Red Wings buying out Carlo Colaiacovo

In a scramble by NHL teams to free space under the salary cap before the start of free agency, veteran players were placed on unconditional waivers on Wednesday.

The Red Wings placed defenseman Carlo Colaiacovo on waivers, for the purpose of buying out the last year of his two-year contract. Detroit will save $2.5 million on the salary cap this season.

Colaiacovo struggled in his first and only season with the Red Wings, failing to play to his two-year, $4 million contract. He had an assist in six games last season, and added an assist in nine playoff games.

Teams had until Wednesday to place players on waivers in order to buy out their contracts. Under the new collective bargaining agreement, teams are allowed to buy out contracts of two players over the next two seasons.

The clause was included to allow teams to clear space under the salary cap, which is dropping from $70.2 million last season to $64.3 million. Contracts of bought-out players won't count against a team's salary cap, though the players will be paid two-thirds of their remaining salary over double the years remaining on their contracts.

 

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