New York Rangers: Making sense of the Kevin Shattenkirk buyout
The New York Rangers, as expected, will be buying out defenseman Kevin Shattenkirk. Though it might seem like the right move, it’s a questionable one.
On July 1, 2017, the New York Rangers shocked the hockey world when they signed Kevin Shattenkirk, the top available defenseman in free agency. At the time, the deal was reasonable – four years with a $6.65 million annual cap hit. A little more than 24 months later, the Rangers are likely going to buy out the last two years of Shattenkirk’s contract.
This is an outcome nobody could have predicted. And you have to feel bad for Shattenkirk. He took less money to sign with the Rangers, the team he grew up rooting for. Shattenkirk suffered an early injury when he tore his meniscus in his first month with the team. It is an injury he likely never fully recovered from.
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At the same time, though, it’s not surprising the Rangers are buying out Shattenkirk. He became a surplus right-handed defenseman after the Rangers acquired two right-handed defensemen in Jacob Trouba and Adam Fox. They had to buy out someone to create cap space and Shattenkirk was the odd man out.
Brendan Smith never made sense, as the Rangers can just hide his contract in the minors. It’s questionable why the team views Marc Staal more highly than Shattenkirk, but the fact remains they do.
What does this mean for the Rangers and for Shattenkirk? Let’s take a look.
Rangers
First, let’s examine what the Shattenkirk buyout does for the team financially.
| Season | Cap hit | Savings |
|---|---|---|
| 2019-20 | $1,483,333 | $5,166,667 |
| 2020-21 | $6,083,333 | $566,667 |
| 2021-22 | $1,433,333 | -$1,433,333 |
| 2022-23 | $1,433,333 | -$1,433,333 |
| Total | $10,433,332 | $2,866,667 |
As you can see, the Rangers save quite a bit of money during the 2019-20 season. That’s important for them, as they’re right up against the salary cap. The Rangers were about $4 million over the salary cap with him on the team.
After Shattenkirk’s buyout, they’ll have about $3.9 million of cap space, assuming they send down Brendan Smith, Matt Beleskey, and Boo Nieves. The Rangers will use this cap space to re-sign RFAs Tony DeAngelo and Brendan Lemieux.
Shattenkirk’s buyout also creates a roster spot for Fox. Considering the Rangers paid a hefty price to obtain his rights and talked him out of going back to college, his spot on the NHL roster was already all but ensured. Without Shattenkirk, for better or for worse, Fox has a clear path to making the NHL.
However, Shattenkirk’s buyout hurts them long-term. Specifically, it saves them just over $500,000 next summer. It is worth noting, however, that there is likely going to be a lockout next year, which means the 2020-21 season has a non-zero chance of not happening. If that happens, the Rangers have the wealth necessary to absorb the cost.
It will hamper their ability to do things next summer. Before factoring in the contracts given out to DeAngelo and Lemieux, the Rangers currently have 13 players signed for next season (not including Brendan Smith). Chris Kreider, Vladislav Namestnikov, and Jesper Fast will be unrestricted free agents. Ryan Strome, Nieves, and Alexandar Georgiev will be among their RFAs.
The Rangers will have just over $17.7 million of cap space before factoring in a potential raising of the salary cap ceiling. And that’s before factoring in DeAngelo and Lemieux. It will likely be closer to $13 million to $14 million. Re-signing Kreider is now a lot more tricky than it was before Shattenkirk’s buy out.
Shattenkirk
Shattenkirk is in an interesting situation. He enters a pretty barren UFA market, which means he shouldn’t have a hard time finding suitors. Shattenkirk is, by a country mile, the best right-handed defenseman available, even with his warts.
He will likely get a one-year or two-year deal as he tries to rebuild his value. Teams like the New Jersey Devils and Dallas Stars could use him. The Devils can afford to pay him more, but the Stars can likely offer him more playing time. However, Dallas would have to get a bit creative to sign him and Shattenkirk would have to accept a relatively cheap deal.
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Despite his flaws, he’s still a viable NHL defenseman if he’s healthy. Now, that’s a pretty big “if” at this point. Shattenkirk hasn’t been the same since his torn meniscus. But he is less than two years removed from being a very good defenseman. Shattenkirk can still provide value, but with the salary cap ceiling being lower than it is, it’s hard to see him getting a big deal.