Butcher, 26, has spent the past four years in the Devils organization after signing as an NCAA free agent in 2017. After putting up 44 points as a rookie, the rearguard's numbers have steadily declined. Injuries, including a serious thumb injury, have contributed to that.
The defenceman is under contract for one more season, coming in at $3.73 million against the cap.
The trade creates extra room for the Devils' newest star on the blue line, Dougie Hamilton. The club signed the former Hurricane to a seven-year, $63-million contract on Wednesday, which carries a $9-million cap hit through the 2027-28 campaign.