I don't see it as an LOL.
He was signed for depth at a league minimum in case either the Canes had injury or the Canes made a trade.
We all knew he wasn't beating out any of the top 7 as it stood today. Now that he's cleared, the Canes can choose to loan him to an AHL club and they'll have zero cap hit. Or if they decide to keep him in the press box, that cap hit is minimal.