The Devils placed goaltender Cory Schneider on unconditional waivers on Thursday for the purpose of buying out the final two years of his contract, the team announced.
Schneider, 34, had been set to enter the sixth year of a seven-year deal worth $42 million.
He was set to make $6 million each of the next two seasons.
During his seven seasons with the Devils, Schneider went 115-133 while posting a 2.50 GAA and .915 save percentage.
Before joining the Devils, he played the first five seasons of his career with the Vancouver Canucks.