This is a week of deadlines in the NHL, and today marks another.
As of noon today, teams had to put players on unconditional waivers if they want to buy them out, or could buy out a player's contract if said player refused to go on waivers.
Already bought out of their deals (in addition to Chris Drury earlier this week by the Rangers) are J.P. Dumont in Nashville and Tyler Sloan in Washington. The other players put on waivers to complete the process were Edmonton's Sheldon Souray, Columbus' Mike Commodore and Minnesota's Cam Barker.
Teams have until 5 p.m. to complete the buyouts.
In a buyout scenario, teams pay the player either 1/3 of the remaining contract value (for players younger than 26) or 2/3 of the value for older players. The hit on the cap is determined based on a complex formula. You can check out capgeek.com and its buyout calculator for each player.
The players who are bought out are eligible for free agency and can be signed for any value. If a player is signed, however, it does not affect the buyout from the previous team. The money is still owed, and the cap hit is still felt.
By Brian Stubits