Bobby Ryan has contract bought out by Senators after clearing waivers

The Ottawa Senators bought out the remainder of forward Bobby Ryan's contract after he cleared waivers on Saturday.

In turn, the NHL team will save $3.67 million US in cap space in each of the next two seasons, but add a cap charge of $1.83 million in each of the following two years.

"This was a decision that required a lot of consideration," general manager Pierre Dorion said in a team news release. "Bobby's long been a deserving fan favourite in Ottawa. While we're appreciative of his efforts on the ice, it's outweighed by how proud we are of him for the courage that he has demonstrated off of it."

Ryan, who was placed on waivers Friday, won the Masterton Trophy — the NHL's award for perseverance — on Sept. 7 after publicly sharing his battle with alcohol issues.

The 33-year-old native of Cherry Hill, N.J., entered the NHL/NHL Players' Assistance program on Nov. 20 to get help for his addiction issues.

Ryan had five goals and eight points in 24 games for Ottawa this season.

The Senators' 2015 all-star game representative became the first player in franchise history to record multiple overtime winners in the same playoff year and ranked second in team scoring with 15 points while helping the team reach the 2017 Eastern Conference final.

In 883 NHL regular-season games, Ryan has 254 goals and 555 points over 13 seasons split between the Anaheim Ducks and Ottawa.

The Senators acquired Ryan, whom the Ducks drafted second overall in 2005, on July 5, 2013 for forwards Jakob Silfverberg and Stefan Noesen plus a 2014 first-round pick (forward Nick Ritchie).