Damon Severson makes too much money for his suited role. But things aren't all bad, and there are ways out of it.
1. A buyout?
I'll start with the least likely scenario for the Blue Jackets here. They could buy out Damon Severson, but I'm not sure it makes much (any) sense. Using the buyout calculater at PuckPedia, you can see what that looks like. The Jackets would be paying Severson through 2036-37. And, several of these years have cap hits that aren't insignificant.
This would be the nuclear option from the Blue Jackets, and I'm not sure Don Waddell is pushing that button. Remember, he gave up a second round pick to avoid retaining any salary on Patrik Laine - and that salary would have come off the books in two years. I don't think he would sign up for 12 years of paying Damon Severson to not play hockey here. This probably isn't going to happen. Let's look at their other options.
2. A trade?
Remember when I said the Jackets bought high on Severson? They did, but that doesn't mean he doesn't have value. Fact of the matter is, he's a serviceable second pairing guy in the right environment. Even though he's had his share of struggles this season, he has 6 goals and 17 points in 36 games played.
Teams will definitely have interest in a right shot defenseman who can move the puck and put up good numbers. He also stays remarkably healthy. The issue here is, I don't see teams having the desire to take on six years at his cap hit. His value is probably around $1.5-$2.0 million less than his current AAV. He's a good #4 guy on a contending team, that valuates him somewhere between $4-$5 million.
The Jackets could retain salary in a deal, but they would have to do so for six full years. Like that Laine scenario, I don't see that as an answer under Waddell. They could find a third team to help broker a deal and take on that retention - but that costs assets. He also has a no trade clause, so they would have to find a team he would accept a trade to. For all of these reasons, I think this is also unlikely to happen.
3. Fix the situation.
This is the most likely outcome, in my opinion. Severson's two best seasons in New Jersey came when the team used him in the proper role. He can give this team 18-22 minutes per night and be effective, but something has to change. With the Devils, he was very good alongside a big, steady, defense-first defender: Ryan Graves.
The Blue Jackets have a player like that (Erik Gudbranson), but he's on IR. And, he's a right-shot; so I don't think the team could use them as a pair too effectively. The best move here may be to find the right partner for Severson. Guys like this aren't easy to come by, and will cost assets. But for the cost of ridding themselves of the problem, they would probably be better off finding a solution to the problem and keeping Damon on the roster.
Perhaps they could get his old buddy Ryan Graves from the Pittsburgh Penguins?
If they could get 2-3 "good" years out of this contract, it would be easier to move on at that point, one way or another. Whatever the case, they have to figure something out here. You can't pay a guy north of $6 million against the cap and have him sitting in the press box.