Today is the day we’ve known will come since the Phaneuf trade happened. Jared Cowen cleared waivers today for the purposes of buying out his contract.
Cowen was included in the multi-player deal that sent Maple Leafs captain Dion Phaneuf to Ottawa, and the Leafs told Cowen to head home, as they will be buying him out and didn't want him to get injured.
Cowen had 1 year left on his contract with a $3.1 million AAV, and $4.5 in salary due to him.
The ramifications of the buyout are that the Leafs will have a $650,000 credit on the 2016/17 cap and a $750,000 hit on the 2017/18 cap.