Rangers Gave up Option for Jagr's Last Year in '05

Larry Brooks of the New York Post reported today that the Rangers renounced Jagr's team-option for the 2008-2009 season in 2005, meaning that the current agreement under which he would earn $8.36M next season will be extended only if he hits the performance triggers included in the deal. That means that unless Jagr scores 40 goals or records 84 points while the Rangers win a playoff round in April, or unless he wins the Hart Trophy, Art Ross Trophy or Conn Smythe Trophy, a) No. 68 will be eligible to become an unrestricted free agent on July 1; and, b) beginning next season the Blueshirts will no longer be entitled to any cap discount on Jagr...

"...The Post has learned that had the Rangers not renounced the option prior to the opening of the 2005-06, first post-lockout season, the full value of the 2008-09 option year would have been added to the contract as a fixed year, and thus would have increased Jagr's cap charge to approximately $5.8M, rather than the $4.94M the Blueshirts have been assessed. That would have taken place even if the Rangers had never actually exercised the option.

Additionally, the Rangers would have been hit with the full $8.36M cap-charge for next season by hypothetically exercising the option, even though Washington would have continued to pay its portion of Jagr's salary. The only way for the Rangers to continue to reap their current cap discount into next season would be for Jagr to hit any one of his triggers. The team, by the way, had every reason to expect that he would do so.

Jagr should have hit one of his triggers in 2005-06 by winning the Hart as MVP when he first "guaranteed" that the Rangers would end their seven-season playoff drought and then carried the club into the tournament with a twin franchise-record setting 54-goal, 123-point season. But Jagr was a victim of injustice in the balloting and finished second to Joe Thornton, whom the Bruins traded to San Jose in November of that season..."

...looks like the Rangers took a gamble on Jagr hitting the incentives and lost. Unless of course, Jagr wins the Conn Smythe when the Rangers win the Stanley Cup this year.

...this shouldn't matter, as Brooks states Jagr only wants to play for the Rangers and they'll find a way to get him under the cap next year.