Condon will be coaching at Northeastern University this season, ending his playing career.
The Lightning recalled Condon from AHL Charlotte on Sunday, Erik Erlendsson of LightningInsider.com reports.
As expected, Tampa Bay placed Condon on waivers Friday, Renaud Lavoie of TVA Sports reports.
Condon (hip), along with Louis Domingue, will be placed on waivers if the Lightning can't find trade partners prior to Sept. 20, Joe Smith of The Athletic reports.
Condon (hip) was acquired by the Lightning, along with a 2020 sixth-round pick, from the Senators in exchange for Ryan Callahan and a 2020 fifth-round selection.
Condon hopes to return for training camp in the fall after a lost campaign.
Condon (hip) took shots at practice Tuesday, but he's not looking to return until some point in March.
Condon will be sidelined until early February due to a hip injury.
Condon was expected to be sent down to AHL Belleville after he cleared waivers, with the move finally becoming official.
The Senators placed Condon on waivers Wednesday, Elliotte Friedman of Sportsnet reports.