Let the buyout season begin.

The Toronto Maple Leafs placed defenseman Jared Cowen on waivers Wednesday for purposes of buying out his contract, TSN's Darren Dreger reports.

Cowen was acquired from the Ottawa Senators in the Dion Phaneuf trade in February, but the blue-liner never played a game for the Maple Leafs.

The 25-year-old had one year and $2.15 million left on his deal, according to General Fanager.

Toronto had been planning to buy him out since the trade. In March, Cowen's agent said his client had six months to get back to being "a good player."

Wednesday marked the start of the NHL's first buyout window, which extends through June 30.

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