The Seattle Kraken have placed goaltender Philipp Grubauer, one of the team's highest earners, on waivers with the purpose of being assigned to the AHL, the team announced Wednesday.

Demoting Grubauer comes a day after he lost his fifth straight game after allowing five goals on 17 in shots in the Kraken's 6-4 loss to the Anaheim Ducks. Grubauer has allowed more than three goals in each of his five most recent starts.

That specific stretch of games has been emblematic of what's been the most trying season of his career. Grubauer is 5-15-1 with a 3.83 goals-against average and a .886 save percentage. He has the NHL's lowest save percentage, the highest GAA and MoneyPuck lists Grubauer as having the worst Goals Saved Above Expected at minus-17.5 among goalies with more than 15 games.

It's a contrast when compared to Kraken goaltender Joey Daccord, who is 17-12-2 with a 2.45 GAA and a .917 save percentage. Daccord is fifth in save percentage, eighth in GAA while his 16.3 GSVA ranks third in the NHL, according to MoneyPuck.

Entering Wednesday, the Kraken (22-27-3) were eight points behind the Calgary Flames for the second and final Western Conference wild-card spot while 11 points clear of the San Jose Sharks for the NHL's fewest points.

Sending Grubauer to the AHL now raises questions about the future of a player who was once considered to be the face of a new Kraken's franchise back when he signed a six-year contract prior to the start of the 2021-22 season.

Grubauer had won 30 games with the Colorado Avalanche before signing a deal that saw him earn $5.9 million annually. Injuries and inconsistent performances have hindered Grubauer, who has never won more than 18 games since he joined the Kraken.

The 33-year-old, who has the Kraken's fifth-highest cap hit, still has two years remaining on his contract after this season. PuckPedia states that If the Kraken elected to buyout Grubauer, it would be on their books for their next four seasons. The first season would cost the Kraken $1.98 million while the second season would rise to $3.08 million. The final two seasons would cost the club $1.68 million in each year.

Placing Grubauer on waivers also follows suit with what the Los Angeles Kings did with Cal Petersen in 2022 and what the Edmonton Oilers did with Jack Campbell last season.

Petersen signed a three-year deal worth $5 million annually only to be placed on waivers just one year into his new contract. Campbell signed a five-year contract with the Oilers that was also worth $5 million annually and was placed on waivers in his second season before he was eventually bought out.