The two players cleared waivers on Thursday and were bought out by by their respective teams; the Montreal Canadiens and New York Rangers.
Gomez was owed $10 million over the next two seasons with the Canadiens and had a cap hit of $7.5 million. Redden had $10 million and two seasons remaining on a six-year, $39 million contract he signed with the Rangers before the 2008-09 season.
Gomez played 38 games with the Canadiens last season, posting two goals and nine assists.
Redden has played the last two seasons with the Connecticut Whale of the AHL and, according to TSN Hockey Insider Darren Dreger, multiple teams are considering making an offer for the veteran blue liner.
"Yes, (he) is anxious to resume play in the NHL," said Redden's agent Don Meehan on TSN Radio 1050's Cybulski and Company earlier this week. "If the opportunity affords itself, he'd very much like that."
The new policy adopted on Tuesday allows teams to buy out one player with at least a $3 million average salary and incur a full cap hit this season, but no cap hit in the future.