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‘You guys got insurance for that Sidney Crosby contract, right?’ ‘No, no we did not’

Perhaps predictably given Sidney Crosby’s concussion history, the Pittsburgh Tribune-Review’s Josh Yohe reports that the Penguins were not able to find an underwriter willing to take on the massive gamble that is Sidney Crosby’s “lifetime contract” with Pittsburgh:

The Penguins cannot insure themselves against a concussion-related early retirement by franchise center Sidney Crosby, NHL sources told the Tribune-Review on Friday.

Crosby, 24, has missed all but 63 games the past two seasons because of concussion symptoms. He and the Penguins agreed to a 12-year contract worth $104.4 million — all of it guaranteed. The team will present the contract to the league Sunday for approval.

Insurance companies offer teams protection against career-ending injuries, but Crosby’s concussion history is considered a pre-existing condition. If Crosby cannot finish his contract because of a concussion-related injury, he will still be paid in full, but the Penguins would not receive assistance from an insurance policy on the deal, sources said.

Continued

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Comments

Avatar

They would have to pay, but it wouldnt hit the team’s cap, right?
Not such a big risk, if that’s the case
I would guess they have the money to spare

Posted by Zqto from Brazil on 06/30/12 at 03:27 AM ET

Avatar

If he only plays one more year, and they are stuck for 11 at 8 mil, YIKES. That is the difference between making and losing money in a season.

Posted by timbits on 06/30/12 at 04:28 AM ET

shanetx's avatar

If he only plays one more year, and they are stuck for 11 at 8 mil, YIKES. That is the difference between making and losing money in a season.

I believe that if he retires all remaining years just magically go away.  Under the current CBA anyway.

Posted by shanetx from Floydada, Texas on 06/30/12 at 07:13 AM ET

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IF he retires
If he gets a major concussion and is sidelined by doctors, he can go on for another 10 years “trying to get back” even though doctors say he wont play ever again, if I understand it correctly

Didnt Savard do it with the bruins, and got paid for a ful 2 or 3 years before his contract expired?

Posted by Zqto from Brazil on 06/30/12 at 12:16 PM ET

J.J. from Kansas's avatar

They would have to pay, but it wouldnt hit the team’s cap, right?
Not such a big risk, if that’s the case
I would guess they have the money to spare

Posted by Zqto from Brazil on 06/30/12 at 01:27 AM ET

Technically, it means they could spend up to his salary over the cap, but that’s essentially the same thing.

If he gets a major concussion and is sidelined by doctors, he can go on for another 10 years “trying to get back” even though doctors say he wont play ever again

I wouldn’t be surprised to see something go into the next CBA that allows something of a medically-induced retirement scenario, but I’d be VERY careful in trying to write it.

Posted by J.J. from Kansas on 06/30/12 at 03:15 PM ET

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Paul Kukla founded Kukla’s Korner in 2005 and the site has since become the must-read site on the ‘net for all the latest happenings around the NHL.

From breaking news to in-depth stories around the league, KK Hockey is updated with fresh stories all day long and will bring you the latest news as quickly as possible.

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