Bogosian was assigned to the Rochester Americans after clearing waivers Saturday.
The 29-year-old's $5.14-million cap hit comes off the Sabres' payroll as a result of the suspension. Buffalo can now continue to work on trading Bogosian, the two sides can agree to terminate his deal, or the team can let him sit out, according to The Athletic's John Vogl.
Bogosian reportedly requested a trade in December. The veteran blue-liner is in the final season of the seven-year, $36-million pact he inked with the Winnipeg Jets in the summer of 2013.
He was dealt to the Sabres as part of the Evander Kane swap between Winnipeg and Buffalo in 2015.
Bogosian has only played 19 games for the Sabres this season, collecting five points while averaging under 17 minutes of ice time.