The Pittsburgh Penguins announced Wednesday that they are placing goalie Tristan Jarry on waivers.

Jarry, 29, signed a five-year, $26.875 million contract extension with the Penguins in 2023, putting him under contract through the 2027-28 season.

The veteran netminder has struggled mightily in 21 appearances and 20 starts this season, posting an 8-7-4 record with a 3.32 goals against average, .886 save percentage and no shutouts.

Pittsburgh's final straw with Jarry may have come Tuesday when the Penguins fell 4-2 to the Seattle Kraken, marking their third straight loss and their seventh defeat in their past eight games.

While the Penguins only surrendered 17 shots on goal, Jarry allowed three goals, and Pittsburgh lost despite carrying the play for much of the game.

The Pens would be off the hook for Jarry's contract if someone were to claim him off waivers, but given the length of the deal, the $5.375 million average annual value and his poor play this season, that seems highly unlikely to happen.

Per Josh Yohe of The Athletic, should Jarry clear waivers and get sent to the minors, it will save the Penguins just north of $1 million against the salary cap.

Originally selected by Pittsburgh in the second round of the 2013 NHL draft, Jarry made his NHL debut during the 2016-17 season, but it wasn't until 2019-20 that he received a significant share of the playing time in Pittsburgh's crease.

Jarry went 20-12-1 with a 2.43 GAA and .921 save percentage in 33 games and 31 starts that season en route to his first career All-Star nod.

He followed that up by going 25-9-3 with a 2.75 GAA and .909 save percentage the following season before enjoying the best year of his career in 2021-22.

Jarry set career highs in starts (56) and wins (34), plus he had a career-best 2.42 goals against average to go along with a .919 save percentage and four shutouts, yielding his second All-Star selection.

His production dropped over the next two seasons, as he had a collective 2.91 GAA and .906 save percentage, although Jarry was still given an extension after the 2022-23 season, and he rewarded the Penguins with a league-leading six shutouts in 2023-24.

Jarry's career year in 2021-22 saw the Penguins reach the playoffs for a 16th consecutive season, but since their first-round exit in 2022, they have not been back to the postseason.

So far this season, the Penguins are 18-20-8 through 46 games, placing them sixth in the Metropolitan Division and 13th in the Eastern Conference overall.

Even so, the Penguins are just four points out of a playoff spot, which may be why they felt the need to make a drastic move in the form of waiving Jarry.

Jarry's struggles have been part of a larger goaltending issue for the Penguins this season, though, as Alex Nedeljkovic is 7-7-4 with a 3.40 GAA and .886 save percentage, and Joel Blomqvist is 3-5 with a 3.60 GAA and .904 save percentage.

Those numbers suggest that the Penguins may be in the market for a goalie leading up to the March 7 trade deadline, but until then, their best chance to win may be Blomqvist, as the 23-year-old 2020 second-round pick has the most potential of any goalie in their system.