The Toronto Maple Leafs placed forward Colby Armstrong on waivers Saturday with the intent of buying out the final year of his contract. As per TSN.CA:
“The move will open up US$2 million in cap space for Toronto next season and will save the team $1 million in salary overall. Armstrong was scheduled to earn $3 million in the final year of his contract and will instead be paid $1 million by Toronto each of the next two seasons.”
SPECTOR’S NOTE: Injuries limited Armstrong to only 79 games in two seasons. He’ll be eligible for UFA status on July 1.