The New York Islanders placed forward Andrew Ladd on waivers Thursday, the team announced.

Ladd is in the fourth season of a seven-year, $38.5-million contract he signed with the Islanders on July 1, 2016. The deal, which carries a $5.5-million cap hit, is viewed as one of the worst in the NHL.

The 33-year-old scored three goals and added eight assists in 26 games with the Isles last season before suffering a season-ending torn ACL. He just completed a five-game conditioning stint with the AHL's Bridgeport Sound Tigers.

General manager Lou Lamoriello said the organization did not see enough from the veteran winger in those five games to warrant an NHL return at this time, according to Newsday's Andrew Gross.

Ladd, a two-time Stanley Cup champion with the Carolina Hurricanes and Chicago Blackhawks, has 248 goals and 537 points in 946 career games. He was the captain of the Winnipeg Jets franchise from 2010-11 to 2014-15.