There's was Nothing to suggest that Pouliot would be worth hanging on to in the slightest. He looks like an expensive and useless forward who would quickly be passed by cheaper and better players. The team was utterly done with the player, they waived him during the year, they tried to trade him constantly. Buying him out was the only option.
No overachieving on a very bad Sabres team changes the reality that Pouliot had no future on the Oilers.
A few points:
1. Pouliot had the best shot suppression rates on the PK. The PK has cost the Oilers games this season. So your assessment that he couldn't add value is completely false. He's also historically had a strong EV/60 rate.
2. I could buy the argument that he's overpaid, and if the Oilers were in cap trouble this season, a buyout
may have made sense.
The problem is they're hoarding cap space. A pro-rated 40M available at the deadline. 10M at the start of the season. There was really no need to devalue an asset, a useful player, sell low, when his career history suggests he's a strong even-strength player and would rebound. As he is.
A daily reminder that vacant cap space doesn't help you win hockey games.
The other point is it doesn't even save too much cap space this year (and is dead cap space for 3 additional seasons). $4M - 1.333M cap space - 1.1M replacement roster spot - you're saving a whopping 1.57M while you have downgraded at wing.
3. The smart play would be wait a year, and then:
a. Hope for a rebound and then trade him (retain salary of up to 50% of necessary for the final year if necessary)
b. Buy him out only if (a) is exhausted. 2 dead years cap space instead of 4.
c. Keep him. He could still add value to your team and you cut costs elsewhere.
These are the type of cap mis-management moves that got Chiarelli fired in Boston.