Our national and worldwide nightmare is coming to an end.
The Penguins have placed Jack Johnson on waivers with the purpose of buying out the remainder of the 3 years on his contract.
Jack Johnson on waivers for purposes of buyout— Elliotte Friedman (@FriedgeHNIC) October 5, 2020
The buyout means that Jack Johnson will count against the salary cap for the Penguins for six more years, but at a significant savings to what it would be for the next three years.
The upside here also includes the fact that Jack Johnson will not be skating on the ice for the Penguins.
The Penguins will be paying $1 million or $2 million under the salary cap for each of the next six years for Jack Johnson not to play for the Penguins.
Had the Penguins not bought Johnson’s contract out, he would’ve been under contract for three more years at a cap hit of $3.25 million per year
This was a necessary decision, but one that still feels like a shock that Penguins management went through with it.