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.
Rick DiPietro getting Islanders buyout, $1.5 million through 2029
Ottawa Senators v Philadelphia Flyers
PHILADELPHIA, PA - JANUARY 20: Daniel Briere #48 of the Philadelphia Flyers warms up before playing agauinst the Ottawa Senators on January 20, 2011 at Wells Fargo Center in Philadelphia, Pennsylvania. (Photo by Jim McIsaac/Getty Images)
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)
Boston Bruins v Montreal Canadiens - Game Three
MONTREAL, QC - APRIL 18: Scott Gomez #11 of the Montreal Canadiens controls the puck in behind the net while being pursued by Adam McQuaid #54 of the Boston Bruins in Game Three of the Eastern Conference Quarterfinals during the 2011 NHL Stanley Cup Playoffs at Bell Centre on April 18, 2011 in Montreal, Canada. (Photo by Phillip MacCallum/Getty Images)
Caron, Seguin lead Bruins past Maple Leafs, 5-4
Toronto Maple Leafs defenceman Mike Komisarek, right, gets tripped up by Boston Bruins forward Brad Marchand, left, during first period NHL hockey action in Toronto on Tuesday, March. 6, 2012. (AP Photo/The Canadian Press, Nathan Denette)
Blackhawks beat Red Wings 4-3, force a Game 7
Detroit Red Wings defenseman Carlo Colaiacovo (28) tries to clear the puck from Chicago Blackhawks center Marcus Kruger (16), of Sweden, during the first period in Game 6 of the Western Conference semifinals in the NHL hockey Stanley Cup playoffs in Detroit, Monday, May 27, 2013. (AP Photo/Paul Sancya)
Steve Montador #5 Of The Chicago Blackhawks Controls Getty Images
CHICAGO, IL - DECEMBER 21: Steve Montador #5 of the Chicago Blackhawks controls the puck under pressure from Tomas Piekanec #14 of the Montreal Canadiens at the United Center on December 21, 2011 in Chicago, Illinois. (Photo by Jonathan Daniel/Getty Images)
Pittsburgh Penguins v Chicago Blackhawks
CHICAGO, IL - SEPTEMBER 30: Rostislav Olesz #85 of the Chicago Blackhawks participates in warm-ups before the Blackhawks take on the Pittsburgh Penguins during a preseason game at the United Center on September 30, 2011 in Chicago, Illinois. (Photo by Jonathan Daniel/Getty Images)