Cheechoo, Kotalik Among Five Players Placed On Waivers

 

The waiver wire saw some activity this afternoon as a reported five players were placed on it, according to TSN. Among those players are Johnathan Cheechoo of the Ottawa Senators, who was part of the Dany Heatley trade with San Jose, and Ales Kotalik of the Calgary Flames, who was acquired by the team in an early February trade with the New York Rangers. Petteri Nokelainen and Jim Vadermeer of the Phoenix Coyotes and Florida Panthers defenseman Ville Koistinen were also placed on waivers.

TSN mentions that if these players were to go unclaimed through the waiver process, it is likely that their respective organizations will buy them out and will therefore enter them into unrestricted free agency.

Cheechoo is entering the final year of a five-year contract that will pay him $3.5 million next season (and count as a cap hit of $3 million.) After posting a career-high and Maurice "Rocket" Richard Trophy-earning 56 goals back in 2005-06 thanks to be paired with Joe Thornton, Cheechoo has steadily declined over the past four years. A year with just 12 goals and 17 assists in 2008-09 made it an easy decision for San Jose to include him and his salary as part of the trade that brought in Heatley. In 61 games with Ottawa last season, Cheechoo only posted five goals and nine assists for 14 points. He also spent 25 games in the AHL with Binghamton, scoring eight goals with six assists for 14 points.

Cheechoo's time as a hot commodity in the NHL faded almost as quickly as it began, and he is no longer considered a top-six forward. At $3.5 million, it would be hard to justify picking the 29-year old up off waivers. But as an unrestricted free agent, it could be worth taking a flier on him at a price tag of $1 to 1.25 million is he is willing to take a sharp pay cut like that. A buyout would cost the Senators about $1.167 million over each of the next two years.