Wade Redden to Be Waived By the New York Rangers (UPDATED)

We knew this was going to happen. The Rangers are strapped for cap space, and two seasons of underperforming have left the Rangers no choice but to waive Wade Redden.

Obviously, no team will claim him and his $6 million contract that still has four seasons remaining on it, thus sending him to either Hartford or Europe.

This was a head-scratcher from day one back in 2008. Redden's statistics had been trailing off for years in Ottawa, and yet GM Glen Sather, in all his wisdom, offered an outrageous six-year contract that we all knew Redden would not be able to live up to.

The good news here—if your last name isn't Redden—is that this will potentially open up a spot on the blue line for Ryan McDonagh to break through the Rangers roster.

He played strong on Thursday night, and all reports are that he has played solid through the first week of training camp and scrimmages, along with the Traverse City tournament.

Along with his strong play, his small contract works in his favor, as the Rangers, even after waiving Redden, are still close to the cap ceiling.

After years of hearing Sather and Tortorella preach of not giving players spots on the roster based on their name and salary, it finally appears they are not only talking the talk, but walking the walk.

UPDATE: It is official. Wade Redden has been waived by the New York Rangers. Redden now has a few options in regards to his future. He can report to the AHL and continue to make his $6.5 million per season for the next four years; find work in Europe while still being paid by the Rangers; not report to the AHL, allowing the Rangers file a breach of contract making him a free agent; or retire from the game entirely.

“It’s a business,” said Michael Del Zotto said. “It’s a lesson there. Every year, you’ve got to come in fighting for your job. You see that more and more with young guys coming up and skating around right off of their draft year.”

“It is a business,” said goaltender Henrik Lundqvist. “It doesn’t matter who you are in this league, you’re never really safe. A lot of things happen from one year to another. You just have to appreciate the good times. A lot of things can happen.”

Quotes courtesy of Andrew Gross at Rangers Rants