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Wade Redden

NEWARK, NJ - NOVEMBER 12: Wade Redden #6 of the New York Rangers skates against the New Jersey Devils during the NHL game on November 12, 2008 at the Prudential Center in Newark, New Jersey. The Rangers defeated the Devils 5-2. (Photo by Bruce Bennett/Getty Images)

NHL Compliance Buyouts

Each team is allowed two compliance buyouts under the terms agreed to in the new CBA.

The conditions of the buyouts are as follows: The player's cap hit is removed but the team must pay two-thirds of the total amount owed over twice the length of the remaining years left on the contract. The buyout period runs from June 26 and closes at 5 p.m. on July 4.

Once bought out the player becomes an unrestricted free agent and can sign with any team except the one that just released them.