I believe you're over the cap.

Edit: Because you can't put Franzen on LTIR and save his whole cap hit if i am correct.

You can work the numbers at the beginning of the season to make it as close as possible. Last year, I think Franzen's cap hit was less than 50k for the year.

I believe his cap relief would be $3,021,953 according to what I read in the CBA thus putting the Wings right at the salary cap.

Athanasiou for a spare part in Kampf and 4th and 5th round picks? Brutal return for AA.

Cap relief is calculated based on where the team is at the cap when the player is placed on LTIR. If the Wings are at 79.2mm when they place Franzen on LTIR, they'd get a cap charge of 300k, and a relief of 3.6mm. The number also changes with each league day accrued. The number changes every year based on a team's cap situation. You'll see teams have an opening day "roster" of 19 (or 23), then put a guy on LTIR, and then fill all the spots from the minors (or PTOs depending on the case).