The Islanders will place goaltender Rick DiPietro on waivers on Tuesday at noon with the intent of using a compliance buyout to wipe his albatross contract off their team salary cap if – or rather, when – he is not claimed.
Newsday first reported the Isles’ intentions Monday night.
The cash-strapped franchise, however, will have to pay DiPietro $ 1.5 million annually for the next 16 years. That’s because DiPietro, 31, has eight years and $ 36 million remaining on a 15-year, $ 67.5 million contract, and in the compliance buyout, the Isles owe him two-thirds of the remaining money owed ($ 24 million) spread evenly across twice the remaining term (16 years).
Each team received two compliance buyouts in the NHL’s new collective bargaining agreement to fit under a shrinking salary cap and eliminate contracts with terms or imbalances the league felt circumvented the previous financial structure.