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.
I think I'm lucky to be here and you definitely don't take very many things for granted, if you take anything for granted. I definitely put my family and my wife and my close family in perspective, that they're the most important thing in the world. I want to do whatever I can to play hockey, but like I said, under the right circumstances.
— Stars forward Rich Peverley to "The Musers" radio show on The Ticket 1310 AM in Dallas