The seven-year veteran had seven goals and seven assists for 14 points and 28 penalty minutes in 39 games with the Flyers this season.
"Jon was one of 14 forwards that we have now and was the guy who probably was not going to play very much," said Flyers general manager Bob Clarke. "It did not make any sense for us to carry his contract on our payroll."
Sim scored 65 points and had 78 penalty minutes in 73 regular-season games last year for the Utah Grizzlies and the Philadelphia Phantoms.
He has 25 career goals and 25 assists for 50 points and 118 penalty minutes with five teams.