Cowen (TOR) clears waivers.
— Bob McKenzie (@TSNBobMcKenzie) February 27, 2016
The Leafs weren’t realistically expecting anyone to claim Jared Cowen yesterday, but waiving Cowen enables any team acquiring him to stash the defenceman in the American Hockey League without exposing him to waivers (reducing his cap hit in the meantime between now and the buyout window). There was said to be mild interest from Montreal and Buffalo once upon a time, but the only way the Leafs are moving Cowen is by taking back a salary makeweight.
The buyout credit for next season is perhaps being a little oversold given it will carry a cap penalty in 2017-18.