Seattle Kraken Buy Out Joe Veleno: A Bold Move for Salary Relief!

Seattle, USA - In a surprising move, the Seattle Kraken have placed forward Joe Veleno on unconditional waivers for a buyout. At just 25 years old, Veleno was recently acquired from the Chicago Blackhawks in a trade that saw Andre Burakovsky leave Seattle. This acquisition, which occurred on June 21, added intrigue to the Kraken’s lineup, but Veleno’s journey with the team lasted only a few weeks before the decision to part ways was made. Last season, he put up eight goals and a total of 17 points across 74 games, split between the Kraken and his previous team, the Blackhawks, where he had been after a trade from the Detroit Red Wings that involved Petr Mrazek and Craig Smith.

The Kraken’s decision to buy out Veleno, who was entering the final season of a two-year, $4.55 million contract signed with the Red Wings in July 2024, is expected to provide the team with approximately $1.48 million in much-needed cap relief. Veleno, drafted 30th overall by the Red Wings in 2018, reflects resilience and potential—over the course of his career, he has collected 38 goals and 81 points in 306 games. Furthermore, his recent gold medal win representing Canada at the 2023 World Championship adds to his credentials, making this decision all the more curious.

Understanding the Buyout Process

As noted by Ice Hockey Central, a buyout serves as a contractual agreement that lets teams terminate a player’s contract, removing their salary cap hit. This process, embedded within the NHL’s Collective Bargaining Agreement (CBA), allows teams like the Kraken to clear space and reshape their rosters. For players, like Veleno, who are placed on waivers, the buyout means they can still be compensated even after their contract is terminated, as the team must pay a portion of the player’s remaining salary over time.

The mechanics behind such decisions are often rooted in performance versus potential; when teams find themselves needing to pivot quickly, buyouts represent a strategic tool in a complex financial landscape. For Veleno, being under 26 means he will receive one-third of his remaining contract’s value following the buyout, prompting hopes of landing with a team that can utilize his talents effectively.

A Shift in the Kraken’s Strategy

The Kraken’s decision comes on the heels of a broader shift within the organization. With Burakovsky also arriving from the Blackhawks via trade, Seattle finds itself in a moment of adjustment. Burakovsky, a notable two-time 20-goal scorer, aims to anchor a revitalized offensive strategy. Yet, as he settles in with a $5.5 million cap hit for the next two years and after a season plagued by injuries, is he the immediate solution? His transition to a fourth-line role reflects the complexities of roster decisions balancing immediate results and long-term vision.

Seattle’s actions exemplify a trend in the league where teams, under pressure to perform, are willing to release players who don’t fit into their evolving game plan. Not only does this free up cap space, but it also opens doors for fresh talent where underperformance has pushed veteran players out. While some may see these moves as a gamble, there’s something to be said for the continual evolution of a franchise aiming for success.

As we reflect on these developments, it’s clear that player movement is a pivotal aspect of professional hockey, tied closely to the financial realities of managing a team. Seattle and its fans will be watching closely as the Kraken navigate these changes, hoping that the choices made today will lead to a more successful season tomorrow.