Isles to reportedly buy out DiPietro

The New York Islanders will reportedly buy out the remainder of the huge contract of goaltender Rick DiPietro.

Newsday was one of several media sources to report the team will place the former No. 1 draft pick on waivers Tuesday for the purpose of his unconditional release.

The 31-year-old DiPietro will be owed $1.5 million over the next 16 years, but the compliance buyout will not count against the team's salary cap, according to Newsday.

DiPietro, who was the top overall selection in 2000, has compiled a 130-136 record with eight ties and 28 overtime losses over his injury-plagued career. He has played in just 50 games since the start of the 2008-09 season. That includes three contests last season.

The Islanders signed DiPietro to a 15-year, $67 million contract in the summer of 2006, but he's been limited due to concussions, hip and knee injuries.