[Bring_Back_Shantz]

I would assume, as others have said, that terminating the contact would be used as a bargaining chip to get debtors to take a smaller cut.

He owes more than his contract is worth, he's not gonna see much if anything for the rest of that deal if he keeps playing, and the debtors stick to their guns. So I'm assuming that the threat is, "Hey, if you don't accept 50 cents on the dollar, I'll get my contract terminated, never play hockey again, and you'll get zero."

Whether that turns out to be a legitimate threat, or even legal is the big question mark.