The Ottawa Senators have bought out the remaining two seasons of forward Bobby Ryan’s contract, the team announced.

“This was a decision that required a lot of consideration,” said general manager Pierre Dorion. “Bobby’s long been a deserving fan favourite in Ottawa. While we’re appreciative of his efforts on the ice, it’s outweighed by how proud we are of him for the courage that he has demonstrated off of it. As we continue to take strides in our rebuild, this decision was one that we felt was best for the organization. We wish he and his family the best as he moves forward.”  

Ryan had two years left on his contract at a $7.25 million cap hit and was owed $15 million in real cash. The buyout will save the Senators $3.67 million in cap space in each of the next two seasons, but add a cap charge of $1.83 million in each of the following two years.

Ryan had five goals and eight points in 24 games with the Senators this season.

He won the Masterton Trophy earlier this month after publicly sharing his battle with alcohol issues. The 33-year-old Ryan entered the NHL/NHL Players' Assistance program on Nov. 20 to get help for alcohol addiction.

Ryan has 254 goals and 555 points over 883 games in 13 NHL seasons split between the Anaheim Ducks and Ottawa.

TSN Senior Hockey Reporter Frank Seravalli noted Thursday the Senators had $18 million to spend to reach the cap floor for the 2020-21 season. With Ryan's buyout, the team will need to spend close to $22 million to reach the cap floor.

The NHL's buyout window opened on Friday at Noon ET and runs through Oct. 8.