There is not way the Flames buyout Wideman.
Firstly, Wideman has a bit of history in 'good season' - 'poor season' - 'good season'. I would bet that he rebounds from what has been a horrendous year for him. Remember, just the season before there probably wasn't a poster here that wasn't thankful that he was around when Giordano got hurt. Wideman was very, very good. I think there is a strong chance for a considerable rebound - maybe not to 2 seasons' ago level, but rebound nicely.
There is also a new coach that will be hired, and there is a good chance that it will help Wideman on his game - or there is a chance he just sits Wideman much like Hartley did that one year.
I would rather demote Wideman than buy him out, or just have him as the 7th defencemen. A buyout would make no sense to me. Flames can eat that contract this season if they absolutely have to. It may be more difficult next season, especially dependent on what the goalie situation and contract will look like, which is a big unknown at this point.
I think the best bet is that the Flames retain salary. At 50%, I bet Wideman suddenly becomes a huge bargain for a team looking to increase scoring from the backend.
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