Immovable contract? Out clauses in Luongo's deal

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I'm hesitant to post this since I don't want to stoke speculation about trading Luongo. [EDIT IN: Everything changed about this situation last night when the Canucks staved off elimination in the 4th game of their first round series with LA. Cory Schneider got the start, which has started EVERY sports journalist following the Canucks to speculate that Luongo will be traded in the off-season. Note that this thread was started October 28th. We've always had the option to trade either of our goalies, and not just Cory as has been the common misconception].

The reason I'm posting this is to help quell the idea that we're "stuck" with Luongo because of his contract. I think this is a huge part of the reason why he's getting so much abuse from the fan base. Well, we're not stuck with him. If management needs to move him, the team that would be receiving him would really only be on the hook for his contract for 3-5 years. See below.

There are a couple of "out clauses". The first comes up in three years, the fifth year of the deal, where Luongo can request a trade. btw, Luu has a limited no-trade, but not a no-movement clause in his contract. Here's some info from 2009 when he signed:

This deal includes several “escape clauses,” mitigating risk by giving both parties an out if they’re unhappy.

The first comes five years into the extension. If Luongo isn’t pleased with where the team is at, or where it’s heading, he can then trigger a trade. The out clause is timed for what should be an organizational crossroads — one year after the Sedins’ current long-term deal is up. The Canucks have agreed to accommodate the request by moving Luongo at that point.

It’s likely Luongo would be a valuable commodity, coveted by NHL teams even at age 36. If it were to happen, the team which traded for him would owe him $27.2 million for the final seven years of his deal.

Two years later, after the contract extension’s seventh year, the Canucks have a reciprocal clause. If they want to go in another direction, they will have an opportunity to move Luongo despite his no-trade clause.

Luongo would be 38 years old. But, if he’s still playing at an elite level, should remain an intriguing trading chip. At that point of the deal Luongo would have five years left and he would be owed just $13.714 million.

http://www.faceoff.com/story.html?id...5-6c328be5e1d1

If they wanted to do a deal, I think two GMs could make it happen. The destination team would only be on the hook for 3-5 more years:

- 5th year of contract, 3 years until Luongo's out
- 7th year of contract, 5 years until the Canucks' (or team he'd be with) out

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Personally, I'm pulling for Luongo to re-write the story. He's a hardworking, honest player with a ton of talent and I would always want things to work out for an athlete like that any day.

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I still want Luongo to change the story that's been written about him, but the option of trading him is still possible. The contract is not immovable like some say.

[carson005]

But it's a lot easier to move Cory...

[sfgiants5518]

Easier to move Cory and Cory has higher value.

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If course it's easier. Hopefully management doesn't just do what's easy.

[jrice9]

If course it's easier. Hopefully management doesn't just do what's easy.

But value is whats important.

If your gettng a mid round pick/mediocre forward for Luongo or a great asset for CS and your window of contention is the next 3 years, it might be (I would argue) more useful to trade the better asset

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But value is whats important.

If your gettng a mid round pick/mediocre forward for Luongo or a great asset for CS and your window of contention is the next 3 years, it might be (I would argue) more useful to trade the better asset

If your window of contention is small you also want the goalie who will give you the best chance of winning.

Keeping Schneider may not happen but I am hopeful (as I am with Kesler) that the Canucks explore two big changes and look to make the best possible improvements. I would have no problem with any of our players being moved if it meant that the team's culture will change from the stagnant Burke-Nonis floorplan. I am hoping for some significant change. I realize that doesn't happen with a GM like Gillis who is prudent to the point of paralysis, which by the way is a perfect description of the Canucks' on-ice performance, with their insane decision to try to win all games 1-0. But that doesn't mean I can't hope for change, that I can't hope that FINALLY Gillis will realize that no excuses can mask the fact that he has a ****** top 6 and it's been obvious for a long time.

Yes, in simplistic terms, Schneider would get the bigger yield, and that's why we have to look at this big picture. We need to end up with the best goalie (Schneider) and to do it we will have to sacrifice Kesler while he still has the illusion of elite value. I say illusion because I consider the 41 goal season to be the aberration, just as I always said that Raymond's 25 goal season was the aberration. By moving Kesler we can accept the devaluation on Luongo and still keep the goalie with the better prospects, especially in this market.

Hopefully if they can retain Schneider they will not make the idiotic mistakes they made when they brought Luongo in and declared him the saviour. That put unbelievable pressure on him, in a market that tends to devour its goalies. Schneider is better with the media and with the pressure and he is the goalie they have to do EVERYTHING POSSIBLE to retain.

[carson005]

Ink I hate to break it to you but Luongo gives us the best chance to win.

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Ink I hate to break it to you but Luongo gives us the best chance to win.

Almost all indicators say otherwise. I like Luongo but if I had to choose I'd pick the guy with the upside and the ability to roll with things more easily. Everyone should know I'm not a Luongo-hater, in fact quite the opposite, my thinking is based on performance and compassion for Luongo and his family. This is time to free up some cap space, get out from under a contract that is stifling both the goalie and the franchise, work something out for an athlete to get to a market without so much intense hate, get his family back to Florida perhaps, and clear the air in Vancouver. It has become oppressive for the team dealing with all the stupid peripheral crap around "goalie controversies". Schneider, at least so far, seems to be able to shrug off the pressure and perform the same wherever he is. It's a question of fit.

[carson005]

Trading Schneider solves any goalie controversy problem, and can also solve our scoring problem. Trading Luongo...does nothing.

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Trading Schneider solves any goalie controversy problem, and can also solve our scoring problem. Trading Luongo...does nothing.

The "goalie controversy" isn't just about Schneider, it's about hate for Luongo if he makes any mistakes at all. It's really a no-win situation for him. And statistically and performance-wise there is a growing case to be made that Cory is going to be better (than a declining Luongo at least). Kelly Hrudey is just one of the fair-minded guys I've seen who point out the technical pluses to Cory's game.

[carson005]

And you think that if Schneider becomes the starter he won't get the same hate?

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And you think that if Schneider becomes the starter he won't get the same hate?

I think management will have learned its lesson as I said above, and I think Cory deals with things much differently than Luu. Neither of them is a bad goalie in ANY WAY, in fact, quite the contrary. I think Luongo is a much better goalie than his haters give him credit for. But the fit here is terrible, fans are terrible, and the need to deal with stupid pressures has to wear on him and affect his performance. Sure we'll have the same haters just waiting to hate on the next goalie, but Schneider appears to be a really solid character. He is very smart and very well spoken. He has handled this 1a/1b stuff really well and been a fantastic teammate, supporting Luu all the time and telling the fan base to chill out when it needs to. Yes, I think things will be different with Cory and for the better. Also, I think things will be better for Luu if he ends up in a less hockey-insane market. Guess I'm thinking of Tampa Bay or Florida for him ...

[jrice9]

I have a question about this Burke-Nonis rhetoric I keep hearing:

You realize they (along with Gillis) have built the best regular season team in the NHL for the last two years and a team that went to the Stanley Cup finals.

They are responsible for acquiring pretty much every good player Vancouver has.

Yes you need some changes but to act like the last few seasons are so stagnant seems ridicolous to me. Its only stagnant because your at the top in terms of regular season teams.