Cap & Crease
Est. 2026 — Vol. I — Data Feed Active
PUBLIC RECORD · THE DOCKET
TRADE RULINGS
Loading published trade rulings and current grades
Cap & Crease
Est. 2026 — Vol. I — Data Feed Active
← THE DOCKET
TRADE BREAKDOWN · COMPLETED 2026-06-29
FLA / VGK
FLA +34.0 AS SAVED (the model's value read, after package counting). The model's feasibility audit disagreed with the trade: Cap Ceiling Breach.
FLA model grade A+
Value net +34.0 NAV, 94% of the larger package, ahead.
VGK model grade F
Value net -34.0 NAV, 94% of the larger package, behind.
A grade is the model's value read at the time, as a letter: how far apart the two packages were after package counting, as a share of the larger one. Trades the headline calls fair are a B for both clubs. It leaves out cap, lineup holes, fit, the contention window and injuries, which are listed separately below, and a club can take a lower grade for need. It's not a prediction of who wins the trade; the value model ordered real trades only modestly better than chance.
THE SCALE · v1
- A+: ahead by 28% or more
- A: ahead by 20% or more
- A-: ahead by 15% or more
- B+: ahead by 10% or more
- B: inside the fair band (within 10% or 10 NAV)
- B-: behind by 10% or more
- C+: behind by 15% or more
- C: behind by 20% or more
- C-: behind by 28% or more
- D+: behind by 36% or more
- D: behind by 44% or more
- D-: behind by 52% or more
- F: behind by 60% or more
The before-and-after snapshot was not recorded for this trade: it was saved before that existed. The package, margin and grading details below are as saved.
HOW THE MARGIN IS BUILT · FLA gets 36 raw from VGK and sends 2 raw: +34.0. Package counting +0.0 (best player in full, each further player counts for less, negative players count as zero). Margin +34.0.
PER-ASSET COUNTING
FLA sends: 2 raw, 2 counted
2028 3rd Round Pick (FLA): raw 2 counted in full
VGK sends: 36 raw, 36 counted
Akira Schmid: raw 36 counted in full
HOW IT WAS GRADED · AS SAVED · Saved before grading dates were recorded, so the day it was graded, the model version and the data dates are not known. This cannot be called a grade struck at the time of the trade.
WHAT THE MODEL FLAGGED
- Schmid carries goalie-value variance. Akira Schmid's goalie NAV is a wider band than a skater point estimate because workload, age, and single-season save results are less stable. Treat the 74/100 volatility score as a risk adjustment in package construction.
- Vegas Golden Knights rejects massive underpayment. You are asking Vegas Golden Knights to give up 36 NAV while only offering 2 NAV in return. The offer needs significantly more value to be taken seriously.
- Cap Ceiling Breach. Florida Panthers is already over the ceiling and this trade adds $5.70M more.
- Partner Cap Breach. Vegas Golden Knights is already over the ceiling and this trade adds $4.80M more.
- Vegas Golden Knights is significantly overpaying. The NAV analysis shows Vegas Golden Knights giving up 36 NAV points worth of assets and receiving only 2 — a 94% gap.