Panthers buy out veteran defenseman Keith Yandle's contract

"We would like to extend a sincere thank you to Keith for all that he's contributed to the Florida Panthers organization and to the South Florida community over the past five seasons," Panthers general manager Bill Zito said in a statement. "While a decision of this kind is never an easy one to make, we believe that this shift is necessary as we look towards the 2021-22 season and our club's future."

The two years remaining on Yandle's contract carried a $6.35 million cap hit per year. A buyout significantly decreases that hit, as CapFriendly points out.

Yandle will not have to be placed on waivers due to the no-movement clause in his contract, Sportsnet's Elliotte Friedman noted via tweet.

The 34-year-old blue-liner registered 231 points (30 goals, 201 assists) over his five years of service in Florida. He also posted a minus-24 over that span and became more of a hindrance than a help in his own end of the ice. Once the iron man among NHL defensemen, Yandle was a healthy scratch several times over the 2021 season, which created suspicion as far back as January that the Panthers were planning to part ways with him.

Yandle tallied two assists and a minus-2 in three games for Florida in the 2021 playoffs. The Panthers were ousted in the first round by the Tampa Bay Lightning, which went on to win their second consecutive Stanley Cup.