"I met with Danny last week and informed him of our decision to use a compliance buy out on his contract," Flyers GM Paul Holmgren said in a statement. "This was a very difficult decision for us to make as Danny has been a very good player for us over the past six years.
"Danny came to our organization as a free agent in July of 2007 and has been a tremendous player, person and role model in all aspects and for that we thank him. We wish him continued success and best wishes in any future endeavors."
Under the rules of the new CBA, teams have the option of using two compliance buyouts this off-season and/or next off-season.
Briere, 35, had an annual salary cap hit of $6.5 million for the remaining two years of his contract, but would have been owed only $5 million in actual salary -- $3 million next season and $2 million in 2014-15.
He will now be paid $3.333 million over the next four seasons.
In 34 games with the Flyers this season, Briere registered six goals and 10 assists for 16 points.
Briere's buyout will be made official, within the rules of the NHL, 48 hours after the last game of the Stanley Cup Final. As a result, he will become an unrestricted free agent.