Transaction Analysis: DeAngelo Placed on Unconditional Waivers

The Flyers placed veteran defenseman Tony DeAngelo on unconditional waivers on Friday for purposes of buying out the final season of the two-year, $5 million AAV contract the player signed with Philadelphia last offseason. Under the terms of the NHL's Collective Bargaining Agreement (CBA), the waiver was required as a preliminary step. If DeAngelo is unclaimed, the Flyers can exercise a buyout on July 15.

The Flyers qualified this summer for a second offseason buyout window. This came about when Noah Cates filed for salary arbitration (already settled with a new two-year contract, preempting a hearing with an arbitrator). The Flyers have been unable to consummate a DeAngelo trade this summer.

A DeAngelo buyout would carry a $1.67M cap hit in both 2023-24 and 2024-25. The Flyers would save $3.33 million of cap space in 2023-24 as opposed to $2.5 million if the player were traded at the maximum 50 percent retention rate. It also saves a retention slot (the Flyers are using one on Kevin Hayes and still have two remaining) for Philadelphia that could be used by the 2024 NHL trade deadline.

The Flyers still have one of their own restricted free agents to sign: Morgan Frost. The impending cap relief on DeAngelo puts the Flyers in a good position to get that done and remain cap compliant. When the opening night roster is set, the Flyers can place Ryan Ellis on long-term injured reserve for an allowance to exceed the in-season cap ceiling by a maximum $6.25 million (equivalent to the AAV on Ellis' contract).

DeAngelo, a native of Sewell, New Jersey, had a rollercoaster "homecoming" to the team he grew up rooting for as a youngster.

DeAngelo produced points at a reasonable pace (11 goals, 42 points in 70 games) and brought some intensity and physical competitiveness. However, the Flyers struggled to keep the puck out of their own net when DeAngelo was on the ice.

DeAngelo's departure creates a vacancy on Philly's top power play unit. As of now, Cam York is the leading candidate to fill the role on a full-time basis.

This is the second time in DeAngelo's career has been waived for buyout purposes. He was bought out by the New York Rangers in June 2021 before signing with the Carolina Hurricanes. DeAngelo had a strong 2021-22 season in Carolina. As a restricted free agent last summer, the Flyers traded a 2022 fourth-round, 2023 third-round and 2024 second-round pick to the Hurricanes to acquire DeAngelo's negotiating rights. He promptly signed the two-year contract with the Flyers that the team will buy out if he is not claimed on waivers.

Originally drafted by the Tampa Bay Lightning in the first round (19th overall) of the 2014 NHL Entry Draft, DeAngelo subsequently moved on the Arizona Coyotes, Rangers, Hurricanes, and Flyers organizations.

His offensive season came with the Rangers in 2019-20 (15 goals, 53 points in 54 games played) and his best all-around season was with Carolina in 2021-22 (10 goals, 51 points, +30 in 64 games paired with Jaccob Slavin). Overall, DeAngelo has played 340 NHL games to date, producing 45 goals and 199 points.