The Rangers used the buy out clause to buy out the final two years of Bobby Holik's five-year deal worth $45 million.
After the 24% roll back Holik would have had a cap hit of $6.726 million.
The absolute best part of this article from the New York Times on the Rangers buying out Holik is that on the same day they did they also signed Henrik Lundqvist.
I will never forget the day that the Rangers signed Holik and never forget how little I cared when they bought him out. I hope that the Rangers do this if they have the chance. It would save them actual money and it would give Wade the chance to play again. I like that he is accepting his move to Hartford so well for this season, and that he can be a leader down there again, but I hope that he gets another shot at the NHL with another team.