The Flyers have now used up both of their compliance buyouts.
"I met with Ilya this morning and informed him that we are going to exercise a compliance buyout of his contract," Flyers GM Paul Holmgren said in a statement. "This was a very difficult business decision to make for us and we want to thank Ilya for his time here and wish him all the best moving forward."
TFP first reported the Flyers were buying Briere out on May 23, and then were the first to report the team was poised to buy out Bryzgalov on June 13.
Bryzgalov, 33, has seven-years left on his contract. The Flyers will be responsible for paying him $23 million over the next 14 seasons -- roughly $1.642 million per year.
Buying out both Briere and Bryzgalov will create $12.166 million in salary cap space.
The native of Togliatti, Russia, posted a 19-17-3 record with the Flyers this past season, along with a 2.79 goals-against-average and a .900 save percentage.
In 425 career NHL regular-season games with the Anaheim Ducks, Phoenix Coyotes and Flyers, Bryzgalov has accummulated a 208-149-45 record with a 2.55 goals-against-average, a .913 save percentage and 30 shutouts.
He was originally drafted by the Ducks in the second-round (44th overall) of the 2000 NHL Entry Draft.