Cowen's unusual contract could enhance his trade value

Ottawa Senators defenseman Jared Cowen hasn't been a highly sought-after trade target, but his value could rise prior to the deadline for an unexpected reason.

Cowen has another year left on his deal after 2015-16, but if he's bought out of that final season, the team doing so would get a salary cap credit of $650,000 for 2016-17, according to TSN's Frank Seravalli.

That could be enticing for nearly a third of the league.

Nine teams began this season over the salary cap and 10 clubs could be over next season, forcing them to pay potential penalties, as Seravalli gleaned from General Fanager.

Overages are invoked when a team was required to pay performance bonuses without room under the cap.

Cowen's in this unique situation for a couple of reasons. For one, as a 25-year-old, a buyout would only cost teams one-third of his remaining salary instead of the two-thirds required for players 26 and older.

It's not often you see a player under 26 being bought out, but Cowen is also a candidate for early termination because although his cap hit repeats at $3.1 million next season, his salary will rise to $4.5 million.

Cowen has four points in 35 games on the Senators' third pairing with Chris Wideman, and ranks fifth among Ottawa defensemen in average time on ice at 17:01.

Seravalli notes that according to General Fanager, a salary cap credit has only occurred three other times, in the cases of Alexei Yashin, Cody Hodgson, and Nathan Gerbe.

The Senators are comfortably under the cap ceiling, so they're likely not desperate to move Cowen, but his contract situation could mean general manager Bryan Murray gets a few more calls before Feb. 29.