Friday, June 27, 2014

Coyotes to Buy Out Ribeiro

On Friday, the Arizona Coyotes announced that they will be buying out the final three years of the contract for Mike Ribeiro, using one of their two compliance buyouts.  Ribeiro was owed $5.5 million on each of those three seasons left on his deal, but due to some "attitude problems," the team has decided to part ways with the 34-year old centre.

In the 2014 season, Ribeiro finished with 16 goals and 47 points in 80 games for the Coyotes. It wasn't a bad season, ranking 96th among forwards, but it sounds like it is more about the off-ice issues that has him looking for new employment this Summer.

It will be interesting to see where Ribeiro lands, if he lands at all, given the premise of his departure from the Coyotes.  Carrying personal baggage will likely scare off teams, especially given the cap hits and salaries he has had in previous seasons.  It would likely have to be a pretty good pay cut taken to join a new club.

Salary CapThe Coyotes have never been known as a cap ceiling type team in the past, but with new ownership, it will be interesting to see how their chips fall. Nevertheless, with the gain in salary cap room, smaller than originally projected, the team made a little bit more room, clearing out $5.5 million.  I now have the Coyotes projected with 14 players at $23 million, meaning they still have to sign on $27 million to hit the cap floor.  This could mean they'll be players further on in the off-season.

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