Here is the rules on releasing players
Releasing Players Under Contract
A buyout will occur for 66.66% of the contract value to be paid in equal installments. This may be spread out over the years remaining in the bought-out contract.
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For Example: Lets say Pittsburgh decided to waive Sidney Crosby, $8.7m (2012). The total contract value for Crosby would be $8.7m for three years ($26.1m). 66% of the contract value (rounded to the nearest $100k) is owed to the player, which in this case is $17.2m ($26.1m x .66 = 17.226). This may be spread out over one, two or three years (because Sidney is signed for three years).
Next Chris will work on getting your roster updated. His PC is currently experiencing problems. Hopefully anyday he will be good to go.