Jared Cowen on waivers for purpose of a buyout

[herman]

As far as #Leafs salary cap, Jared Cowen is officially bought out. His arb hearing will determine if buy-out was legal. He is not on roster

? Kevin McGran (@kevin_mcgran) September 24, 2016

I don't know what this actually means.

 

[bustaheims]

As far as #Leafs salary cap, Jared Cowen is officially bought out. His arb hearing will determine if buy-out was legal. He is not on roster

? Kevin McGran (@kevin_mcgran) September 24, 2016

I don't know what this actually means.

I'm not sure how accurate it is. He's non-roster because of his injury status.

 

[sickbeast]

I wonder when Lupul will be put on waivers for the purpose of a buyout...

[youtube]http://www.youtube.com/watch?v=aa911_8TP2s[/youtube]

Heart of Glass because he's made of glass! 

 

[Highlander]

I thought the Cowen hearing was in the last two days, no word as yet?

 

[LuncheonMeat]

I thought the Cowen hearing was in the last two days, no word as yet?

Apparently the hearing won't happen until October some time.

 

[Highlander]

Bastedo's

 

[CarltonTheBear]

Bob McKenzie ‏@TSNBobMcKenzie  11 minutes ago
Quick break for bit of news: Jared Cowen's grievance hearing with independent arbitrator is set for Oct. 19. Cowen grieving his TOR buyout.

I'd be pretty surprised if this didn't end with a resolution that both sides are fairly happy with.

 

[louisstamos]

Also from Bob:

Bob McKenzie @TSNBobMcKenzie
Back to Cowen, as far as TOR and NHL concerned, he's been bought out. Arbitrator can uphold that or reverse it based on hearing/evidence.

This confirms what was said earlier - as far as the cap goes, TOR currently has the cap credit from Cowen's buyout until this hearing happens.

 

[Zee]

Buyout hearing is Oct 19th, day before my birthday.  I'm expecting a nice present from the arbitrator.

 

[CarltonTheBear]

Also from Bob:

Bob McKenzie @TSNBobMcKenzie
Back to Cowen, as far as TOR and NHL concerned, he's been bought out. Arbitrator can uphold that or reverse it based on hearing/evidence.

This confirms what was said earlier - as far as the cap goes, TOR currently has the cap credit from Cowen's buyout until this hearing happens.

If this is the case I'm actually not that worried about it anymore. Previously I thought the way that this went down was the Leafs attempted to buyout Cowen but he and his agent blocked/held it up before it became official. And the hearing was basically to decide how to move forward. But if the NHL actually allowed the buyout to go through despite Cowen's claim that he was hurt then that puts the Leafs in a much more powerful position here.

I think that the odds of the worse-case scenario happening (that is the buyout being reversed and Cowen spends the season on LTIR) are basically slim-to-none.

 

[bustaheims]

TSNBobMcKenzie: Judging by number of familiar faces I'm seeing at my hotel in NYC, this would be venue for tomorrow's Jared Cowen-TOR grievance arb hearing.

TSNBobMcKenzie: BTW, $3M swing on Cowen arb. If he wins, he gets  full $4.5M salary. If he loses, $1.5M over next two years. OK, time for a Fiasco.

TSNBobMcKenzie: BTW, if Cowen wins his arb, TOR gets $3.5M cap hit this season. If Cowen loses, TOR gets $750K cap hit in each of next two years.

Not 100% sure McKenzie right here, but, he is generally pretty reliable. definitely throws a wrench into things.

 

[Tigger]

Wasn't it pretty widely reported that the buyout would result in a cap savings in the first year? Not sure how that changed.

 

[bustaheims]

Wasn't it pretty widely reported that the buyout would result in a cap savings in the first year? Not sure how that changed.

It was, and, with the way things are calculated, it's accurate, so, I'm not sure where Bob is getting his numbers from. I'm guessing he's just looking at the real dollar value of a buyout and goign from there.

 

[herman]

Leafs and Cowen hearing has begun in New York City. Possible it goes over two days. No set time for a decision.
? Lance Hornby (@sunhornby) October 19, 2016

 

[CarltonTheBear]

Bobby admitted to his mistake:

Bob McKenzie ‏@TSNBobMcKenzie  3 hours ago
Quick correction to my Cowen tweet yesterday: TOR currently gets cap "credit" of $650K this season, not a $750K hit

Bob McKenzie ‏@TSNBobMcKenzie  3 hours ago
So if Cowen were to win arb case, TOR would go from getting a $650K credit to taking a $3.5M cap hit.

 

[WhatIfGodWasALeaf]

That's a good $4.15 million salary cap swing riding on this, might cause some overage issues down the line...

 

[GhostofPotvin29]

Wouldn't he/his cap hit just go on LTIR if the arbitration went his way?

 

[L K]

Wouldn't he/his cap hit just go on LTIR if the arbitration went his way?

Yes, but.  Any bonuses from having guys who put up 5 goals in 4 games will not be exempt from that LTIR space.  So it won't kill the team during the season, it will hurt in terms of cap overage penalties next year.

 

[GhostofPotvin29]

Wouldn't he/his cap hit just go on LTIR if the arbitration went his way?

Yes, but.  Any bonuses from having guys who put up 5 goals in 4 games will not be exempt from that LTIR space.  So it won't kill the team during the season, it will hurt in terms of cap overage penalties next year.

Ahh thanks for clarifying that.

 

[Zee]

I read online that this could take 30 days before a ruling? Oy-vey!