The Ottawa Senators traded Dion Phaneuf, along with Nate Thompson, to the Kings in February 2018 in exchange for Marian Gaborik and Nick Shore.
As part of the trade, the Senators agreed to retain 25% of Phaneuf’s hefty $7 million cap hit – totalling $1.75 million a year until 2021.
With the Canadian capital club needing to reach the cap floor this season, Phaneuf’s cap hit would’ve come in handy, but the buy-out does not see his cap hit completely disappear for the Senators.