Jared Cowen on waivers for purpose of a buyout

[Misty]

So the buyout process is two steps, right?
Step 1: Waivers
Step 2: File Buyout papers

and we have a bit of a window, now that Cowen has cleared waivers, to potentially still deal his rights to another team to initiate the buyout?

Yup. Leafs have until the end of the month to trade him or file the buyout papers.

Thanks. The CapFriendly FAQ is lacking on details for this transaction.

Not anymore.  OFF THE BOOKS!

http://www.generalfanager.com/teams/toronto-maple-leafs

Not saying Chris Johnson at Sportsnet was right or wrong over at Sportsnet either, but PPP also reported him to be bought out as soon as he cleared.

Several of the SBN blogs outline the two steps to be:
1. Notify player of buyout
2. Put on waivers
Once the player clears the 24 hour waiver period and does not get picked up, he is considered bought out and is a free agent.

However, all the press releases word Cowen's situation as cleared waivers with the intention of being bought out. The Leafs have no official notices about actually buying out Cowen, other than waiving him with that intention. Which sounds more like all buyouts take effect at the 5pm June 30th mark, since free agency is not until July 1.

It may be that it's automatic once waivers have cleared. I checked his listing on NHL.com (thinking the NHL's own site ought to be reasonably definitive as a source) and he is now shown with the NHL logo and associated with no team, whereas most players display their team's logo and name on them (even someone like Zaitsev shows the Leafs). I assume NHL.com would only update that data once it was official as far as central registry is concerned.

 

[TBLeafer]

So the buyout process is two steps, right?
Step 1: Waivers
Step 2: File Buyout papers

and we have a bit of a window, now that Cowen has cleared waivers, to potentially still deal his rights to another team to initiate the buyout?

Yup. Leafs have until the end of the month to trade him or file the buyout papers.

Thanks. The CapFriendly FAQ is lacking on details for this transaction.

Not anymore.  OFF THE BOOKS!

http://www.generalfanager.com/teams/toronto-maple-leafs

Not saying Chris Johnson at Sportsnet was right or wrong over at Sportsnet either, but PPP also reported him to be bought out as soon as he cleared.

Several of the SBN blogs outline the two steps to be:
1. Notify player of buyout
2. Put on waivers
Once the player clears the 24 hour waiver period and does not get picked up, he is considered bought out and is a free agent.

However, all the press releases word Cowen's situation as cleared waivers with the intention of being bought out. The Leafs have no official notices about actually buying out Cowen, other than waiving him with that intention. Which sounds more like all buyouts take effect at the 5pm June 30th mark, since free agency is not until July 1.

Yes we all know free agency is July 1st, however if a player is no longer under contract, then they are a free agent as of the contract termination.

With General Fanager showing his contract cleared, it stands to reason that he is no longer under contract, is now a free agent and can be signed by any team now if they choose to do so.

June 30th is the DEADLINE of when teams are permitted to buyout players, yes.  The Leafs have already exercised that right on the first day the buyout option came available on Cowen.

 

[TBLeafer]

So the buyout process is two steps, right?
Step 1: Waivers
Step 2: File Buyout papers

and we have a bit of a window, now that Cowen has cleared waivers, to potentially still deal his rights to another team to initiate the buyout?

Yup. Leafs have until the end of the month to trade him or file the buyout papers.

Thanks. The CapFriendly FAQ is lacking on details for this transaction.

Not anymore.  OFF THE BOOKS!

http://www.generalfanager.com/teams/toronto-maple-leafs

Not saying Chris Johnson at Sportsnet was right or wrong over at Sportsnet either, but PPP also reported him to be bought out as soon as he cleared.

Several of the SBN blogs outline the two steps to be:
1. Notify player of buyout
2. Put on waivers
Once the player clears the 24 hour waiver period and does not get picked up, he is considered bought out and is a free agent.

However, all the press releases word Cowen's situation as cleared waivers with the intention of being bought out. The Leafs have no official notices about actually buying out Cowen, other than waiving him with that intention. Which sounds more like all buyouts take effect at the 5pm June 30th mark, since free agency is not until July 1.

It may be that it's automatic once waivers have cleared. I checked his listing on NHL.com (thinking the NHL's own site ought to be reasonably definitive as a source) and he is now shown with the NHL logo and associated with no team, whereas most players display their team's logo and name on them (even someone like Zaitsev shows the Leafs). I assume NHL.com would only update that data once it was official as far as central registry is concerned.

Thanks for the backup, Misty. 

See?  I can be right.  8)

 

[LuncheonMeat]

So the buyout process is two steps, right?
Step 1: Waivers
Step 2: File Buyout papers

and we have a bit of a window, now that Cowen has cleared waivers, to potentially still deal his rights to another team to initiate the buyout?

Yup. Leafs have until the end of the month to trade him or file the buyout papers.

Thanks. The CapFriendly FAQ is lacking on details for this transaction.

Not anymore.  OFF THE BOOKS!

http://www.generalfanager.com/teams/toronto-maple-leafs

Not saying Chris Johnson at Sportsnet was right or wrong over at Sportsnet either, but PPP also reported him to be bought out as soon as he cleared.

Several of the SBN blogs outline the two steps to be:
1. Notify player of buyout
2. Put on waivers
Once the player clears the 24 hour waiver period and does not get picked up, he is considered bought out and is a free agent.

However, all the press releases word Cowen's situation as cleared waivers with the intention of being bought out. The Leafs have no official notices about actually buying out Cowen, other than waiving him with that intention. Which sounds more like all buyouts take effect at the 5pm June 30th mark, since free agency is not until July 1.

It may be that it's automatic once waivers have cleared. I checked his listing on NHL.com (thinking the NHL's own site ought to be reasonably definitive as a source) and he is now shown with the NHL logo and associated with no team, whereas most players display their team's logo and name on them (even someone like Zaitsev shows the Leafs). I assume NHL.com would only update that data once it was official as far as central registry is concerned.

Thanks for the backup, Misty. 

See?  I can be right.  8)

That assumes that you're right, though. 

 

[Deebo]

He doesn't show up when you search the players on nhlpa.com either.

But really, whether or not it is "official" yet, the end result is he's getting bought out. So who cares?

 

[TBLeafer]

So the buyout process is two steps, right?
Step 1: Waivers
Step 2: File Buyout papers

and we have a bit of a window, now that Cowen has cleared waivers, to potentially still deal his rights to another team to initiate the buyout?

Yup. Leafs have until the end of the month to trade him or file the buyout papers.

Thanks. The CapFriendly FAQ is lacking on details for this transaction.

Not anymore.  OFF THE BOOKS!

http://www.generalfanager.com/teams/toronto-maple-leafs

Not saying Chris Johnson at Sportsnet was right or wrong over at Sportsnet either, but PPP also reported him to be bought out as soon as he cleared.

Several of the SBN blogs outline the two steps to be:
1. Notify player of buyout
2. Put on waivers
Once the player clears the 24 hour waiver period and does not get picked up, he is considered bought out and is a free agent.

However, all the press releases word Cowen's situation as cleared waivers with the intention of being bought out. The Leafs have no official notices about actually buying out Cowen, other than waiving him with that intention. Which sounds more like all buyouts take effect at the 5pm June 30th mark, since free agency is not until July 1.

It may be that it's automatic once waivers have cleared. I checked his listing on NHL.com (thinking the NHL's own site ought to be reasonably definitive as a source) and he is now shown with the NHL logo and associated with no team, whereas most players display their team's logo and name on them (even someone like Zaitsev shows the Leafs). I assume NHL.com would only update that data once it was official as far as central registry is concerned.

Thanks for the backup, Misty. 

See?  I can be right.  8)

That assumes that you're right, though. 

 

[CarltonTheBear]

Earlier today Bob McKenzie brought up the fact that he didn't believe the Cowen buyout had officially gone through. Mirtle followed that up with this:

James Mirtle ‏@mirtle  19 minutes ago
Word is that the Leafs buyout of Jared Cowen is being disputed due to a continuing injury. That's why there's some confusion.

Will be interesting to see how this unfolds. By all accounts Cowen was healthy before the Leafs sent him home specifically so he would avoid any potential injuries that would prevent the Leafs from buying him out.

 

[Deebo]

https://twitter.com/TSNBobMcKenzie/status/748685243050229760

Bob McKenzie ✔ @TSNBobMcKenzie
As I speculated on @OverDrive1050 tonight, Jared Cowen has not been bought out by TOR in the 1st buyout window, which is now closed.

Looks like he will be on the books.

 

[bustaheims]

*cough* *cough* ;D

 

[Al14]

https://twitter.com/TSNBobMcKenzie/status/748685243050229760

Bob McKenzie ✔ @TSNBobMcKenzie
As I speculated on @OverDrive1050 tonight, Jared Cowen has not been bought out by TOR in the 1st buyout window, which is now closed.

Looks like he will be on the books.

Well, if this is because Cowen didn't want to be bought out, then, the Leafs should just sit him out of hockey till his contract expires.  We'll see if any team will sign him after being out of hockey for nearly 2 years.

 

[Bullfrog]

Of course he doesn't want to be bought out.

What you're planning is absurdly vindictive. Absurd because there's no reason for it.

 

[Jolly good show chaps]

I guess this contributed to why we couldn't trade him.

 

[TBLeafer]

Did he trip and fall backwards when Lou looked at him?

 

[Al14]

Of course he doesn't want to be bought out.

What you're planning is absurdly vindictive. Absurd because there's no reason for it.

How does he deserve better?  He was a 9th overall pick that failed to develop in Ottawa.  Ottawa no longer wanted him, thus, they threw him in a trade package to get rid of him.

Our Leafs don't want him either.  They were willing to give him some cash and bid him farewell.  He chose not to take it.

So, he can sit on his duff until his contract expires as our Leafs have already given him plenty of notice that they did not want him in their organization.  How is this vindictive?  The man made his choice to do this to himself.  He just should have taken the buyout money and found another place to play hockey.  JMHO. 

 

[TBLeafer]

Of course he doesn't want to be bought out.

What you're planning is absurdly vindictive. Absurd because there's no reason for it.

How does he deserve better?  He was a 9th overall pick that failed to develop in Ottawa.  Ottawa no longer wanted him, thus, they threw him in a trade package to get rid of him.

Our Leafs don't want him either.  They were willing to give him some cash and bid him farewell.  He chose not to take it.

So, he can sit on his duff until his contract expires as our Leafs have already given him plenty of notice that they did not want him in their organization.  How is this vindictive?  The man made his choice to do this to himself.  He just should have taken the buyout money and found another place to play hockey.  JMHO.

8th OA.  Picked right after Kadri. 

 

[bustaheims]

8th OA.  Picked right after Kadri. 

No. 9th. Glennie was taken by Dallas after Kadri.

 

[Coco-puffs]

He just should have taken the buyout money and found another place to play hockey.  JMHO.

I'm not surprised he's trying to contest this.  His actual salary this year is $4.5M.  His buyout pays him $750k x 2.  That's a loss of $3M!  No one is going to pay him $3M, even in the KHL, to play this year after a buyout. 

From a financial perspective (not a hockey one), its hard to just say bye to $3M if you can prove you are injured. 

And from a hockey perspective, if you already know your surgery sets you back another half season (not sure, just postulating)- then slowly recovering while getting paid $4.5M is probably better for him than trying to rush back to make up the lost money after the buyout.

 

[Deebo]

Of course he doesn't want to be bought out.

What you're planning is absurdly vindictive. Absurd because there's no reason for it.

How does he deserve better?  He was a 9th overall pick that failed to develop in Ottawa.  Ottawa no longer wanted him, thus, they threw him in a trade package to get rid of him.

Our Leafs don't want him either.  They were willing to give him some cash and bid him farewell.  He chose not to take it.

So, he can sit on his duff until his contract expires as our Leafs have already given him plenty of notice that they did not want him in their organization.  How is this vindictive?  The man made his choice to do this to himself.  He just should have taken the buyout money and found another place to play hockey.  JMHO. 

From his perspective he was traded to Toronto while injured. He was then "cleared" to play, but never actually got played at any level. Maybe He felt he should never have been cleared and got a second opinion. That doctor agreed with him and he had surgery. Toronto tries to buy him out while recovering from that injury, which would result in him receiving 750k a year for two years instead of 4.5M in one year. When his future ability to earn is questionable, he should just give up 3M?

It's very easy to say what other people should do when its not you giving up a large sum of money.

 

[TBLeafer]

8th OA.  Picked right after Kadri. 

No. 9th. Glennie was taken by Dallas after Kadri.

Oh right.  Forgot Dallas drafted in between, given all the drama between Murray and Burke...

 

[Kaberle15]

Plus, the Leafs can afford him as a LTIR and he does not count against the Cap.