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Montreal Canadiens place Karl Alzner on waivers in order to buy out his contract

The defenceman played three years with the organization.

New York Rangers v Montreal Canadiens Photo by Minas Panagiotakis/Getty Images

The Montreal Canadiens have placed defenceman Karl Alzner on waivers with the intention of buying out his contract after he clears waivers.

Alzner was signed to a five-year contract in 2017 with a cap hit of $4.625 million per season. In total, he played 95 NHL games with the Canadiens, scoring one goal and adding 12 assists. He also played 87 AHL games with the Laval Rocket, scoring two goals and adding 17 assists.

With the buy out, the Canadiens will save $666,667 on the cap this season, and $2,666,667 in the 2021-22 season. They will have a penalty of $833,333 for the 2022-23 and 2023-24 seasons. Alzner will have a cap hit of $3,958,333 for the 2020-21 season.

Alzner has played 686 career NHL games, scoring 20 goals and adding 110 assists. He opted out of joining the team for the Return to Play post-season.

Waivers will last until noon on Wednesday at which point the team will complete the buy out.