The Rangers have three options for what they can do with Wade Redden, and the most likely choice is to pay him not to play at any level, according to TSN's Bob McKenzie.
Under the old CBA, the Rangers could just bury him in the minors and not have his contract count against the cap. But there are new rules now, and New York would still be on the hook for $5.6 million. The Rangers could trade him, but that would mean including draft picks and/or prospects, which they won't consider. New York could let him play in the AHL this year and take on his cap hit, but that risks injury -- if Redden got injured and it carried over to next season the Rangers could not use one of their compliance buyouts on him. The best option is to pay him to do nothing, this way the Rangers can sever ties with him for good next offseason.