We are ice hockey fans, specifically rooting for the NY Rangers. During the first week in July every year, when the contracts run out and teams look to rebuild, we spend considerable time speculating on what the teams will look like next year – will anyone retire, will free agents seeks greener pastures, will there be trades?
Since the teams now have a salary cap, during the last week of June many of them clean out contracts that they no longer need. Today’s NHL headlines include (quotes from Yahoo Sports):
“The Anaheim Ducks placed Todd Bertuzzi on unconditional waivers…. The Ducks will buy out that final season for $2.6 million”
“The Toronto Maple Leafs put goaltender Andrew Raycroft on unconditional waivers Friday and will buy out the final year of his contract. He was due to earn $2.2 million next season.“
“The Calgary Flames placed forward Marcus Nilson and defensemen Anders Eriksson and Rhett Warrener on waivers Thursday. All three players have a year left on their contracts.”
In sports this is not unusual. And in education it seems to be getting common as well. Our local newspaper featured an article about a nearby school district hiring a new school superintendent with a three-year contract, paying “$160,000 this school year, to be redetermined annually by the board.” Not a bad salary considering that many teachers make less than a quarter of that.
This person had recently been placed on wavers (can we use “fired” any more?) by another school district. Like Todd Bertuzzi, Andrew Raycroft, and the other hockey players, no reason was given, but the separation agreement was astonishing: “a lump sum of $650,000 and free health care for life.”
A few years after college I was working as the manager of a book store for $175 a week (1969), which turned out to be the highest salary anyone in the district was getting paid. One Saturday evening, the division manager came in five minutes before closing and fired me. No severance, no benefits, no reason given. I found out later they had already given my assistant a contract for the position for $85 a week.
Hey, I was placed on wavers. Didn’t I deserve a buyout?
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