He's not that serviceable of a player anymore. This is more about extinguishing a poor player from the roster than saving cap space. Consider this to be on par with when Shero bought out Zubrus in 2015, even though we still had to have his entire cap hit on the books because he was a 35+ contract when he was signed to it. This is about removing a poor player, a poor player at the most important position in the game.
Because what we've seen from Schneider the last 2+ years isn't even a declining goalie. Lundqvist is a declining goalie. This is more of a drop off a cliff type, where the decline isn't a slow and modest burn like it is for guys like Lundqvist and Rask, this is a full burn. This is a more drastic dropoff than what Marty experienced at 40 years old at this point.
And who's to say he won't get worse over the next 3 years? It would be one thing if we knew he was gonna plateau in poor play, but we don't know that.
You don’t have to have him on the roster! You can waive him, bury him in the minors and absorb the hit over a shorter period vs spreading it out longer.