You don't need to be a cap team to justify buying a player out. I don't think sending Vlasic to the Cuda is any better a way to treat him than buying him out. All Grier needs to do is let these guys know that they're moving on from them because they're just not the caliber of player that they need moving forward. If a trade isn't out there, he will buy them out. It's direct and honest and allows them to be free to choose where their career goes next. Asking them to forfeit guaranteed money in a contract termination is a lot more contentious and problematic for these players than it is for a European that just isn't hacking it here. If players have a problem with the ordinary business of moving players that are no longer helping the team as they envision it then they need to perform as such to avoid that. The Sharks need to be able to proceed as they see fit and that includes the possibility of buying someone out that they don't need the cap space for (Grier already did this with Balcers and it didn't stop anyone from anything). Sometimes, you just want the open roster spot so that your developing players can fill it or just find a better veteran to fill in. Re-signing Rutta after he's rented out would be a better use of a roster spot than keeping Vlasic and Rutta also sucks.
I'm not sure why Vlasic would be for mutual termination but Saad shows that it's possible. Vlasic is due a 2 mil bonus and 3.5 mil base salary. He's not finding that anywhere else. A buyout makes sure that he gets 2.3 mil of that 3.5 mil base and the 2 mil bonus. And those two years are not years where we need to concern ourselves with the dead money that would result from it. I would much rather vacate the roster spot, let him move on, and bring in whoever that would very likely be a better player on the ice than Vlasic is.