Following Friday’s news that Oliver Ekman-Larsson was being bought out by the Vancouver Canucks to the tune of a whopping $17 million ($19.5 of which would be going to the defenseman in real cash), he immediately vaulted onto the top-ten of the leaderboard when it comes the longest and most expensive buyouts in NHL history.
It’s a process that saves a team immediate money, but also has the tendency to badly hurt their financial options in the long-term. NHL franchises typically use buyouts as a strategic tool to alleviate salary cap burdens or to part ways with underperforming or unwanted players. Whether to rid thesmves of long-term contracts, get salary cap relief, try to compensate for bad signings, or as part of a compliance buyout, the teams use this tool often. Friday’s deal for Ekman-Larsson might be just the first of many this summer.
Related: Why the Ekman-Larsson Buyout Helps the Canucks & Hurts the Coyotes
It’s important to note that buyouts come with financial implications for teams, and while the exact terms and costs of a buyout depend on the player’s contract structure, the timing of the buyout can be important. Some teams are still paying dearly for decisions they made, while others are going to face challenges in the years ahead.
Overall, NHL teams use buyouts as a means to manage their salary cap, optimize their roster, and make strategic adjustments to their player contracts but it’s not always the best move. Here are the top 10 buyouts in NHL history, many of which, if the team could go back and rethink their strategy, might.
No. 10: Christian Ehrhoff (Buffalo Sabres)
Bought out on June 29, 2014, the value of this buyout for the Sabres was $12 million and it ranks near the top in terms of length at 14 seasons. Ehrhoff still had seven years remaining on his deal, with a cap hit of $4 million per season. The contract was worth $40 million in total and everyone knew it was a massive overpay.
The buyout occurred after Ehrhoff had completed just three years of his ten-year contract, which he had signed with the Sabres in 2011.
Ehrhoff subsequently became an unrestricted free agent following the buyout and signed a one-year contract with the Pittsburgh Penguins for the 2014-15 season. He went on to have a productive season with the Penguins, contributing offensively from the blue line. He moved around in the 2015/16 season, playing for Los Angeles and Chicago, but went overseas to play in Germany and has never been back.
No. 9: Alexander Semin (Hurricanes)
Alexander Semin was bought out by the Carolina Hurricanes in 2015. His contract had five years remaining, for a total cost of $14 million. The buyout cap hit was $7 million but cost the Hurricanes $2.33 million in an actual cap hit until the 2020-21 season.
The decision to buy out Semin’s contract came after several disappointing seasons with the team and a decline in his on-ice performance. He’d signed a five-year contract worth $35 million with the Hurricanes in 2013, which carried an annual salary cap hit of $7 million. However, his production and commitment to the team did not meet expectations, leading to the decision to buy him out.
Following the buyout, Semin became an unrestricted free agent and signed a one-year contract with the Montreal Canadiens for the 2015-16 season. However, his performance continued to decline, and he left the NHL.
No. 8: Mikhail Grabovski (Maple Leafs)
Mikhail Grabovski, a Belarusian center, was bought out by the Toronto Maple Leafs in July 2013. The decision to buy out Grabovski’s contract came after the team determined that his performance and salary were not aligned with their long-term plans.
Grabovski had signed a five-year contract worth $27.5 million with the Maple Leafs in 2012. The buyout of Grabovski’s contract meant Toronto had to pay him two-thirds of the remaining value of his contract over spread out over a period of eight years. The buyout created a salary cap hit for the Maple Leafs of $1.833 million per season from 2013-14 through 2020-21.
Following the buyout, he signed a contract with the Washington Capitals for the 2013-14 season. He actually became a fairly productive player for them
No. 7: Kyle Turris (Predators)
Bought out by the Predators in 2020, the value of Turris’ buyout was $16 million, and he’s a $2 million cap hit for the team until the end of the 2027/28 season. Turris has effectively played his way out of the NHL, not having live up to the expecations that came with being a high draft pick.
He spent some time with the Edmonton Oilers before leaving the NHL.
No. 6: Oliver Ekman-Larsson (Canucks)
The Canucks are paying Ekman-Larsson $19.5 million to go away. They tried to trade him but no team was interested in helping the Canucks out. He’ll cost the team $2.16 million for the next eight years and be a $4.7 million cap hit in the 2025/26 and 2026.27 seasons.
What is intriguing about Ekman-Larsson’s contract buyout is that it also takes a salary retention slot away from the Arizona Coyotes. It’s an interesting league change that could affect Arizona more than it actually affects the Canucks.
No. 5: Alexi Yashin (Islanders)
Alexei Yashin, a Russian center, was bought out by the New York Islanders in June 2007. The decision to buy out Yashin’s contract came after a turbulent tenure with the team and his declining production on the ice.
Yashin had signed a massive 10-year, $87.5 million contract with the Islanders in 2001. However, his performance did not live up to expectations, and his contract became a burden for the team. The buyout was a mutual agreement between Yashin and the Islanders to terminate the remaining years of his contract.
The Islanders were responsible for paying him two-thirds of the remaining value of his contract over twice the remaining length, spread out over a period of eight years. The buyout created a salary cap hit for the Islanders of approximately $2.204 million per season from 2007-08 through 2014-15.
He immediately took his talents to the Kontinental Hockey League (KHL) in Russia.
No. 4: Brad Richards (Rangers)
Brad Richards, was bought out by the New York Rangers in June 2014, just a few years after a huge free-agency bidding war was won by the team. It was a massive spectacle where the Rangers put on a full-court press, only to realize it was a massive mistake just a couple of seasons later. The decision to buy out Richards’ contract came after a decline in his performance.
Richards had signed a nine-year, $60 million contract with the Rangers in 2011. The buyout was a mutual agreement between Richards and the Rangers to part ways. The buyout created a salary cap hit for the Rangers of approximately $1.5 million per season from 2014-15 through 2025-26.
Following the buyout, he signed a one-year contract with the Chicago Blackhawks for the 2014-15 season and wound up winning the Stanley Cup with that roster.
No. 3: Ilya Bryzgalov (Flyers)
Ilya Bryzgalov was bought out by the Philadelphia Flyers in 2013, after signing a nine-year, $51 million contract. Bryzgalov’s tenure with the Flyers didn’t go as expected and it turned out to be among the worst signings of that era in the NHL. The team bought out the remaining seven years of his deal, costing them $23 million.
The decision to buy out Bryzgalov’s contract came after a tumultuous tenure with the team and concerns over his performance and fit within the organization. At the time, he was one of the NHL’s highest-paid goaltenders, but inconsistent play and off-ice comments raised questions about his long-term viability with the team.
A 14-year buyout, the move created salary cap hit for the Flyers of approximately $1.643 million per season from 2013-14 through 2026-27. He went on to sign with the Edmonton Oilers where he was also inconsistent and proved himself to be among the stranger players in the league.
No 2: Rick DiPietro (Islanders)
The New York Islanders bought out Rick DiPietro in 2013 after he signed a 15-year, $67.5 million contract with the Islanders but battled injuries and inconsistency. The team bought out the remaining eight years of his deal, amounting to $24 million. That was 10 years ago and the team will be paying the goalied $1.5 million per season for another five years.
Following the buyout, DiPietro became an unrestricted free agent and did not sign with another NHL team. He briefly played in the American Hockey League (AHL) before retiring from professional hockey in 2013. His contract will go down as one of the biggest blunders by any GM in modern NHL history.
No. 1: Vincent Lecavalier (Lightning)
Vincent Lecavalier was bought out by the Tampa Bay Lightning in 2013. Lecavalier had a long and successful career with the Lightning but with seven years remaining on his contract, Tampa elected to move on. The buyout came with a cost of $32.67 million.
The buyout created a salary cap hit for the Lightning of approximately $1.76 million per season from 2013-14 through 2026-27. He became an unrestricted free agent and signed a multi-year contract with the Philadelphia Flyers for the 2013-14 season. He spent a few more seasons in the NHL before retiring in 2016.
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