It doesn't matter where you look in the league. There are always players who no longer are worth anything like their contract. Take the Rangers as an example. Dan Girardi has declined to the point where he should be bought out.
Constant good player development lets a team decline to award that big "last big contract" to a player. Trading before obsolesence.
Easier said than done. Temptations to trade draft picks to top up for a Stanley Cup run and all that stuff, with the empty cupboard that can come later.