Quoting: newballcoach
I don't think you can retain on a contract that has already been retained... so that Phaneuf deal as structured would not work.
Plus I doubt he's waiving his NMC to Toronto
you can retain salary from multiple teams. here is an example:
Jan 15, 2014: Dubnyk was traded from Edmonton to Nashville.
Edmonton retained 50% of his salary, or $1.75M of the $3.5M total.
March 5, 2014: Dubnyk was traded from Nashville to Montreal.
Nashville retained 25% of his salary (which applies to the original total). Therefore, the Predators retained $0.875M.
March 5, 2014: Dubnyk was immediately demoted to Montreal’s AHL affiliate in Hamilton.
After the demotion, he didn’t count against Montreal’s cap but he did still count against Edmonton’s ($1.75M) and Nashville’s ($0.875M).
waiving the nmc would be the hard part but if they threaten him with a buyout he wont get all his money since it is not heavy on the signing bonus mostly contract. he would only get $1,416,667, out of his 6.5 million actual salary.