Contract Termination: [CAR] F Evgeny Kuznetsov and the Hurricanes mutually terminate contract

[hockeykicker]

https://x.com/i/web/status/1818363642892685459

 

[GIN ANTONIC]

Latest info is that Kuznetsov's wife is steering the ship. She wants to live and raise kids at home.

The boss of the family has spoken.... plausible reason why a player would leave $6 million on the table.

Dude has made an incomprehensible amount of money for 99.99% of people and has won hockey's ultimate trophy while being a top player. If this move is best for his family then it's not really that hard of a decision to make.

 

[Nogatco Rd]

Wow Congrats to Kuzy as he has reportedly signed a 4 year deal for 92 Million!!!!









*Rubles per year

 

[Boom Boom Apathy]

https://x.com/i/web/status/1818363642892685459

Isn't the story a bit misleading when they say he was set to earn $8M this year?

I believe his $2M signing bonus was already paid which leaves $6M in salary.

Of the $6M in Salary:
- 8-10% agent fee (-$500K)
- ~$2.5M in Federal/State Tax

So ignoring everything else, his take-home on that $6M would be roughly $3M. It's still a pay cut vs. the ~$1.1M KHL salary, but not nearly as dramatic as the story leads one to believe.

Because the salary is less in the KHL, the agent's fee will be also be less as it's a %. I have no idea about Russia's tax situation and I've read on here some people say that these players salaries aren't taxed (no idea if that's true).

 

[OrangePMD]

I believe his $2M signing bonus was already paid which leaves $6M in salary.

He doesn't get to keep that signing bonus money.

 

[CanesUltimate11]

Because it cheapens the responsibility of GM's handing out awful contracts. Players can in this day and age terminate their contract and then go play for a contender if they felt they were overpaid and didn't want to deal with that pressure.

I highly doubt there are that many players wiling to forgo millions of dollars in guaranteed money. Maybe one or two at the tail end of their careers searching for a cup but this seems like a stretch to be concerned about.

Edit: Kuzy seems to be the first I've seen that wants to go this route. And it seems to be a family thing. Plus he'll still make money in Russia, just not as much.

 

[bleedgreen]

I highly doubt there are that many players wiling to forgo millions of dollars in guaranteed money. Maybe one or two at the tail end of their careers searching for a cup but this seems like a stretch to be concerned about.

Edit: Kuzy seems to be the first I've seen that wants to go this route. And it seems to be a family thing. Plus he'll still make money in Russia, just not as much.

Kovalchuk. He gave up a huge amount of guaranteed money to go home and it very much seemed to be a family choice as well as he was in his prime. Yes he got paid very well there I’m sure, but he fits the scenario you say is rare.

 

[TS Quint]

I highly doubt there are that many players wiling to forgo millions of dollars in guaranteed money. Maybe one or two at the tail end of their careers searching for a cup but this seems like a stretch to be concerned about.

Edit: Kuzy seems to be the first I've seen that wants to go this route. And it seems to be a family thing. Plus he'll still make money in Russia, just not as much.

Byfuglien gave back $16m not to play hockey and to not even deal with the LTIR process.

 

[Nogatco Rd]

I highly doubt there are that many players wiling to forgo millions of dollars in guaranteed money. Maybe one or two at the tail end of their careers searching for a cup but this seems like a stretch to be concerned about.

Edit: Kuzy seems to be the first I've seen that wants to go this route. And it seems to be a family thing. Plus he'll still make money in Russia, just not as much.

Zadina walked away from $4.5M when he & Detroit mutually terminated the last two years of his contract. Signed a 1 year $1.1M the next week with SJ.

 

[Koivu11]

 

[CanesUltimate11]

Zadina walked away from $4.5M when he & Detroit mutually terminated the last two years of his contract. Signed a 1 year $1.1M the next week with SJ.

But didn't sign with a contender so haha! Checkmate!

But seriously, so not as rare as I thought it would be but 4 out of how many players since the cap? Still not much to be worried about as far as cap shenanigans go. But good points none the less.

 

[bobholly39]

Good for him honestly

Mental health, happiness, and happy family life can't be understated. If it was better for him to leave the NHL and go back to Russia in the KHL - and it seems like he and Carolina had a mostly amicable split - than I'm happy for him.

 

[Boom Boom Apathy]

He doesn't get to keep that signing bonus money.

Is that a for certain?

 

[TheUnusedCrayon]

I highly doubt there are that many players wiling to forgo millions of dollars in guaranteed money. Maybe one or two at the tail end of their careers searching for a cup but this seems like a stretch to be concerned about.

Edit: Kuzy seems to be the first I've seen that wants to go this route. And it seems to be a family thing. Plus he'll still make money in Russia, just not as much.

It's not likely, but it's happened more times in the past 3 years than I can remember than anytime in history and they're returning to other NHL teams immediately after a lot more frequently now.

 

[OrangePMD]

Is that a for certain?

Yes.

 

[AcerComputer]

Byfuglien gave back $16m not to play hockey and to not even deal with the LTIR process.

He doesn't get to keep that signing bonus money.

Byfuglien did not technically give any money back - he had $14m left on his contract, to which he walked away from the final 2 years. This TSN article indicates that it is uncommon, and that players keep some portion of the remaining (future) money owed to them.

Dustin Byfuglien returned all of the money left on his deal in contract termination with Jets - Article - BARDOWN

"Kuznetsov walked away from the $6 million salary owed to him in the final season of his $64.2 million, seven-year deal originally signed in 2017."

https://www.sportsnet.ca/nhl/article/evgeny-kuznetsov-leaves-nhl-signs-four-year-deal-in-khl/

 

[vorky]

https://x.com/i/web/status/1818695200505729490

Official exchange rate

 

[TS Quint]

Byfuglien did not technically give any money back - he had $14m left on his contract, to which he walked away from the final 2 years. This TSN article indicates that it is uncommon, and that players keep some portion of the remaining (future) money owed to them.

Dustin Byfuglien returned all of the money left on his deal in contract termination with Jets - Article - BARDOWN

"Kuznetsov walked away from the $6 million salary owed to him in the final season of his $64.2 million, seven-year deal originally signed in 2017."

Evgeny Kuznetsov leaves NHL, signs four-year deal in KHL

“Ackchyually……”

Byfuglien had a guaranteed contract. He opted out to not play and gave the rest of his contract back on his own terms.

 

[Caser]

 

[tarheelhockey]

These Twitter account managers really do make every little thing sound like an earth-stopping historic event.

 

[vorky]

circa $12 M per season

 

[vorky]

These Twitter account managers really do make every little thing sound like an earth-stopping historic event.

Last but not least

https://x.com/i/web/status/1813283710063763742

 

[tarheelhockey]

Last but not least

https://x.com/i/web/status/1813283710063763742

Starting to understand why he wanted to go back…

 

[Imgoingtowork]

Good deal by Russian team. Carolina can solve that with new talent.

 

[AcerComputer]

“Ackchyually……”

Byfuglien had a guaranteed contract. He opted out to not play and gave the rest of his contract back on his own terms.

All NHL players have guaranteed contracts. The take away is that normally players keep a portion of the future money owed to them in order to facilitate a contract termination. Which would shed some light on the fact, Kucnetsov not out $8m.