In a salary cap world, there is no "nothing". Every single asset remotely associated with the league is "something", whether positive or negative.
Fine. Call it "a NHL third-line player versus Unusable Cap Space for the same price".
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I need some help- if we were to spend to the cap, couldn't we also have put Horton on LTIR and gotten relief?
To the extent that LTIR qualifies as relief, that was in fact an option. You still end up with cap space hell as the offseason ends, because there's a period between "end of offseason" and "start of season" during which you have to be under the cap and LITR doesn't count. Go ahead and try making that work for
five million dollars' worth of guys that 1) you actually want on your roster and 2) won't get claimed on waivers when you try to send them down to the AHL for that just-shy-of-$1m-per-player cap credit you get that way while still having a complete final roster.
You can get some of it back, for sure. Maybe one or two mil depending on the contract status of your other young up and comers (assuming you have any). But that makes you awfully dependent on hoping that prospects come out of nowhere and do amazing things.
Is Clarkson worth half his contract (about $2.6m/year)? The consensus seems to be "yes". As that's getting more than $1-2m back than we'd be able to finagle out of a Horton LTIR shellgame (which also presumes the presence of quality players on two-way contracts not subject to waivers that we
want on our roster - not necessarily an assured thing), the conclusion is that we actually have at least marginally better value in Clarkson than we would have had in keeping Horton.
EDIT: "But wait, Viqsi!" I hear you say. "We could have signed guys AFTER the start of the season and thus gotten use out of that LTIR space!" Yes, of course, assuming 1) we could actually find anybody worthwhile (remember how long it took to find someone useful when we desperately needed warm bodies during Injury Hell this year?) and 2) we don't get ourselves ******** for our presumption by other GMs recognizing that we need to dump assets at the end of the year and deciding that we'd be a great source for their next Boychuk-style thievery - or, alternatively, ending up above the cap at the end of the year and taking that particular penalty into the following year, when it's time to resign guys of no consequence like, oh, Murray and Johansen and Wennberg and...