With the Wild strapped for salary-cap space as it looks to re-sign goalie Devan Dubnyk and center Mikael Granlund, veteran Matt Cooke, the oldest skater on the team, was placed on waivers Thursday for the purpose of buying out the final year of his contract.
If Cooke clear waivers, the Wild will owe him two-thirds of his $3 million salary split into $1 million installments the next two seasons.
Most importantly, the Wild would be charged only a $500,000 cap hit for Cooke next season as opposed to $2.5 million. This would give the Wild roughly $12 million in space this offseason. The Wild would also be on the hook for a $1 million cap hit in 2016-17.
"In order to give our team more salary cap flexibility for the upcoming season, we needed to make this difficult decision," General Manager Chuck Fletcher said in a statement.
If Cooke clears waivers, he can talk to other teams next week and sign elsewhere July 1.
The 36-year-old, who signed a three-year, $7.5 million contract in 2013, was limited to 29 games this past season because of a hip injury and sports hernia surgery.
In 111 games with the Wild, Cooke scored 14 goals and 38 points and was suspended seven games during the 2014 playoffs for kneeing Colorado's Tyson Barrie.
Dubnyk, who started 38 consecutive games for the Wild during a second half in which the team needed to be flawless to make the playoffs, has not been re-signed despite the fact he can begin talking to other teams Thursday during the NHL's free-agent interview period.