The Carolina Hurricanes are cutting ties with the pricey Alexander Semin.
The Hurricanes placed Semin on waivers with intent of buying out his contract. Semin had three years remaining on his five-year contract signed ahead of the 2013-14 season, with an annual cap hit of $7 million.
Semin's buyout comes with a $2.33 million cap hit for the next six seasons for Carolina.
The 31-year-old winger had just six goals and 13 points in 56 games for Carolina last season. For his career, the former first-round pick has 238 goals and 513 points in 635 games split between the Hurricanes and Washington Capitals.
Also placed on waivers Tuesday for intent to buyout was Florida Panthers winger Brad Boyes, who has just one year at $2.625 million remaining on his deal. Boyes had 14 goals and 38 points in 78 contests for the Panthers last year and has 203 career goals and 481 career points in 762 games with six NHL teams.
Tuesday was the last day for teams to place players on waivers with intent to buyout this season.
Meanwhile Cody Hodgson and Viktor Stalberg, placed on waivers Monday for the purpose of buyouts, each cleared.