There is many other contracts that should be moved before worrying about Ryan's (damn, Dorion has done a lot of damage in not even 2 years at the helm)
Burrows = $2,500,000
Gaborik = $4,575,000 + $3,175,000 + $3,075,000
Condon = $2,500,000 + $3,000,000
Anderson = $5,500,000 + $4,000,000
Smith = $3,250,000 + $3,250,000 + $3,250,000
You can afford to have Ryan for at least another Ryan and then he becomes easier to move with one less year on his contract. If he has a 50-60 pts season (he's on a 48 pts pace currently, and could finish with a PPG over 50 pts per 82 games this season), then you could actually get assets back with a bit of money retained. Or just keep him because that's first line numbers and you need all the scoring depth you can get.
The cap is going on 80 M$ and will continue to rise. If you can't afford to follow, you should not have a NHL club, leave it to markets that can afford it. Oh and let's not forget about the cap floor. Sens will have to respect it, no choice.
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If you could make those 5 contracts "disappear", you'd have for ~55 M$ :
Hoffman-Duchene-Ryan
Dzingel-Pageau-Stone
Paul-White-Chlapik
McCormick-O'Brien-Pyatt
Chabot-Karlsson
Harpur-Ceci
Borowiecki-Wideman
Claesson
Hogberg
Gustavsson
Now of course, you can't go with those 2 goalies and you'd have to improve some roster spots but if the team budget is around 70 M$, you have 15 M$ to play with (of course you keep some of it for Duchene, Dzingel and EK extensions)
But let's not forget about Brown, Batherson, Formenton Jaros, Wolanin, that top-5 pick, etc who will be challenging for spots soon.
Generally the cap goes up, so players current cap hits become relatively smaller, making it easier to move him later.
Look at Crosby's cap hit, what was insane and record breaking at the time, is now quite low.
The point being, in 1 years time, especially if the cap goes up by the rumoured ~5M, it will cost less to dump him, especially considering there is 1 year less term on his contract.
Exactly. 7.25 M$ on a 80.0 M$ salary cap is ~9%, so it gets less impactful every year.
Like seriously, in 2005-06 that would be a 3.5 M$ cap hit. Havlat signed 3 years x 6.0 in 2006-07 and he was injured more 0ften than Ryan (Havlat's career PPG was 0.75 in 790 games, Ryan has a 0.70 career PPG in 725 games). It was 13.64 % of the cap in 2006-07
That's why big markets and "richer" teams are not afraid to sign players to big contracts, there's a lot of money to play with today. Of course, you need good young players on ECLs and RFA years to be competitive but you can afford a few vets, even if overpaid. When you have to move them, you buy them out, retain salary on a trade or even bury them. That's for teams who are financially healthy.