Rangers place Wade Redden on waivers, free up $6.5 million cap hit

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Thumbnail image for waderedden1.jpgToday marks an interesting day for NHL transaction watchers as the freeze on placing players on waivers is lifted once again and the New York Rangers aren’t wasting any time. The Rangers announced today that they’ll be placing high-priced defenseman Wade Redden on waivers with the likelihood of having him sent down to the AHL to bury his $6.5 million cap hit in Hartford.

There’s no secret that Redden has struggled since signing with the Rangers before the 2008-2009 season and at a cap hit like he’s got, it’s tough to stomach having him play poorly. While Rangers GM Glen Sather made it a point to say that Redden could play his way into staying in New York this year, the salary cap logistics of that made it virtually impossible.

While it’s possible a team could claim Redden off of waivers, he’s got four years left on his contract. Any team taking that deal now would be paying him in full. There could be a chance that a team would take a chance on the 33 year-old defenseman if he was put through recall waivers where the Rangers would eat part of the cost, but with the Rangers currently more than  $4 million over the cap, the chances of him being recalled are virtually nil.