This may come as a shock, but National Hockey League teams are known to hand out a contract or two that they later regret.
Sometimes it's because the signing was ill-advised in the first place. Sometimes it's because of unforeseen circumstances, like a player suffering through injuries. Sometimes the player does well but the team's priorities change, usually on the financial front. Whatever the case, contract buyouts are one remedy at the ready.
According to Cap Friendly, there have been 161 buyouts since the 2005 collective bargaining agreement created that mechanism. But there's a funny thing about buyouts: One team's trash is another team's treasure.