St. Paul, MN -- (Sports Network) - The Minnesota Wild have bought out the three remaining years of forward Mark Parrish's contract, president and general manager Doug Risebrough announced Wednesday.

Parrish, 31, was placed on waivers Tuesday due to salary cap concerns. The Wild originally signed him to a five-year contract on July 1, 2006.

The Bloomington, Minnesota native scored a career-low 16 goals and collected 14 assists in 66 games last season for the Wild. Originally selected by the Colorado Avalanche in third round (79th overall) of the 1996 NHL Entry Draft, Parrish has 208 goals and 164 assists in 660 career games with the Panthers, Islanders, Kings and Wild.