The Rangers had a chance to rectify their draft mistake 10 years later during the 1997 offseason, as general manager Neil Smith moved to replace Messier after he departed to join the Vancouver Canucks as a free agent when acrimonious contract negotiations broke down. Smith inked the then-27-year-old Sakic, a restricted free agent, to a stunning three-year, $21 million offer sheet. The contract was structured with a “poison pill” provision – $15 million of Sakic’s salary was due as a signing bonus, which meant that the Rangers, or Avalanche if they matched the offer to retain him, needed to pay Sakic that amount about a week later.
The bold move, coming during the pre-salary cap era in the NHL, evoked outrage in numerous corners of the league – a supposed example of a big-market team imposing its financial might on a lower-revenue franchise. Rangers ownership, though, was optimistic, with the common sentiment around the league being that Colorado had little chance to match the offer and keep its captain and star. The Avs’ ownership, known then as Ascent Entertainment, had limited cash flow and owned a hockey team that played in an older arena at the time, depriving it of the revenue that came with a modern facility. Sakic’s move to Broadway seemed just a matter of time.
Unfortunately for Smith and the fanbase, Ascent owned a stake in the movie “Air Force One,” which starred Harrison Ford and went on to be a blockbuster. Avalanche ownership borrowed against the movie’s future earnings and matched the Rangers’ offer sheet, keeping Sakic in Denver – an outcome that Smith claimed two years ago he painfully saw coming to pass all along.