Orlando question

[hockeytown]

Need a little help here. Ok Penny and his large contract was shipped to Orlando...Orlando waives him today....ok I understand all that good stuff...but does Orlando have to continue to pay the rest of his contract? What happens if say Atlanta signs Penny does Penny sign a new contract then or does his contract remain the same and Orlando is till paying him? Does this question make sense? What I am trying to figure out is how Orlando can do this in waiving Penny? What advantage is it for them to do this? I understand it has to do with salary cap just wondering if Orlando still has to pay him...

 

[BravesFan4Life]

Likely they will buy out his contract for much less than he is owed so he will sign a brand new contract with who ever if anyone decides to sign him. Not surprising they cut him, salary cap move and he has declined so much.