 million. The salary cap was envisioned as a system of cost controls for the owners, but in three short years it sure has risen fast, hasn’t it? Draw your own conclusions, but recall how the resolution of the 2004-05 labor impasse was characterized — with the owners having the players over a proverbial barrel. I’m not sure it’s quite worked out that way.

We won’t know for some months still what the salary cap will be for 2008-09, but educated guesses peg it in the mid-fifties-million range.

Player ‘07 - ‘08 Salary Cap Hit ‘08 - ‘09 Salary
Alexander Ovechkin $3,830,000 9,000,000
Alexander Semin $1,300,000 4,200,000
Mike Green $833,000 Brinks truck
Cristobal Huet $630,000 Brinks truck
Chris Clark $1,050,000 $2,750,000
Nicklas Backstrom $2,400,000 $2,700,000

Accounting for just those players’ salaries on the team’s books for 2008-09, NHLnumbers has the Caps committed to forty one and a half million dollars for next season. Alexander Ovechkin’s salary accounts nearly a quarter of that. Moreover, consider that the ranks of the unsigned for next season include a no.1 netminder; Mike Green; Sergei Fedorov; Brooks Laich; Matt Cooke; Matt Bradley; Shaone Morrisonn; Steve Eminger; Boyd Gordon; Eric Fehr; and Quintin Laing.

Oh, and Karl Alzner.

Now Brian Pothier’s $2.5 million is included in that $41 million-plus figure, and his future is quite uncertain. But even if the Caps were to gain cap relief for Pothier, the signing of just Green, Alzner and a goalie, you have to figure, is going to push the payroll fairly close to $50 million. Conceiveably, that might leave the Caps with less than $5 or $6 million of cap space to sign seven or eight name bodies familiar to Caps’ fans. And of course, no NHL team wants to be pressed hard against the cap.

To state the obvious, it will be George McPhee’s most challenging offseason in terms of player contract negotiations and cap management.

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Ovechkin on Crosby’s New Deal

By The OFB Team
Tuesday, July 10, 2007

Alexander Ovechkin - Photo from WashingtonCaps.comOur good friend Dmitry Chesnokov of Sovetsky Sport (your Russian needs to be pretty polished to read it) was able to reach Alexander Ovechkin by telephone today and get his reaction to Sidney Crosby’s new contract with the Penguins. Here’s what he told Dmitry:

“What can I say? Good for Crosby! It is easier for any player to come out and play when he knows that his future is secure. I think Pittsburgh wasted no time offering Crosby the deal because of what Edmonton did trying to sign a restricted free agent. Any Canadian team (and not only Canadian) could have offered great terms to Crosby in the future. And who knows if the Penguins could have matched it. But now Sindey is staying in Pittsburgh, and will stay there beyond 2013, in my opinion.”

When asked about his contract, Ovechkin said:

“I will negotiate with the Capitals myself. To be precise, I will wait for their offer. If I like it, I will sign the contract. If I don’t, then I will get myself an agent (I don’t have one right now) to represent me in talks with the Capitals.”

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Jilted GM out West Gets Desperate

By The OFB Team
Friday, July 6, 2007

Thomas VanekTSN is reporting that the Edmonton Oilers this week offered a lucrative multi-year pact to restricted free agent winger Thomas Vanek of the Buffalo Sabres. Lucrative as in 7 years and $50 million. Edmonton would have had to pony up four first-round draft picks as compensation for Vanek (43 goals in his sophomore NHL campaign).  

However, in just the past few moments Sabres’ management convened a presser to announce its decision to match the Oilers’ offer sheet.

Yesterday we suggested that there appeared to be fissures in the solvency of Gary Bettman’s revamped fiscal landscape for the league. Today’s news out of Edmonton and Buffalo suggests that the dam has broken.  

Update: How dirty are Kevin Lowe’s hands in this? Kukla links to an answer:

“GM Darcy Regier said he contacted Kevin Lowe last night and tried to persuade him not to make the offer, that they were always going to match whatever offer the Oilers might make.  Larry Quinn’s statement: “We were never not going to match an offer on Thomas.â€?

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Silly Season Begins at Noon

By OFB
Sunday, July 1, 2007

Do I hear $8 million?Like throngs of shoppers descending upon the mall on the day after Thanksgiving, the NHL’s 30 general managers are getting their credit cards ready for 12:00:01 p.m. this afternoon when the Unrestricted Free Agent signing period begins.

The top dogs available are well known, with names like Gomez, Drury, and Briere speculated to get over $7 million on deals that last 5 seasons or longer. Sheldon Souray of the impressive point blast and suspect defensive coverage is said to be able to command over $6 million on a similarly tenured deal. The silly season, indeed.

While obviously commenting on any moves the Caps might make — and I’m guessing the Caps bring in a mid-range offensive defenseman — we’ll also have thoughts on today’s movement of the bigger names. It’s interesting to note that there is also a school of thought that figures the top-tier UFAs to not sign today, weighing offers and making sure every club has a chance to drive that price up. That will be something to track as well.

So grab your libation of choice, fire up the internet, and join us in watching the GMs acting like Crazy Eddie — the prices will likely be insane.

Update: you can watch TSN’s Free Agency Show at NHL.com. The link is on the front page.

12:18 — We’re under way . . . Continue reading ›

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Rolling in Revenue

By The OFB Team
Friday, June 29, 2007

Money StackWondering if the collective bargaining agreement is proving to be a good move fiscally for the players? Today TSN reports that the NHL will have a $50.3 million salary cap for next season — an increase of more than $6 million from last season.

The Caps, today below $30 million in committed salary for next season, have quite a bit of improving space.  

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