Armstrong pretty much confirmed the news himself on his Twitter page, thanking Maple Leafs fans for their support over the past two seasons.
Thanks to the leaf nation for the support over the last couple seasons. Although I had tough luck thanks for everything. #lotsleftinme— Colby Armstrong (@armdog) June 30, 2012
Armstrong signed a three-year, $9 million contract as a free agent with the Maple Leafs two years ago. His time with Toronto was cut short by injuries and he was able to appear in just 79 of a possible 164 games, scoring nine goals to go with 17 assists.
Buy buying out the last year of his contract the Maple Leafs will save $2 million against the salary cap this season, according to CapGeek. However, they will also be on the hook for $1 million against the cap in each of the next two seasons. The Maple Leafs are also still paying Darcy Tucker $1 million against the cap per season as part of his buy out.
Originally a first-round draft pick by the Penguins back in 2001, Armstrong has scored 87 goals in 439 career games with Pittsburgh, Atlanta and Toronto.