What makes it different than Horton for Clarkson then? Just wondering what I'm missing
I don't remember enough of the specifics of those contracts & which teams they were traded to comment. LTIR money only helps in cases like Tampa was able to get under the cap when Kucherov & his $11M were placed on IR & Tampa was able to become compliant. They didn't go out & acquire a LTIR contract to help squeeze them under the cap. Had he been able to return before the regular season ended (very debatable in his case), they would've had to make some moves to become compliant.
Contracts like the two you mentioned tend to get traded when cap dollars are involved but no real dollars are involved. Arizona for example have taken on LTIR contracts that have no financial obligation so they can avoid spending real money & still reach the cap floor.
I think what he's saying is that in your ANA scenario, VGK would still have to deal back 6.25m in equivalent cap space for that to benefit them. They would be paying Kesler the money but it would not be against their cap. If they just gave a 2nd, then they would net gain/lose 0 cap space.
Correct. Vegas could theoretically take on Kesler's contract from the Ducks, but it wouldn't create any new cap space for them because they had no space before the deal. The only benefit would be to the Ducks if the contract was uninsured & they gave the Knights a prospect or a draft pick to pay the remaining money owed.
Vegas has to shed real cap space to fit Eichel & Martinez unless their own players become LTIR eligible.