- Joe McDonald, ESPN Staff Writer
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Savard has not played since the 2011 season due to concussion issues, so his $4 million cap hit finally comes off the books for the Bruins.
Hayes, 25, earned $925,000 last season and remains a restricted free agent. Smith signed a two-year contract extension with the Bruins last season worth $3.425 million.
"We are pleased to welcome Reilly to the Panthers," said Florida general manager Dale Tallon. "Reilly is a young talented forward who adds skill, speed and versatility to our team. We thank Jimmy for his contributions to the Panthers and wish him the best of luck in Boston."
Hayes, a Boston native and product of Boston College, had 19 goals and 16 assists for 35 points in 72 games last season for the Panthers.
Smith has been a disappointment since arriving in Boston from the Dallas Stars as part of the Tyler Seguin trade. After signing his deal last fall, Smith scored only 13 goals and added 27 assists for 40 points in 81 games for the Bruins.