As expected, Kings center Mike Richards cleared waivers Monday morning, which cleared the way for the team to buy out the final five years of his contract and make him an unrestricted free agent.
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That’s not almost enough production for his cap hit, and the cap-strapped Kings are moving on now.
Years three and four of that buyout are going to be especially painful considering the club still has to get Anze Kopitar signed to a long-term extension and will constantly be fighting the cap to retain their star players.
GM Dean Lombardi is on record as lamenting is decision not to buy out Richards, 30, after the Kings won the Stanley Cup in 2014. Sports, the forward’s salary cap buyout per General Fanager is at $1.2167 million for 2015-16, $1.7167 million for 2017-18, $2.7167 million in 2018-19, $4.2167 million in both 2019-20 and 2020-21 and lastly $1.467 million until 2024-15.
Anaheim Ducks defenceman Mark Fistric and Montreal Canadiens forward P.A. Parenteau were also placed on waivers Sunday.
The move doesn’t come as a surprise, even for someone who played a key role in helping the Kings win the Stanley Cup in 2012 and ’14.
He is in the midst of a $69 million, 12-year contract which runs out in 2020.
Lombardi had the opportunity to use a compliance buyout last summer for Richards but chose to give him a chance due to reassuring words. They, too, will be bought out and become unrestricted free agents if they’re not claimed by noon ET Tuesday.
In the short term, the buyout would help the Kings. The contract carries a $4.25 million salary cap hit.
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The deadline for the first buyout window is June 30.
