Grabovski had four years remaining on a five-year, $27.5 million contract that carried an annual average value of $5.5 million against the salary cap. The 29-year-old forward will be paid just under $1.8 million for the next eight-years as part of the buyout.
Under the new collective bargaining agreement, teams are permitted two compliance buyouts that remove a player's salary from their salary cap allotment without penalty. This option was created due to the declining nature of the salary cap for the 2013-14 season, as well as a way to adjust to new contractual rules in the collective bargaining agreement that eliminated front- or back-loaded contracts.
With Grabovski's salary cap allotment negated, the Maple Leafs possess $24.5 million in cap space, according to CapGeek.com. It's been speculated that the club will attempt to sign free agent forwards David Clarkson and Tyler Bozak.