New York, NY (Sports Network) - The New York Rangers undid one of their biggest recent mistakes on Thursday, buying out the contract of defenseman Wade Redden.

Redden was set to make $5 million this season, and the same amount next season before becoming an unrestricted free agent.

The Blueshirts inked Redden, then a UFA who decided to part with the Ottawa Senators after 11 seasons, to a $39 million deal over six years at the outset of the free agent signing period in 2008.

However, after two largely underwhelming seasons during which Redden totaled five goals and 40 points with a plus-three in 156 games from 2008-10, the burly blueliner was sent to the minor leagues.

Redden totaled 12 goals and 62 points in 119 games in the American Hockey League, playing for the franchise now known as the Connecticut Whale.

The move was made easier after a "compliance buyout" clause was included in the new Collective Bargaining Agreement made official last week. The amount of the buyout will not count against the salary cap either this season or next, which is key since the cap ceiling is slated to decrease in 2013-14.

A 35-year-old native of Lloydminster, Saskatchewan was selected second overall by the New York Islanders in the 1995 draft and is a two-time All-Star. He has recorded 106 goals and 450 points over 994 NHL games from 1996-2010.

In addition, Redden was also a member of Canada's 2004 World Cup championship team and the winner of the NHL's plus/minus award in 2006.

The Sports Network