The Philadelphia Flyers announced Ilya Bryzgalov will be bought out.

"I met with Ilya this morning and informed him that we are going to exercise a compliance buy out of his contract," general manager Paul Holmgren said. "This was a very difficult business decision to make for us and we want to thank Ilya for his time here and wish him all the best moving forward."

The move had long been rumored, but this makes it official. The Flyers will save $5.667 million on the salary cap over the next seven years but will be responsible for paying Bryzgalov a total of $23 million over the next 14 years under the terms of the CBA's compliance buyouts.