There had been speculation the club would use its second and final compliance buyout to terminate the final seven seasons of Richards' contract, which runs through the 2019-20 season with a salary-cap charge of just over $6.67 million per season.
Richards had 34 points in 46 regular-season games but struggled in the Stanley Cup Playoffs, scoring one goal in 10 games and finding himself a healthy scratch for the final two games of the conference semifinals against the Boston Bruins.
The Rangers used their first compliance buyout on defenseman Wade Redden prior to the 2012-13 season.
That's today's game. That's one of the things you have to deal with when you're a championship team. Guys are going to earn more money based on their performance and what they've achieved, [and] deservedly so. [Saad] falls into that category.
— Blackhawks coach Joel Quenneville on Brandon Saad, who was traded by Chicago to the Columbus Blue Jackets this offseason