He signed with the New York Rangers.
The Avalanche need to replace Patrick Roy, and Kevin Dineen and Bob Boughner are reportedly the top candidates for the job.
After a weak 2015-16 season, Matt Moulson is feeling the pressure from the Sabres to perform at a higher level this upcoming season.
"It's our privilege to celebrate an iconic hometown artist that clearly has had an incredible impact on our community and the world."
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His 2015-16 season was disrupted by an ankle injury.
He had 10 goals and 26 points last season for Ottawa.
"We look forward to him coming to training camp and competing for a job."