Rangers Waive Redden

In an attempt to clear up some salary cap space, the New York Rangers have placed Wade Redden on waivers with the intention of assigning him to their AHL team, the Hartford Wolf Pack.  The Rangers currently have an annual salary cap projection of $63.9 million, according to my Summer roster and Redden would be able to clear up $6.5 million, with the demotion.

Of course, Redden is on a one-way deal, so even in the AHL, he would still be paid the full amount he has signed for, which works out to be $23 million over the next four seasons in actual salary.  Since Redden signed the long-term deal at an early age, any movement down to the minors would just eliminate that cap hit from the team's overall numbers.