General manager Paul Holmgren confirmed the news via press release on the team's official website. Holmgren stated that he met with Bryzgalov on Tuesday morning to inform him of the decision. Holmgren noted that it was a difficult business decision to make.
Given the declining nature of the salary cap to $64.3 million in 2013-14, the Flyers needed to shed cap space in order to become compliant. Last week, the team announced that Danny Briere was going to be given a compliance buyout. The decision to give Bryzgalov one means the team has used both of the two available to them.
Bryzgalov's time in Philadelphia was tumultuous to say the least. He has seven years remaining on a contract that pays him $5.6 million annually.