So I just wanted some information from some of the more CBA knowledgeable people here: What is stopping a team from signing a player they have already bought out?

The question comes from this post at Puck Daddy: http://sports.yahoo.com/nhl/blog/puck_daddy/post/Alexei-Yashin-s-agent-talks-KHL-vs-NHL-return-;_ylt=AtdCPuLWjiIo9JvQSVJmAE17vLYF?urn=nhl,256523

In the post it mentions that Alexei Yashin gets a lot of interest from the New York Islanders. I kinda chuckled a little bit because the Islanders are still paying for is buyout in cap hit ($4,755,067 this year and $2,204,000 for the next four according to CapGeek). Then it got me thinking: is there anything that would stop the Islanders from resigning him? From the CBA perspective that is. I know the Islanders have a special situation where they are not battling with the salary cap ceiling, but battling the salary cap floor. So if they were to sign Yashin again maybe for the next 5 years at 3M a pop or something along those lines he would cost against the cap either $ 7.7 M or $ 5.2 M. The team would only be shelling out 3M a year out of pocket (because I assume they already paid him the buyout up front)  and his combined cap hit would be very high helping them over the floor. It is awkward, but it is conceivable correct?

If it was the case that there would be nothing illegal about signing someone you have currently buying out, what is to stop another team from doing it too, but in another way. Lets just take a situation where there is a team who might be over the salary cap by about 3M ... hypothetically. And lets say there is a player who is pretty good, but has a huge cap hit like 6.5 M or something like that ... something that it hard to swallow, but you still want the guy on your team even though you are in cap trouble. And for sake of argument lets call him .... Manny ... Pierre. So the team buys-out this Manny Pierre at a cost of a cap hit of the following:

"MANNY PIERRE" FROM CAPGEEK.COM (HYPOTHETICALLY)
2010-2011: $1,233,333
2011-2012: $1,233,333
2012-2013: $1,233,333
2013-2014: $5,233,333
2014-2015: $6,233,333
2015-2016: $1,733,333
2016-2017: $1,733,333
2017-2018: $1,733,333
2018-2019: $1,733,333
2019-2020: $1,733,333

Then the team turns around a resigns him for 3Y @ 1M. Manny gets all his money, plus more, and he is welcome to sign with whomever he wants there after. The team saves about  4.2M for the next three years they are then under the cap by 1.2M and it gives them substantial wiggle room to play with. Manny gets all his money, the team keeps the player and can keep competitive with a very manageable cap outside of one year. ... In theory it would be possible ... right?