Senators place Ryan on waivers for objective of buyout

Senators place Ryan on waivers for objective of buyout

With the intention of buying out the remaining two seasons on his lucrative multi-year contract, the Senators placed the reigning Masterton Trophy victor on waivers Friday morning, effectively ending a seven-season partnership between franchise and player.

Ryan released the following statement Friday afternoon, per TSN's Ian Mendes. "I'm excited to follow along as a fan of all the young players with the rest of you", said Ryan. "See you around the ice".

Ryan, 33, has two seasons left on the $50.75-million deal he signed back in 2014, each carrying a cap hit of $7.25 million.

Ryan will count for $3.83 million per season on Ottawa's books for the next two years following the buyout, and $1.83 million per season for the two years after, according to CapFriendly.

Ryan, 33, has 254 goals and 555 points in 883 career games, split between the Senators and Anaheim Ducks, who selected him No. 2 overall behind Sidney Crosby in the 2005 National Hockey League draft.

With Ryan in the mix, the Senators needed to spend $18 million to get to the salary-cap floor, per The Athletic's Hailey Salvian.

Earlier this month, Ryan won the Bill Masterton Trophy, awarded to the player who best exemplifies perseverance, sportsmanship and dedication to hockey.

The 33-year-old native of Cherry Hill, N.J., entered the NHL/NHL Players' Assistance program on November 20 to get help for his addiction issues. A Senators' All-Star representative in 2015, Ryan became the first player in franchise history to record multiple overtime winners in the same playoff year and ranked second in team scoring with 15 points (six goals, nine assists) while helping the team reach the 2017 Eastern Conference Final.

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