Sharks are buying out final year of Paul Martin’s contract

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The San Jose Sharks are clearing more salary cap space for what could be a big summer.

On Friday the team announced that it is placing veteran defenseman Paul Martin on unconditional waivers for the purposes of buying out his contract.

The 36-year-old Martin was limited to just 14 games this past season. He was set to enter the final year of a four-year, $19.4 million contract that he signed in free agency prior to the start of the 2015-16 season. During his time with the Sharks he played a key role on their blue line — playing more than 20 minutes per night in his first two years with the team — and helped them reach the Stanley Cup Final in his first year with the team.

“Paul Martin has been the upmost professional on and off the ice during his three years in San Jose,” said general manager Doug Wilson in a statement released by the team. “His leadership, character and on-ice contributions have been essential to our success and in reaching the 2016 Stanley Cup Final. The impact he has had on our organization, his teammates and many of our younger players will be felt for many years to come.”

The big thing here for the Sharks is the salary cap savings for this season that a buyout brings.

According to the Sharks they will save more than $3 million against the salary cap this season.

That savings, combined with the recent trade of veteran forward Mikkel Boedker, has already trimmed more than $7 million in salary off of the team’s salary cap number for the 2018-19 season. That will leave them with more than $18 million in salary cap space under the new $79.5 million ceiling, making them players for just about any unrestricted free agent (or potential trade target) that they could want.

They already considered one of the top contenders to land Ilya Kovalchuk in his return from the KHL.

Adam Gretz is a writer for Pro Hockey Talk on NBC Sports. Drop him a line at phtblog@nbcsports.com or follow him on Twitter @AGretz.