Senators Buy Out Jonathan Cheechoo's Contract

The Ottawa Senators announced today that they have bought out the final year of Jonathan Cheechoo's contract, making him an unrestricted free agent. He was scheduled to make $3.5 million for the 2010-11 season. The Senators acquired Cheechoo last September from the San Jose Sharks along with Milan Michalek in exchange for Dany Heatley. In 61 games last season with the Senators, Cheechoo had five goals and nine assists for 14 points. He also appeared in 25 games with Binghamton of the AHL, scoring eight goals and six assists for 14 points. In 501 career NHL games with the Sharks and Senators, he has 170 goals and 135 assists for 305 points. He won the Rocket Richard Trophy in 2006 as the goals leader in the NHL. This comes as no surprise, as Cheechoo has been in constant offensive decline over the past several seasons. It's possible another team could sign him this summer to add some veteran depth to their team, but it likely wouldn't be for very much given his lack of offense in recent years. If he does get signed this summer, it will likely be his last chance to prove that he can still produce decent numbers at the NHL level, otherwise his NHL career could be over.

Cheechoo, Kotalik Among NHL Players Currently on Waivers

On Monday, the following NHL players have been placed on waivers with the purpose of buying out their contracts. The players will have until noon tomorrow to be claimed by other teams. If they go unclaimed, they will likely have their contracts bought out and become unrestricted free agents.

Jonathan Cheechoo, RW - Ottawa
Ville Koistinen, D - Florida
Ales Kotalik, RW - Calgary
Petteri Nokelainen, C - Phoenix
Jim Vandermeer, D - Phoenix

I will be surprised if any of these players are claimed off waivers, as any team interested in acquiring them would be better off waiting until they are bought out and signing them to new, more affordable contracts. Cheechoo currently carries a $3.5 million price tag, and with only five goals and 14 points in 61 games last season, will likely keep any team from wanting to claim him. Kotalik, who is currently set to earn $3 million during each of the next two seasons, was wildly inconsistent last season with the New York Rangers and Calgary Flames, managing only 11 goals and 27 points in 71 games. His inconsistent play, lack of scoring, and salary will likely keep him from going claimed.

Sharks Acquire Dany Heatley from Senators

The Ottawa Senators have finally found Dany Heatley a new home, as they have sent the disgruntled left wing to the San Jose Sharks along with a fifth round pick in the 2010 Entry Draft in exchange for right wing Jonathan Cheechoo, left wing Milan Michalek, and San Jose's second round pick in 2010. The move comes months after Heatley requested a trade from Ottawa and refused to waive his no-trade clause to facilitate a trade to the Edmonton Oilers. It was rumored the Senators were asking for Dustin Penner, Ladislav Smid, and Andrew Cogliano in return for Heatley. Rumors began to swirl over the last month that the Sharks were interested in acquiring Heatley. A rumored three-way trade between Ottawa, San Jose, and the Los Angeles Kings surfaced on Friday, but was quickly shot down by the general managers of the three teams. That deal would have seen Heatley go to San Jose, Patrick Marleau go to the Kings, and Alexander Frolov and Jarret Stoll go to Ottawa.

In all 82 games last season for the Senators, Heatley scored 39 goals and 33 assists for 72 points. In 507 career games with the Senators and Atlanta Thrashers, he has 260 goals and 283 assists for 543 points. Cheechoo appeared in 66 games last season with the Sharks, scoring 12 goals and 17 assists for 29 points. In 440 career games, all with the Sharks, he has 165 goals and 126 assists for 291 points. Michalek played in 77 games with the Sharks last season, scoring 23 goals and 34 assists for 57 points. In 317 career games, all with San Jose, he has 91 goals and 123 assists for 214 points.

Not a bad trade for both teams, as it fills needs for the Sharks and Senators. The Sharks get a dynamic scorer in Heatley who also excels on the power play. They are also shaking up their roster a bit in the process, something GM Doug Wilson stated he was hoping to do this summer after a disappointing 2009 playoffs. Despite giving up two top-six forwards for Heatley, the Sharks have plenty of young forwards who could easily replace Cheechoo and Michalek on the wing. The trade gives the Senators some desperately needed scoring depth. Cheechoo and Michalek will both bring plenty of offensive depth and skill to the team, and when on top of their respected games, both can rack up a lot of points and goals. However, Cheechoo has been in offensive decline for the last few seasons, and if he cannot turn his game around in Ottawa, this could end up being a bad trade for the Senators. For now, I'd say it's a fairly even trade, but we probably won't know for a few months who won in this trade.