Kraken Cut Ties With Joe Veleno in Sudden Buyout Move
In a surprising turn of events, the Seattle Kraken have placed forward Joe Veleno on unconditional waivers for the purpose of a buyout, less than two weeks after acquiring him. This move effectively ends Veleno’s brief and unexpected stint with the team and raises questions about Seattle's roster strategy and his future in the NHL.
Veleno, a 25-year-old center, came to Seattle via a one-for-one trade with the Chicago Blackhawks on June 21 in exchange for veteran forward Andre Burakovsky. It seemed like a cap-clearing move at first, but now it’s evident the Kraken had no long-term plans for him. With a year remaining on a two-year, $4.55 million contract signed with the Detroit Red Wings back in July 2024, Veleno now hits the open market as an unrestricted free agent.
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Last season, Veleno split time between Detroit and Chicago, finishing with 8 goals and 17 points across 74 games. While his production was modest, he had a decent stretch with the Blackhawks after the trade deadline, tallying 7 points in 18 games and showing some spark in a limited role. But even with that small uptick, his advanced stats—like a sub-42% Corsi and poor expected goal numbers—suggested deeper struggles.
For Seattle, the buyout gives them around $1.5 million in cap relief, adding to the $3.2 million saved in the Burakovsky trade. That flexibility seems to be the real driver behind the move. Veleno’s $2.275 million cap hit will now be reduced to a manageable $796,000 in 2025-26 and just $296,000 the year after. With the Kraken already loaded with centers and reportedly targeting other depth options, the writing was on the wall.
Drafted 30th overall by Detroit in 2018, Veleno was once seen as a future middle-six staple. But after 306 NHL games and just 81 points, that vision hasn’t materialized. Still, at just 25, there’s a good chance a team will take a low-risk flyer on him—likely on a one-year deal near the league minimum. Players like Veleno often find homes on rebuilding rosters or as depth options on contending teams looking to strike gold with a buy-low candidate.
For now, Joe Veleno finds himself at a career crossroads. He’s still young, still skilled, and still has time. But the next step has to be the right one, because the runway is starting to shorten.
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