She notes that as per the CBA, a player who is bought out can not be re-signed to the team that bought him out for a lower contract.
A player who is bought out by a team can not return to that team for an entire season following the summer that he was bought out.
So the Rangers could not buyout Brad Richards to get his cap hit off the books and then sign him to a deal more in-line with his production and performance. Richards would also be prohibited from being a Ranger for the entire 2013-14 season.
The buyout period is expected to start 48 hours after the Stanley Cup Final ends.
A compliance buyout would remove a players cap hit from the Rangers salary cap, though the player would still be paid 2/3 of the remaining contract.
The Rangers have one compliance buyout remaining, to use either this summer or in 2014. The Rangers used their first compliance buyout on Wade Redden before the season started.