Update: 3:45pm: Larry Brooks is now reporting that a deal has been reached. Organizations can use their first compliance buyout by Sunday, and the Rangers will use this on Redden.

Original Post: Per Larry Brooks, the Rangers are attempting to use their first compliance buyout¬†on Wade¬†Redden prior to the start of the season. The Rangers would still retain the $5.6 million cap hit for this season –which would make the NHL happy– while releasing Redden from his obligation to the Rangers, which pleases the union.

Redden, if released from his obligation to the Rangers, would have no problem finding a job as a bottom pairing defenseman for a fraction of his salary.