The Tampa Bay Lightning elected Wednesday to buy out the final season on goaltender Marc Denis' three-year, $8.6-million US contract.
Denis, 30, was slated to earn $3 million US next season.
"Needless to say, we're all sorry things did not work out differently for Marc with our organization," Lightning general manager Jay Feaster said.
Denis went 1-5 with a 4.05 goals-against average in 10 games for the Lightning last season, spending the bulk of it with the AHL's Norfolk Admirals.
Denis began the season in Tampa Bay, but he was demoted last Dec. 29 and played 28 games for the Admirals before being recalled by the Lightning on March 26.
Denis is 112-179-3 with 28 ties, a 3.02 GAA and 16 shutouts in 348 games over 10 NHL seasons for the Colorado Avalanche, Columbus Blue Jackets and Lightning.
The Montreal native was drafted 25th overall by Colorado in 1995.
Tampa Bay acquired him from Columbus for Fredrik Modin and Fredrik Norrena on June 30, 2006.