There was one player that made sense for the Vancouver Canucks to buy out, and on Friday they did. The Oliver Ekman-Larsson buyout will cost the team over $19 million, but the benefits are many.
The Canucks have bought out Oliver Ekman-Larsson will owe him $19.5 million over the next 8 years 😳 pic.twitter.com/GzMcQFim8L
— TSN (@TSN_Sports) June 16, 2023
Oliver Ekman-Larsson Buyout Comes Quick
The Canucks entered into the off-season already over the salary cap for 2023-24 with just 19 players signed. Being the only team over that limit meant other teams in the league weren’t doing them any favours. It’s a tough place to work from – especially when management has promised to make the playoffs once again.
Ekman-Larsson had a decent 2021-22 season in Vancouver, pairing up with the similarly overpriced Tyler Myers. That duo acted as a shut-down pair and ran almost even in Corsi but at the cost of both players’ offence. The 2022-23 season, alas, did not go as well.
Ekman-Larsson had a miserable year, marred with injuries, poor offence, and absent defence. While it was theoretically possible that he could have bounced back, given the new coaching regime, management has decided not to give him the chance. Originally brought in as a cap space cure-all, he is leaving for much the same reason.
Even when the buyout cap hit is at its worst – $4.77 million – that plus the typical cost of a third-pair defenceman is still cheaper than Ekman-Larsson alone. And given his quality of play, there is little reason to expect that he would be anywhere other than that third pair.
Here’s what the payout looks like, taking eight years to complete:
For Vancouver Canucks
Season / Cost / Cap Hit
| 2023-24 | $2,126,667 | $146,667 | |
| 2024-25 | $2,126,667 | $2,346,667 | |
| 2025-26 | $2,126,667 | $4,766,667 | |
| 2026-27 | $2,126,667 | $4,766,667 | |
| 2027-28 | $2,126,667 | $2,126,667 | |
| 2028-29 | $2,126,667 | $2,126,667 | |
| 2029-30 | $2,126,667 | $2,126,667 | |
| 2030-31 | $2,126,667 | $2,126,667 |
For Arizona Coyotes
Season / Cost / Cap Hit
| 2023-24 | $290,000 | $20,000 | |
| 2024-25 | $290,000 | $320,000 | |
| 2025-26 | $290,000 | $650,000 | |
| 2026-27 | $290,000 | $650,000 | |
| 2027-28 | $290,000 | $290,000 | |
| 2028-29 | $290,000 | $290,000 | |
| 2029-30 | $290,000 | $290,000 | |
| 2030-31 | $290,000 | $290,000 |
What This Means
Obviously, this doesn’t make ownership happy, but it does save them $10 million over the length of the contract. The Ekman-Larsson buyout also gives the Canucks some room to add players this year. With other teams facing a cap crunch similar to Vancouver’s, the Canucks may be able to take advantage.
With one move, Vancouver is suddenly nearly $6.5 million clear of the salary cap with 17 players signed. It was the ladder the Canucks could use to get out of the salary cap pit the previous group dug for themselves. Now they need to make sure their next purchase isn’t a shovel.
Main Photo: Anne-Marie Sorvin-USA TODAY Sports
