Schneider was designated for waivers by the Devils on Thursday in order to buy out his contract.
EDGE Analysis
Schneider has two years remaining on his deal at $6 million AAV, which means the organization will save $4 million over the next two seasons before being on the hook for $2 million for another two years following. In addition to Mackenzie Blackwood, New Jersey has just youngsters Senn Gilles and Evan Cormier under contract next season which means the club will likely be in the market for a veteran backup.