The San Jose Sharks have placed defenseman Paul Martin on unconditional waivers, with the intention of buying out his contract. Initially reported by TSN’s Pierre LeBrun, the Sharks have confirmed that they will be buying out the final year of Paul Martin’s contract.
Paul Martin placed on buyout waivers today. Sharks confirm they're buying him out. Frees up more cap space. Sharks appreciative of what he brought while he was there. Now Martin as UFA can try to find a new opportunity.— Pierre LeBrun (@PierreVLeBrun) June 22, 2018
Martin signed a four-year, $19.4 million deal with the Sharks prior to the 2015-16 season. In his first two seasons with San Jose, Martin regularly partnered with Brent Burns and is often credited with helping elevate Burns to a Norris-caliber defenseman as the “Wookie Whisperer.” In 2017-18, a nagging ankle injury and a stint in the AHL limited Martin to just 14 games with the Sharks.
General Manager Doug Wilson released this statement on Paul Martin:
“Paul Martin has been the upmost professional on and off the ice during his three years in San Jose. His leadership, character and on-ice contributions have been essential to our success and in reaching the 2016 Stanley Cup Final. The impact he has had on our organization, his teammates and many of our younger players will be felt for many years to come.”
According to CapFriendly.com, by buying out the the final year of Martin’s contract, the Sharks will free up $2.8333 million in salary cap space. With this additional space, San Jose will have approximately $18.84 million in cap space going into free agency.
UPDATE: Paul Gackle of the Mercury News reported the buy-out will free $3.216 million in cap space, per the Sharks. This will leave the Sharks with approximately $19.22 million in cap space for free agency.