It was confirmed, just prior to the 5pm ET deadline, that the Detroit Red Wings exercised their right to waive Stephen Weiss for the purpose of buying him out, just prior to the open markets opening up.
Last season, Weiss played in 52 games, scored 9 goals and 25 points, ranking 233rd among all forwards in scoring. His $4.9 million cap hit was certainly not justified with those numbers and with three years remaining at that large hit, it shouldn't come as a surprise that the Wings wanted to do away with it.
According to the buyout calculator, his cap hit for the buyout in 2016 will be under $1.1 million, a substantial savings. His buyout will run out after the 2021 season is over.