Just two years after making him their prized free agent signing, the Edmonton Oilers placed goaltender Jack Campbell on unconditional waivers Sunday with the purposes of a buyout.
The Oilers' decision to buy out Campbell, who signed a five-year contract in 2022 worth $5 million annually, means the Stanley Cup runners-up will have dead salary cap space on their books for the next six seasons.
It will cost the Oilers $1.1 million in cap space in 2024-25, according to CapFriendly. That figure will then rise to $2.3 million in 2025-26 before increasing to $2.6 million in 2026-27. It will then decrease to a $1.5 million cap hit for the last three years and will come off the Oilers' payroll after the 2029-30 season.
CapFriendly projects the Oilers now have $12.933 million in cap space to address their needs as they seek to win their first title since 1990.
Campbell's future with the Oilers had come into question for quite some time. He was placed on waivers for the purpose of assignment after beginning 1-4 with a 4.50 goals-against average and a .873 save percentage as part of the Oilers' 2-9-1 start to this season, which led to them firing Jay Woodcroft and hiring Kris Knoblauch.
Although Knoblauch would change the Oilers' collective fortunes, Campbell was never part of that turnaround as he remained with the team's AHL affiliate for the rest of the season and only returned to the Oilers as a depth option during the playoffs.
Campbell's start was further compounded by his performances in the first year of his deal, along with the notion stronger options emerged for the Oilers when it came to their goaltending.
He went 21-9-4 during the 2022-23 season but had a 3.41 goals-against average and a .888 save percentage. It led to him working in tandem with then-rookie Stuart Skinner before Campbell was overtaken by Skinner as the Oilers' No. 1 option.
When the Oilers demoted Campbell early in the season, they promoted Calvin Pickard. It led to Pickard and Skinner forming a tandem that would provide the stability that the Oilers struggled to find with Campbell.
Pickard recently signed a two-year extension with the club, meaning he and Skinner will be under contract through the 2025-26 season when they both become unrestricted free agents.