Cowen was released from his professional try out with the Avalanche on Wednesday.

Cowen will join the Avalanche at training camp on a professional tryout agreement.

Cowen (hip) lost his arbitration case Wednesday which means his buyout from the team is official, Bob McKenzie of TSN reports.

Cowen's grievance arbitration hearing with the Maple Leafs was held Wednesday, Bob McKenzie of TSN reports.

The Maple Leafs will need an arbitrator to decide whether the team can buy out the final year of Cowen's contract at $3.1 million, TSN reports. Various sources have indicated that the defenseman has experienced complications from a hip injury dating back to the regular reason, therefore, a standard buyout cannot take place.

Cowen cleared unconditonal waivers Thursday, TSN's Bob McKenzie reports.

The Leafs placed Cowen on waivers Wednesday for the purpose of buying out his contract, Wayne Scanlan of the Ottawa Citizen reports.

Cowen will not play again in 2015-16, and the Maple Leafs are expected to buy out his contract, Mark Masters of TSN reports.

Cowen will not report to the AHL Toronto Marlies and will likely be traded, reports CBC's Hockey Night in Canada.

Cowen was sent down to AHL Toronto on Saturday, James Mirtle of TSN reports.