The Oilers are buying out Jack Campbell’s massive contract
The Edmonton Oilers announced this morning that they have placed goaltender Jack Campbell on unconditional waivers with the purpose of a buyout.
This comes just two seasons after the 32-year-old signed a five-year deal in Edmonton that carried an AAV of $5 million. It also occurred after a few days of furious rumours surrounding Campbell that the Oilers were looking to trade him rather than buying him out.
The #Oilers have placed goaltender Jack Campbell on unconditional waivers for the purpose of a buyout. pic.twitter.com/lXb1UmGTi3
— Edmonton Oilers (@EdmontonOilers) June 30, 2024
According to CapFriendly, the buyout will save the Oilers $4.5 million in cap space this summer but will ensure that Campbell will be on the team’s books up until the 2029-30 season.
The height of the dead money during this buyout will be in 2026-27 when Campbell will carry a cap hit of $2.6 million. Going into next season, he will count as just $1.1 million toward the cap.
Jack Campbell has 3 years remaining in his contract, therefore a 6 year buyout:
Cost: $9M
Savings: $4.5MCap Hit:
24-25: $1.1M
25-26: $2.3M
26-27: $2.6M
27-28: $1.5M
28-29: $1.5M
29-30: $1.5Mhttps://t.co/MDBNM1Xwq7 https://t.co/SeHZXWy7zN— CapFriendly (@CapFriendly) June 30, 2024
This ends an extremely disappointing tenure for Campbell in Edmonton. At the time of his signing in the summer of 2022, the veteran goaltender was expected to stabilize the Oilers’ situation between the pipes. Instead, Campbell floundered and eventually lost the crease to rookie Stuart Skinner.
Edmonton decided to give Campbell another shot to figure things out last season but was quickly demoted to the AHL’s Bakersfield Condors in November after yet another poor start to the year. He was not able to fight his way back to the NHL after that demotion.
It now appears that the Oilers are comfortable enough with running a tandem of Skinner and, the newly signed, Calvin Pickard heading into next season. The cap savings from this buyout will give the team some added flexibility to upgrade different parts of their roster through trades and free agency.
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