Myth: Players with two-way contracts do not have to pass through waivers when being promoted or demoted. This statement is incorrect. Wrong. Erroneous. Erroneous on all counts.
Fact: Two-way contracts only dictate the financial terms of the deal. A player signed to a two-way contract earns LESS money when playing in the AHL. This difference is sometimes to the tune of over $500,000. The NHL has a minimum salary a player can earn, somewhere around $500,000, while the AHL’s minimum salary is $40,000. This is the purpose of the two-way contract, to control the financial payout of a player signed to an NHL contract (in which case the owner of the NHL club pays the contract).
Players pass through waivers based on his age when his first NHL contract was signed, and the number of games played in the NHL. NHLSCap has a great breakdown of which players pass through waivers.
For those keeping track, Matt Gilroy DOES NOT have to pass through waivers, even though he has a one-way contract, and will not have to pass through waivers until he plays his 60th NHL game.