I remember it was a bit ambiguous as to whether or not O'Reilly would have ended up going through waivers. Daly's off-the-cuff remarks were indeed that he would have required waivers, but a follow-up question at a later date resulted in him saying something like they would have to look at it more closely.
Regardless, it would have been a complete disaster. Would have prolonged a much-needed rebuild by at least another year or two, and we would have been paying him huge money rather than what Monahan is making now (and I bet Monahan's contract will still look better than O'Reilly's after he re-signs).
I don't know about you guys, but I would rather keep Monahan over ROR even in a world where you don't look at contracts. Sure, ROR is a really good 2-way center, but he has never scored 30 goals or more in a season. On a rebuilding team where you have to accumulate top-end talent, ROR is a downgrade. It was the wrong move regardless of the waiver issues (which I think would have been fine given Daly's other remarks and an ambiguous MOU at the time). It just would have made a horrible move into something truly ghastly if ROR indeed was put on waivers.
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