The Expansion Draft nearing next week, the Avalanche decided to buy out the remaining year of veteran defenseman, Francois Beauchemin's contract at a cap hit of $4.5 million to free up a protection spot.
The NHL Expansion Draft requires all players with no-movement clauses in their contract to protect that player from the Las Vegas Knights who will select a player from each team on Wednesday next week.
Team's are allowed to either protect seven forwards, three defenseman and one goaltender, or eight skaters (forwards/defenseman) and one goaltender.
Therefore because Beauchemin didn't waive his no-movement clause in his contract and the Avalanche don't wish to protect the 37-year-old defenseman, they have bought out the remaining year on his three-year contract of $1.5 million in order to protect a younger player on the roster.
Beauchemin played in 81 games last season, had five goals, 13 assists, and a -14 plus/minus. The veteran player won a Stanley Cup with the Anaheim Ducks in 2007.
He leaves the Avalanche with a career total of 271 points (73 goals/198 assists) in 836 NHL games.