The Devils placed forwards Michael Cammalleri and Devante Smith-Pelly on unconditional waivers for the purpose of buying out their contracts.
Cammalleri had two years left on his contract with a $5 million AAV, while Smith-Pelly had one year remaining worth $1.3 million.
Per CapFriendly, Cammalleri's buyout will carry out a $1,666,667 cap hit for the next four seasons, and Smith-Pelly's will carry a $175K hit in 2017-18 and a $225K hit in 2018-19.
The move has several affects on the Devils, from the flexibility they will have in free agency with their cap space, to how they can use roster spots during the season.