Buzz: The Rangers Are Trying To Buy Out Wade Redden Now (Update: They Will)

3:30PM: Elliotte Friedman writes that one benefit to the Rangers for using their buyout now is that it opens up a spot on their reserve/50 contract list.

3:27PM: Brooks says that Boston, Toronto, Florida and Ottawa have expressed some interest in Redden

2:51PM: Larry Brooks says that the Rangers still need to place Redden on waivers.

2:45PM: Bob McKenzie tweets that teams will save 1/3 of the players actual salary by buying them out, but they won’t get any cap benefit.

2:34PM: Nick Kypreos says that the first buyout window will start before the season and the second one will happen after the season. If a team buys out a player now, the cap hit only counts for this season.

2:31PM: Larry Brooks writes that the Rangers are being permitted to use one of their compliance buyouts now on Wade Redden.

They will still be stuck with his cap hit of $5.6 million this season, but will not be charged next season. The cap hit remains even if Redden signs with another team.

Brooks says that this option will be presented to every team.

2:17PM: Nick Kypreos says that a solution has been reached on this issue.

12:26PM: Nick Kypreos tweets that the NHL and NHLPA are working and are in “serious talks” about finding a resolution to this issue.

12:09PM: Larry Brooks tweets that the Rangers, NHL and NHLPA are trying to work on a solution that would see the Rangers exercise their compliance buyout of Wade Redden now, but keep his cap hit of $5.6 million for this season.

Katie Strang tweeted earlier that the NHLPA believes that the Rangers are harming Redden’s future job prospects by keeping him home this season.