Predators' Duchene, Jets' Wheeler among players bought out ahead of NHL free agency

The Winnipeg Jets have bought out the final year Blake Wheeler's contract, making the former captain a free agent.

Wheeler, who has been with the team since it relocated from Atlanta prior to the 2011-12 season, is the all-time franchise leader in points (812) and he's coming off a 2022-23 campaign where he produced 55 in 72 games while skating 17:02 per night.

Although Wheeler has been immensely important to the franchise, the Jets were unwilling to keep the veteran with an $8.25 million cap hit in his age-37 season. As a result of the buyout, Winnipeg will save $5.5 million in 2023-24, but have to carry $2.75 million in dead money for the 2024-25 season.

Despite Wheeler's advanced age, he should find his fair share of suitors in free agency. While he doesn't bring speed or defensive value to the table, he remains one of the NHL's elite passers from the wing.

In the twilight of his career Wheeler is most effective if he's given plenty of power-play time and put on a line with a competent goal-scorer or two. For teams able to maximize his specialized skills, Wheeler could be an intriguing option who won't cost much.

Following this move — as well as the Pierre-Luc Dubois trade — Winnipeg has now jettisoned two of its top five point producers from 2022-23. The Jets may not be done shuffling the deck as star goaltender Connor Hellebuyck and franchise staple Mark Scheifele are candidates to be traded in the days to come.

As it stands, the Jets have $13.717 million in cap space to continue reworking their roster. The team has not traditionally been a prime destination for free agents, but that flexibility could allow them to take on bad money from other teams in exchange for futures, or acquire players who are effective, but on the expensive side for a minimal return.

Matt Duchene headlines other June 30 buyouts

Wheeler wasn't the only notable player to get bought out on Friday as Duchene, Mike Reilly and Kailer Yamamoto joined the list.

Reilly, a defenseman who the Boston Bruins buried in the AHL for most of 2022-23, and Yamamoto, who the Edmonton Oilers traded on Thursday, were widely considered to be buyout candidates. Duchene is a bit of a surprise.

The 32-year-old is coming off a middling season by his standards with 56 points in 71 games, but he scored 43 goals and added 43 assists in 2021-22. His $8-million cap hit might not have been team-friendly, but he remains a strong offensive player.

As a result of this buyout, the Predators will save $5.44 million in 2023-24, but their savings will be significantly more modest in the next two years ($2.44 million and $1.44 million, respectively). Then, they will have $1.55 million cap hits on the books from 2026-27 to 2028-29.

That's a heavy long-term burden, and considering Duchene's present effectiveness it is surprising the team wasn't able to find a retained-salary trade for the forward in the mold of the Ryan Johansen deal. A move like that would've cost them $1.44 million more in 2023-24, but saved at least $1.55 million against the cap in each of the next five seasons compared to this buyout.

After washing their hands of Duchene, the Predators have $21.716 million in cap space.