What it would cost the Leafs to buy out Ryan Reaves' contract
Ryan Reaves has not looked like a great investment for the Toronto Maple Leafs so far.
After losing Ryan O’Reilly, Michael Bunting, and Zach Aston-Reese to free agency last year, the Leafs were in the market for toughness when they approached the veteran enforcer. They ultimately inked him to a three-year, $4.05 million deal.
While he has delivered in certain departments, Reaves’ impact has been marred by inconsistency. His season was interrupted by injury, and during critical moments, such as Games 6 and 7 of Toronto’s first-round defeat to the Boston Bruins, he found himself benched. Moreover, when he did take the ice, his performance often drew criticism for frequent turnovers and unnecessary penalties.
With all that said, given the Leafs’ tight cap situation and the 37-year-old’s questionable spot in the lineup going forward, the option of buying out his contract could become more realistic.
If it does, here’s how it would break down financially.
| SEASON | INITIAL BASE SALARY | INITIAL CAP HIT | SIGNING BONUS | BUYOUT COST | POST-BUYOUT EARNINGS | SAVINGS | CAP HIT |
| 2024-25 | $1,350,000 | $1,350,000 | $0 | $450,000 | $450,000 | $900,000 | $450,000 |
| 2025-26 | $1,350,000 | $1,350,000 | $0 | $450,000 | $450,000 | $900,000 | $450,000 |
| 2026-27 | $0 | $0 | $0 | $450,000 | $450,000 | -$450,000 | $450,000 |
| 2027-28 | $0 | $0 | $0 | $450,000 | $450,000 | -$450,000 | $450,000 |
| TOTAL | $2,700,000 | $2,700,000 | $0 | $1,800,000 | $1,800,000 | $900,000 | $1,800,000 |
As per CapFriendly’s buyout calculator, Reaves, given his age, qualifies for a 2/3 buyout ratio of his remaining salary.
Considering his remaining $2.7 million in salary, the buyout for Reaves’ contract would last for the next four years and incur a cost of $1.8 million resulting in savings of $900,000.
Essentially, Toronto would free up $900,000 in space in each of the next two seasons but would be forced to pay the same amount over the following two years.
Given the affordability of a buyout, Toronto’s management may be inclined to weigh the options on Reaves, who logged four goals, six points and 49 penalty minutes over 49 games this season.
There’s also the alternative option of sending the Winnipeg native down to the AHL. Since the salary cap allows teams to bury up to $1.15 million in the minors, Reaves would theoretically only count for $200,000 against the cap if he joined the Marlies. He would, however, still be taking up a roster spot, keeping Toronto at full capacity.
The Leafs have the NHL’s highest cap hit of $97.6 million this season. But with over a dozen contracts coming off the books this offseason, combining for a cap hit of $38.5 million, they should have a bit more room to work with going forward.
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