Three more players hit the waiver wire on Tuesday.

The Toronto Maple Leafs placed goaltender Andrew Raycroft and forward Kyle Wellwood on waivers, while the Tampa Bay Lightning did the same with goaltender Marc Denis.

In the case of Raycroft and Denis, who both have one season remaining on their existing contract, it’s the first step for the Leafs and Lightning buying them out.

Raycroft was expected to be bought out this month, having lost his job as the Leafs starting goalie to Vesa Toskala after cracking under the pressure of playing in Toronto.

Denis’ status had been uncertain until the sale of the Lightning to OK Hockey was approved. He never turned into the starting goalie Lightning GM Jay Feaster was hoping for when he peddle winger Fredrik Modin to Columbus for Denis.

Raycroft has $2.2 million remaining on his contract, Denis $3 million. Their buyouts will be at two thirds the remaining value spread over the next two seasons. Should they clear waivers as expected by noon ET on Wednesday they'll become unrestricted free agents.

Wellwood however isn’t on an existing contract and is eligible for RFA status unless the Leafs decide not to qualify his rights, in which case he’d become an unrestricted free agent on July 1st.

It’s my understanding the Leafs didn’t qualify his rights so perhaps they’re hoping someone will take him off waivers and do so.

Regardless, it’s quite a fall for Wellwood, who was projected to be the Leafs second-line center heading into last season, but a combination of injuries and poor conditioning saw his stock plummet.  

Goaltender Marc Denis' tenure with the Tampa Bay Lightning may be nearing an end. The club placed him on waivers Friday and it's expected he'll clear and be demoted to their AHL affiliate.

The Lightning acquired Denis last year from the Columbus Blue Jackets in exchange for winger Fredrik Modin and goalie Frederik Norrena,  and signed him to a three-year contract worth $2.87 million per season.

He was expected to be their starting goaltender and fill the void left by the departure of Nikolai Khabibulin in the summer of 2005, but instead he lost the starter's role last season to rookie Johan Holmqvist.

This season was worse for Denis, as he saw action in only 10 games as head coach John Tortorella's confidence in him further eroded. Call-up Karri Ramo played well in three games, making Denis the odd man out in the club's goaltending rotation.

It's been speculated the Lightning will soon place Denis on re-entry waivers in hopes a rival club will claim him but given his deteriorating performance over the last two seasons that prospect appears remote.

And with the Bolts struggling this month and in danger of falling out of the playoff race sending Denis to the minors for the rest of the season will clear some valuable cap space which could be used to perhaps bring in some defensive help. That is, if current ownership will allow GM Jay Feaster to shop around for help.

The Lightning are currently up for sale with Hollywood producer Oren Koules having exclusive negotiating rights, which could severely restrict any potential moves on Feaster's part.

Denis' demotion could be the end of his time with the Lightning, for if Feaster is unable to move him via trade or re-entry waivers he could be buy out the remaining year of Denis' contract next June.

It’s been a while since I’ve heard a trade rumor reported in the media that made me laugh derisively out loud, but the following did just that.

I was watching Sportsnet’s Hockeycentral tonight, and the panel was discussing the latest speculations, when toward the end of the segment host Darren Millard almost sheepishly mentioned an internet rumor of the Colorado Avalanche supposedly discussing a potential trade with the Tampa Bay Lightning.

The supposed deal? Goalie Marc Denis and center Vincent Lecavalier to the Avs for goalie Jose Theodore and possibly another player.

Good thing I wasn’t drinking my Sidney Street Stout at that time or that would’ve resulted in a painful noser.

While I brayed with laughter,Millard's fellow panelists Bill Watters and Nick Kypreos were quick to dismiss this rumor leaving poor Millard looking more sheepish for having brought it up.

I’m not calling Millard stupid. He didn't cite it as a fact, wasn't suggesting this had any chance of happening, definitely didn’t look comfortable mentioning it and was left almost cringing after Watters and Kypreos were finished ripping it apart. I’m not shooting the messenger.

Millard isn’t stupid. The rumor is.

As Watters and Kypreos pointed out, Theodore simply hasn’t been playing well since last season. Montreal Canadiens GM Bob Gainey somehow enticed then-Avs GM Pierre Lacroix into acquiring Theodore last March, but apart from a few decent playoff games, the 2002 Vezina-Hart winner has shown no signs of returning to form.

This season, Theodore’s been outplayed by backup Peter Budaj, and it wouldn’t surprise me if Budaj takes over full time by March when the playoff races tighten up and every game becomes important. That'll leave the Avs with a $5.5 million backup riding the pine down the stretch.

It’s common knowledge the Lightning aren’t very pleased with Marc Denis poor performance since acquiring him last summer from Columbus, but you can bet what’s left of your Christmas turkey they won’t take a chance on a shaky Theodore and his hefty salary.

As for Lecavalier, even Watters and Kypreos don’t believe he (or Brad Richards or Martin St. Louis) will be going anywhere.

If the Avs want to be rid of Theodore, they’ll have to wait until June when they can buy out the remaining year of his salary at two-thirds its value.

Even without factoring in all the obvious salary cap issues such a trade would raise, this is most definitely the stupid trade rumor of the day, and the first really stupid one of the New Year.