Winnipeg Jets place Nate Schmidt on unconditional waivers for purpose of buyout

The Winnipeg Jets have placed defenseman Nate Schmidt on unconditional waivers for the purpose of buying out his contract, according to Daily Faceoff’s Frank Seravalli.

Schmidt, 32, was entering the final year of his six-year contract with a $5.95 million cap hit, one he originally signed with the Vegas Golden Knights as an extension back in 2018. The buyout will leave the Jets with a $2,716,667 cap hit in the 2024-25 season and a $1,616,667 in the 2025-26 season.

Winnipeg now has nearly $5.5 million in dead cap space from the buyouts of Schmidt and Blake Wheeler, but will have roughly $12 million in cap space going into the offseason after the buyout.

Schmidt’s buyout comes after a struggling season that saw him produce just 2 goals and 12 assists for 14 points in 63 games. That was Schmidt’s worst output in any season in his career with at least 50 games played, with his previous career low being 15 points that came in 54 games in the COVID-shortened season.

Schmidt was an undrafted free agent signing by the Washington Capitals out of the University of Minnesota. The Caps signed him to an entry-level deal in 2013, and after making his debut in the 2013-14 season, Schmidt spent the next four seasons with the Caps before he was claimed by the Golden Knights in the expansion draft. He spent three years with Vegas before he was moved to the Vancouver Canucks in the 2020 offseason as a cap dump, and after one season he was moved again to the Jets, where he’s spent the past three seasons.

Even with almost $12 million in cap space, the Jets have plenty of players on their roster to re-sign before the free agent period opens on Monday. They currently have six unrestricted free agents and three restricted free agents on their roster, including Sean Monahan, Tyler Toffoli, Brenden Dillon, Laurent Brossoit and Cole Perfetti.