Phaneuf, 34, originally signed the seven-year, $49 million contract with the Toronto Maple Leafs in 2013. He is now an unrestricted free agent.
The Kings acquired Phaneuf from the Ottawa Senators in February of 2018, and Ottawa retained 25 per cent of his $7 million annual salary. As a result, both the Kings and Senators will receive some cap relief from the buyout.
According to CapFriendly.com, the Kings will carry a $2,187,500 cap hit for Phanuef in 2019-20, while the Senators will be on the hook for $729,167.
In 2020-21, Phaneuf will count for $4,062,500 against the Kings’ cap and $1,354,167 for the Senators. For the two seasons after that, he will carry a $1,062,500 cap hit for the Kings and $354,167 for the Senators.
The 2018-19 season was a tough one for Phaneuf, and included being a healthy scratch at times. He appeared in 67 games for the Kings, scoring one goal and six points while posting a minus-21 rating.