What is a group 3 free agent?

Question

In layman's terms please. I was amazed to see Zhamnov, yes remember that guy, is still on the Bruin's free agent list! It's been years since he last laced up and played, so what gives? Are the Bruins really still paying him?

Answer 1

Homes is correct,  

he signed a 3 yr contract post lockout for about 4 million per.  He played about 20 games that first year then he was injured and placed on long term injured reserve.  Back problems if I remember correctly.

That contract expired at the end of last season that would make him a UFA now.  As far as I know he is still unable to play and for all intents and purposes retired.

Answer 2

This is NHL's definition directly off of their website:  

The players that have qualified for Group 3 Free Agency : (age 27 or older or with at least seven Accrued Seasons) and are Unrestricted Free Agents.

Add:  In 2005, Zhamnov signed like a contract worth $4 million a year for (I think) 3 years . He was injured and retired at the end of the season.  This is just from memory...so don't quote me.  ;)

Answer 3

Boston's obligation to Zhamnov ended on July 1st at noon.

Because Zhamnov had reached the age of 35 by the start of the 2005-2006 season, Boston was obligated to pay him in full regardless of whether he retired or not (a new provision in the 2005 CBA).  If he retired, Boston would be on the line for the cap hit for the length of the contract.  However, if he was injured, Boston would get a 'Long Term Injury Cap Credit' in the amount of the Cap hit.

So, it was in the Bruins best interest to dissuade Zhamnov from retiring (and collect a cap credit instead of taking a cap hit).  Since Zhamnov was getting paid in full regardless, it wouldn't matter to him.