Oilers tough it out one more season and July 1st 2020 Lucic's signing bonus gets paid out. That leaves $10 million owing on Lucic for 3 years, or $3,333,333 per season with a cap hit of $6 mil. For a team who wants to save some money it's a decent contract to make the cap floor. And in the worse case scenario Oilers can retain too. All the way up to 50% or $3 mil per year. With that I'm pretty sure Oilers can find a taker for Lucic at $333,333 a year for a $6 mil cap hit. And they don't have to unload a valuable asset to do it either.
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your direction is good but your numbers are off. He has 4 years left after this year. After July 1, he will be owed 16 mill over those 4 years. His production is currently at a poor 3rd liner, very good 4th liner which is why his contract is bad.
It is not the worst in the nhl. Despite what the fancy stats guys say, there is value in having the toughest guy in the league on your team. He is very good in the room, an elite enforcer, and is not poor defensively. His training is a model for his teamates.
If the oilers eat 2 mill of his salary over those last 4 years, he brings an acceptable value for his 2 million dollar actual salary. His cap hit would be 4 mill but about 1/2 of the teams are never close enough to the cap to make that an issue. Every team has a 2 million dollar player they would like to dump so it could be a trade instead of the oilers eating the 2 mill.