Assuming Redden clears waivers, which would be a shock if he didn't, the team would notify he and his agent Don Meehan that they plan to use an accelerated compliance buyout on the two years remaining on his deal. As a result, Redden would become an unrestricted free agent, free to sign with any team interested to resume his NHL career.
Per the new brokered rules of the CBA, the Rangers would still owe Redden 100 percent of his salary this season as well as take on his full cap hit. However, this summer, his cap hit will completely come off the Rangers' books, but the team will owe him two-thirds the amount of remaining years on the deal.
The only relief for the Rangers here is that Redden will be removed from their 50-contract limit. Every team is allowed to have between 24-50 players under contract at any point in the season. The Rangers are currently at 48, and dropping Redden will give them one more spot to potentially play with.
The move is more of a favor to Redden, who has been buried in the Rangers minor leagues since the 2010-11 season after he failed to live up to his mega free agent deal.
The Rangers kept Redden in the minors because under the previous CBA, there was a buyout rule for players not on the active roster for x-amount of time. However, with the lockout ending and new rules in place, that wouldn't be possible until this summer.
However, as teams aren't allowed to buyout injured players, the Rangers decided to not let Redden suit up for the Connecticut Whale of the AHL, like he's done in the past, they held him completely out of the lineup to prevent that possibility.
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