6:45PM: The Rangers have officially announced the buyout of Redden.
5:22PM: According to Katie Strang, the Rangers accelerated buyout of Wade Redden has been completed and Redden is now no longer part of the Rangers organization.
Redden’s cap hit of $5.6 million stays on the cap for the Rangers this season but is NOT on the cap for next season.
Redden played two years with the Rangers and two years with the Whale. He had one more year left on his contract for next season.
In 2008-09, Redden had three goals and 26 assists in 81 games. He averaged 22:20 per game that season, was a minus five and had 99 hits and 98 blocked shots.
In 2009-10, Redden had two goals and 12 assists in 75 games. He averaged 17:31 per game and had 88 hits and 75 blocked shots.
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According to Frank Seravalli in the Philly Daily News, Wade Redden is someone who the Flyers may have interest in as they look to add depth on defense.
He writes that some rumors have Redden and his agent targeting a pro-rated deal of $1.5-$2 million for the season.
Redden will be bought out today by the Rangers.
12:32PM: In the Detroit Free Press, via KK, Helene St. James writes that the Red Wings have discussed the idea of bringing in Wade Redden.
Tom Renney is part of the Red Wings staff and he coached Redden with the Rangers in 2008-09 before being fired.
12:09PM: Pierre LeBrun notes that Scott Gomez is on waivers as well.
12:03PM: The Rangers have placed Wade Redden on waivers with the intention of using a compliance buyout on him.
The NHL is allowing teams to use one of their compliance buyouts before Saturday.
The Rangers will still be on the hook for Redden’s cap hit this season.
3:30PM: Elliotte Friedman writes that one benefit to the Rangers for using their buyout now is that it opens up a spot on their reserve/50 contract list.
3:27PM: Brooks says that Boston, Toronto, Florida and Ottawa have expressed some interest in Redden
2:51PM: Larry Brooks says that the Rangers still need to place Redden on waivers.
2:45PM: Bob McKenzie tweets that teams will save 1/3 of the players actual salary by buying them out, but they won’t get any cap benefit.
2:34PM: Nick Kypreos says that the first buyout window will start before the season and the second one will happen after the season. If a team buys out a player now, the cap hit only counts for this season.
2:31PM: Larry Brooks writes that the Rangers are being permitted to use one of their compliance buyouts now on Wade Redden.
They will still be stuck with his cap hit of $5.6 million this season, but will not be charged next season. The cap hit remains even if Redden signs with another team.
Brooks says that this option will be presented to every team.
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10:21AM: Katie Strang tweets that Bill Daly says that the Rangers have been advised they are within their rights to prohibit Wade Redden from playing in the minors this season.
9:27PM: At ESPN.com, Pierre LeBrun writes that the NHL and NHLPA are looking into a solution where both Redden and Gomez can continue their career, but come off the Rangers and Habs salary caps.
He adds that there is no bad blood between the Rangers and Redden/Don Meehan and that the two are trying hard to find a solution.
8:04PM: Katie Strang tweets “As with Gomez/MTL situation, NHLPA is reviewing Redden/NYR. Team has been in touch with agent, league. Multiple options discussed”
7:36PM: According to a tweet from Larry Brooks, the Rangers and Wade Redden’s agent Don Meehan explored many different scenarios that would see Wade Redden NOT have to sit out the season.
Brooks says though that the two sides couldn’t come to terms on a solution that would benefit both sides.
8:10PM: Brooks says that the Rangers would only be willing to absorb part of the cap hit for THIS season and not next. He is unsure if that is allowed in the CBA.
8:06PM: Brooks says that the Rangers are willing to retain some portion of Redden’s cap to make a trade but won’t add in any prospects to sweeten the offer.
8:04PM: Brooks says that the Rangers paid Redden a bonus of $1 million and is owed $2.34 million for the rest of this season. If Redden were traded and then bought out over the summer, the actual cost to the team would be $3.55 million. That money wouldn’t be against the cap.
7:59PM: Larry Brooks tweets that the Rangers have given Redden’s agent Don Meehan permission to speak with NHL teams about Redden.
Adam Rotter: The Rangers concern with Redden is about not having him on the cap for next season. Sitting him out the year and then buying him out accomplishes that. So does trading him and retaining some salary for this year, but none for next year. There are always teams looking for defensemen and I think that if the Rangers and another team are willing to be creative then Redden could be moved.
9:05AM: According to Larry Brooks in the NY Post, the Rangers are planning to ask defenseman Wade Redden to sit out the rest of the season to ensure that he doesn’t get injured and stop the Rangers from using one of their compliance buyouts on him over the summer.
Because of new rules in the CBA, Redden will count against the Rangers cap.
The Rangers had Redden stay home during the lockout, rather than put him on waivers and send him to Hartford, to erase any fear of him getting hurt.
For more on Redden and the Rangers options with him, CLICK HERE.
8:04PM: Chad Kolarik of the Whale tweeted that he wants Redden to be sent to Hartford and join the Whale.
7:59PM: At TSN, Bob McKenzie says that the Rangers have three options for what to do with Wade Redden since he is a player that is “not remotely part of John Tortorella’s plan.”
The first option would be for the Rangers to use draft picks and prospects to try and get a team with lots of cap space to take Redden.
He says that the Rangers don’t want to do this because they don’t want to lose any assets or pieces for the future.
The second option would be for the Rangers to send Redden to the minors, carry his cap hit and then use an amnesty buy out over the summer.
McKenzie writes though that there is concern over this because if Redden were to be injured during the season and it carries over to the summer the Rangers will not be allowed to buy him out. They will then be stuck with Redden’s cap hit next season when the cap drops to $64.3 million.
The Rangers didn’t place Redden on waivers before the lockout, to send him to Hartford, for fear he would get injured and the team would not be allowed to buy him out.
The third option, and one that McKenzie thinks is the most realistic, is for the Rangers to absorb his cap hit this season but not play him anywhere. They would then be in the clear to buy him out over the summer.
See more on Redden in THIS SECTION.
12:47PM: Craig Custance tweets that the Rangers are meeting with Wade Redden’s agents today to help try and clarify his future.
12:28PM: According to Cap Geek, based on some new rules in the CBA, the Rangers will be charged with a cap hit of $5.6 million for Wade Redden even if he accepts a demotion to the Whale.
With Redden on the cap and without Michael Del Zotto signed, Cap Geek has the Rangers with $5.34 million in available cap space for this season.
Redden could refuse the demotion, forfeit the remaining two years on his contract and become a free agent.
It is also expected that the Rangers could sign Matt Gilroy to an NHL contract, he is currently on an AHL contract with the Whale.
They are also reportedly looking at bringing in another depth forward according to Larry Brooks.
At CBC, Elliotte Friedman writes that if allowed the Rangers have all but guaranteed that they will use a buyout on Wade Redden.
Friedman says that it is hard to get a read on what will happen with amnesty buyouts but says that Gary Bettman is reportedly against doing anything that doesn’t count against the salary cap.
He does say that there appears to be some interest in Redden and some teams think he can be a good value at a low salary number.
It was reported back in October that the Rangers would be willing to eat the cap hit of $6.5 million and send him to Hartford so he wouldn’t be on the roster. The CBA is likely to include a clause stating that players who are in the AHL and have a salary over a a certain amount will count against the cap.
In the NY Post, Larry Brooks writes that if there is no amnesty buyout in the new CBA, Wade Redden would be sent to Hartford and the Rangers would manage their team with $6.5 million in dead cap space.
Brooks writes “They are not adding him to the roster.”
The NHL’s offer to the players included a clause saying “we propose that to facilitate more trades and create increased flexibility in managing Cap Room, Clubs be allowed to allocate portions of a contract’s Cap charge (and related salary obligations) in the context of a Player Trade. This will facilitate additional Player movement and trades between teams as they manage their respective Caps and Payroll Range obligations.”