Buyout Period Ramps Up

With only days remaining until the Free Agent Frenzy begins, teams are now making use of the buyout period, which ends shortly, by placing a number of trouble contracts on waivers for the purposes of buying them out. Each player that is placed on waivers will have to sit there for 24 hours, in the team's hopes that someone finds the contract already in place feasible to their situation, but it's such a rarity nowadays, likely to also give that team an extra little cap hit for twice the duration of the remainder of that contract. Saying that, here is the first batch of waived players. If you don't hear anything about them being claimed tomorrow, expect the buyouts to happen.

The Flames will be looking to part ways with Ales Kotalik, who was acquired from the Rangers in the Olli Jokinen deal at the deadline last season. Kotalik still has two more seasons at $3 million a piece left to go, which will make this a fairly substantial hit in the end, which you can see below, thanks to CapGeek.com.  Kotalik did not amaze in his short time in Calgary and it doesn't look like he'll be welcomed back.

ALES KOTALIK BUYOUT FROM CAPGEEK.COM
2010-2011: $1,000,000
2011-2012: $1,000,000
2012-2013: $1,000,000
2013-2014: $1,000,000

Out of the Panthers organization, they will be letting go of defenseman Ville Koistinen, who has one year left on his current deal, which has a cap hit of $1.2 million.  Koistinen has been a bit of a disappointment in his short NHL career, not making a really big name for himself with a full time job between Nashville and Florida.  His cap hit isn't terrible, but I don't expect anyone to pick him up.

VILLE KOISTINEN BUYOUT FROM CAPGEEK.COM
2010-2011: $266,667
2011-2012: $466,667

The Senators are not going to surprise anyone with the news that Jonathan Cheechoo will be let go with a buyout this Summer, sending him to unrestricted free agency. Cheechoo spent a solid stretch in the minors in the 2010 season, making his acquisition in the Dany Heatley trade a poor decision by Senators management.  Sure, they hoped for a little bit more or a revitalization of his career in Ottawa, but unfortunately, those hopes were dashed fairly quickly.  Don't expect his cap hit of $3 million to be picked up by anyone in the next 24 hours.

JONATHAN CHEECHOO BUYOUT FROM CAPGEEK.COM
2010-2011: $666,667
2011-2012: $1,166,667

The Coyotes will be looking at getting rid of a pair of players this week.  Petteri Nokelainen has not had the best of career's in the NHL and this will be the fourth team to give up on him in six years, so I would imagine it might be hard for him to find a job anywhere in North America when he's finally bought out tomorrow.  Jim Vandermeer, on the other hand, kind of got squeezed out of the desert by his lack of speed and usefulness on such a young squad.  His $2.3 million cap hit for 2011 didn't look too appealing up in the press box. 

PETTERI NOKELAINEN BUYOUT FROM CAPGEEK.COM
2010-2011: $158,333
2011-2012: $158,333

JIM VANDERMEER BUYOUT FROM CAPGEEK.COM
2010-2011: $766,667
2011-2012: $766,667