I think that's how it works. I don't know about waivers, but I think the other team would be stuck with a bunch there, so most likely he clears waivers, we're stuck with all of it unless someone picks him up for vet min (which they do), so we pay $47M - 2-4M or whatever his minimum is.
Or we just hang onto him, of course.
Another team doesn’t even have to pick him up for the difference in the buyout. We can negotiate down to 40M or something and he can sign for the minimum somewhere else.