The New Jersey Devils placed forwards Michael Cammalleri and Devante Smith-Pelly on unconditional waivers on Friday. They were put on waivers because the Devils are going to buy out of their contracts.
Cammalleri had two years left on his contract with an average annual value of $5 million. Smith-Pelly had one year left on his contract which was worth $1.3 million. Cammalleri’s buyout will be a $1,666,667 cap hit for the Devils while Smith-Pelly’s cap hit will be $175,000 for the 2017-18 season and $225,000 for the 2018-19 season, according to Chris Ryan of NJ.com. The move results in the Devils having a projected cap space of $27,680,832 under the $75 million cap.