Long removed from his season on the wing of Jason Spezza that led in large part to his current contract, Colin Greening's journey with the Ottawa Senators has come to an end on the waiver wire. In 24 hours, he will either be part of the Binghamton Senators or part of a different NHL organization.
Colin Greening on waivers today.— Darren Dreger (@DarrenDreger) January 27, 2015
Down from the career high 17 goals and 20 assists in 2011-12, Greening only had 6 goals and 11 assists in 76 games last season. This season his only point has come from an automatically awarded goal, and he's been a healthy scratch numerous times.
Assuming that Greening clears waivers, the only real benefit to the Senators is the active roster position. There will be some cap hit savings - $925k pro-rated for this season and $950k in each of the remaining two years - but the Senators are hardly pushing the cap, and the full salary is still paid to the player so there are no financial savings. Based on that I doubt Greening makes it out of the buyout window at the end of June as a member of the Senators organization.
While his contract carries an average annual value of $2.65m, it is back loaded. He is slated to earn an additional $5.95m in salary in the remaining two years of his contract, with $2.75m in 2015-16 and $3.2m in 2016-17. A buyout would reduce that to $3.97m total and carry a cap hit of $1.325m for the next 4 years.
Farewell, Colin Greening. We'll always have Game 3.