Will the Bruins take advantage of the buyout window to start their cap-clearing offseason?
The Bruins have less than $5 million in cap space entering this offseason.
With Bruce Cassidy and the Golden Knights hoisting the Stanley Cup in Vegas on Tuesday, the 2023 NHL offseason has officially begun.
And Don Sweeney and the Bruins have plenty of work to do this summer in order to alleviate their cap-related headache.
With just over $4.9 million in cap space available and only 13 skaters currently signed, Boston is going to need to shred a couple of contracts off their books in order to retain talent on a roster that’s still looking to compete in 2023-24 and beyond.
That’s no easy task for the Bruins, who will likely explore just about every avenue in order to give themselves more fiscal wiggle room this summer.
And while a majority of Boston’s offseason moves might come around the NHL Draft (June 28-29) and the start of free agency (July 1), the Bruins can get a headstart on their cap-clearing efforts as soon as Friday.
Just 48 hours after the Stanley Cup is doled out, the league’s buyout window is open and runs through June 30.
And even though buying out contracts is often considered the least palatable option when it comes to creating cap space, Boston does have at least a few intriguing options present on their roster.
Even though the goaltender position could be an area that Boston subtracts from this offseason, the segment of the roster destined to be carved up is the left side of the defense. And veteran Mike Reilly stands as a no-doubt buy-out candidate.
Reilly has one more year left on the three-year, $9 million contract he signed with Boston back on July 21, 2021.
Even though the 29-year-old blueliner is still a poised puck mover, that $3 million cap hit and Boston’s depth made him the odd man out last season. He played just 10 games with Boston and spent most of the year down with the Providence Bruins.
A clean break should be beneficial for both parties. Not only could Boston use that extra $3 million, but Reilly is still a solid NHLer who should not be buried down in the AHL ranks.
In a perfect scenario, Boston is able to deal Reilly this summer to a team who could use an offense-first defenseman in a top-four role. A rebuilding team like the Blackhawks makes plenty of sense, even if the return is just a low draft pick.
But Reilly’s $4 million in base salary could complicate things, and the fact that no team plucked him off waivers last season might be a sign that teams may not value him as much as Boston.
If there really isn’t a viable trade market for Reilly, the Bruins need to initiate a buyout. They can’t bury him in Providence for another year, not with Boston still carrying a dead cap hit of $1.875 million on the books if he spends another season in the AHL.
If Boston executes a buyout, they will save $2.6 million in cap space this season, with only a $333,333 landing on the books. However, that buyout will account for a $1.3 million dead cap hit in 2024-25.
Dead cap hits can hamstring a team’s offseason plans, as evidenced by the $4.5 million in bonus overages that Boston is tackling this year due to Patrice Bergeron and David Krejci’s incentive-laden contracts.
Still, the 2024-25 Bruins are in much better shape to account for a $1.3 million dead cap hit, given that the team is expected to have $29 million in projected cap space next offseason.
That’s not even factoring in what could be a significant jump in the league’s cap upper limit next year, especially after the players pay off the remaining $70 million in escrow they owe to the owners following the COVID-19 pandemic.
Essentially, the Bruins are staring at one miserable offseason in 2023 as they deal with their cap crunch. But so long as they can shed deals over the next few months, they’re going to put themselves in a good spot to aggressively retool next season, especially if the cap ceiling bumps up by another $5-10 million.
When you factor that in, moving Reilly sure feels like a no-brainer, even with that $1.3 million penalty next year.
The Bruins will also likely need to move one of Matt Grzelcyk or Derek Forbort this offseason. Given that Grzelcyk should be a coveted trade chip IF he’s the asset that Boston looks to flip this summer, a buyout likely isn’t an option.
Forbort is a bit more complicated. Although Boston could try to deal him with one year left on his contract, teams might balk at his cap hit ($3 million), given that cheaper options with similar skill sets could be had in free agency.
Even though Forbort still holds value as a shot-blocking specialist and a penalty killer, his lackluster returns at 5v5 play and his limited versatility (he’s all but etched into that third-pairing spot) could make him a player not worth keeping at a $3 million cap hit.
If Boston was to buy out Forbort’s contract, they’d save $2.3 million in cap space this season, with just $666,667 left on the books. In 2024-25, the dead cap hit would read out at $1.16 million.
Another name to keep tabs on? It seems like a given that the Bruins will end an embarrassing chapter in this franchise’s history and buy out Mitchell Miller’s entry-level contract.
Even though the Bruins announced that they cut ties with Miller just days after signing him, he is still under contract for the next two seasons at $861,667 per year. If Boston buys him out, they will be tagged with cap penalties of $129,167 in 2025-26 and 2026-27.
Still, those fiscal ramifications will be just a footnote as Boston looks to officially move on from Miller.
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