Ryan, 33, had two seasons left on the $50.75-million deal he signed back in 2014, each carrying a cap hit of $7.25 million. Per CapFriendly, a buyout knocks $3.7 million off the Senators' salary cap hit for the next two seasons, before adding a $1.8-million cap hit for the two seasons after those, 2022-23 and 2023-24.
“This was a decision that required a lot of consideration,” Senators general manager Pierre Dorion said in a release Saturday following the official buyout. “Bobby’s long been a deserving fan favourite in Ottawa. While we’re appreciative of his efforts on the ice, it’s outweighed by how proud we are of him for the courage that he has demonstrated off of it.
"As we continue to take strides in our rebuild, this decision was one that we felt was best for the organization. We wish he and his family the best as he moves forward.”
The winger has spent the past seven years in Ottawa following his six-year stint with the Anaheim Ducks, who drafted Ryan second overall in the 2005 NHL Draft.
Ryan was recently named the 2020 Bill Masterton Memorial Trophy winner following his battle with alcohol addiction. In November 2019, he entered the NHL/NHL Players’ Assistance program, eventually going public with his battle in an effort to help others with similar issues.
In late February, Ryan returned to the ice for the Senators, scoring a hat trick in a win over the Vancouver Canucks.
He moves on from the Senators having amassed 266 points through 455 appearances, topping the 20-goal plateau twice with the club. His finest big-league seasons came between 2009 and 2011 while a member of the Ducks, as Ryan posted a 35-goal, 64-point effort in 2009-10, followed by a 34-goal, 71-point campaign.
The Cherry Hill, N.J., native finished the 2019-20 campaign with eight points through 24 appearances.