Kraken To Buy Out Joe Veleno

The Kraken announced Sunday they’ve placed newly acquired center Joe Veleno on unconditional waivers for a buyout.

If a team wants to pick up the final year of Veleno’s contract at a $2.275MM cap hit, they can do so over the next 24 hours, in which case the Kraken would not be on the hook for the salary cap implications of a buyout. Waiver priority is still determined by reverse standings order from the 2024-25 season. In the more likely event he clears waivers, the 25-year-old’s buyout won’t carry as much of a salary cap penalty as usual. Players under 26 years old receive only one-third of their remaining base salary in a buyout, instead of two-thirds.

Veleno was due to earn $1.775MM in base salary in 2025-26, so the total cost of the buyout will be $592K spread over the next two seasons. He was owed a $500K signing bonus on July 1 that is protected from a buyout, though. That means the Kraken will carry a $796K cap charge in 2025-26 and a $296K cap charge in 2026-27, according to PuckPedia. Even with the increased buyout penalty next season, they’re still opening roughly $1.5MM in space compared to his initial cap hit.

Seattle acquired Veleno from the Blackhawks in a one-for-one swap for winger André Burakovsky last weekend. They initially opened $3.225MM in cap space for 2025-26 with the move, but that number jumps to $4.7MM with Veleno’s pending buyout. The 2018 first-rounder seemed like he may have been an awkward fit on a Seattle roster already teeming with natural centers, particularly after they also acquired Frédérick Gaudreau from the Wild a few days ago.

It’s clear now he wasn’t in their plans moving forward and was only taken back in the deal to take a contract off Chicago’s books. Assuming he’s indeed bought out, he’ll hit unrestricted free agency for the first time following one of the more underwhelming seasons of his brief NHL career. 2024-25 was the fourth season for Veleno as a full-timer with the Red Wings, who drafted him 30th overall seven years ago, but he only managed 10 points and a -14 rating in 56 games as their fourth-line center before being traded to the Blackhawks at the deadline for Petr Mrázek and Craig Smith.

Veleno had a decent end to the campaign in Chicago. He put together a 3-4–7 scoring line in 18 games, ranking eighth on the team in scoring from the trade deadline until the end of the season. All of that production came at even strength while averaging a relatively conservative 12:38 per game. His historically underwhelming possession impacts remained in the gutter, though. He posted a 41.1 CF% and 37.9 xGF% at even strength, along with a minus-nine rating for the Hawks, although it’s worth noting he did face a difficult workload with 64.2% of his zone starts coming in the defensive end.

That end to the season, combined with his draft pedigree, means it won’t be surprising if Veleno lands an NHL contract as a UFA. It won’t be in the neighborhood of his previous $2.275MM cap hit, though. Players of that caliber who get bought out – think defenseman Adam Boqvist last offseason – usually settle for a league-minimum contract in hopes of landing in the best environment to get their career and development back on track.

Seattle now has just over $18MM in cap space with six open roster spots, according to PuckPedia. Three of those spots will presumably be filled by pending RFAs Ryker Evans, Kaapo Kakko, and Tye Kartye. That trio will likely consume between $8.5MM and $10.6MM of cap space, depending on whether it’s a long-term or bridge deal for Evans, per AFP Analytics’ projections.

Image courtesy of David Banks-Imagn Images.