Heading into February’s trade frenzy, the Carolina Hurricanes held onto two very big trade chips, but instead chose to re-up them both. GM Jim Rutherford allegedly exhausted the trade market for both defenseman Tim Gleason and forward Tuomo Ruutu, ultimately deciding it made more sense to sign them both to extensions instead of trade them.
Gleason’s extension will pay him $16M over four years, which is status quo during free agency for a second-pairing, stay-at-home defenseman. Assuming on past deadline deals, a guy like Gleason would probably fetch a second-round pick plus an additional pick or prospect. It can be a wise decision for a rebuilding team that needs assets, but Carolina also operates within a budget and realized that to fill Gleason’s spot in free agency, they may end up spending more than $4M per year, so this looks like a solid decision.
Grades: A for Gleason and Carolina
Ruutu’s extension was a little more baffling, as it seems to have come as a result of the Canes waiting too long. Ruutu, another UFA-to-be, was deemed the top trade target among forwards and could have fetched a first-round pick plus in the trade market because of his versatility as a center or wing that could play a second or third line role. And then Ruutu suffered an injury, which likely took a toll on his stock and the Canes felt it better to resign him. The problem with this signing is they overpaid , giving Ruutu first-line money, at $19M over four years (cap hit of $4.75M; $4M next year, three years at $5M), which represents a big raise over his current $3.8M cap hit. He is a solid 55-point player, who will now be paid like a 65-70 point player.
Grades: A+ for Ruutu, C- for Carolina
In comparison, the Pittsburgh Penguins rewarded All-Star James Neal with a contract extension worth $30M over six years, for a tidy $5M cap hit. Neal is five years younger than Ruutu, and is entering his prime as one of the top goal scorers in the game (30 goals through 60 games). This is an extension that makes a tonne of sense for both sides, the opposite of the Ruutu contract. Neal was wise to cash in on his big season before he entered Restricted Free Agency, where he only had arbitration rights for two more years.
Grades: A for Neal and A+ for Pittsburgh
After Ruutu, the most sought-after UFA-to-be forward was Edmonton’s Ales Hemsky. In years past, he was a regular in the deadline chatter, and was believed to be worth a low first round pick. This year, he seemed to finally be on his way out of town in the last year of his contract. The 28-year-old is in his ninth seasons with the Oilers and seemed destined for a change of scenery. Twice in the past he had reached the 70-point mark, but has missed significant time due to injury for three consecutive seasons, and has seen his production drop to 27 points in 48 games this season. Instead of continuing the rebuild by collecting an asset for him, Edmonton decided to sign him to an extension for two years and $10M. It makes perfect sense for Hemsky, buying him time to regain value and health before hitting the open market. It makes little sense for Edmonton (regardless of how they have been dismissed by free agents in the past) to bring him back, being as unproductive as he has been as of late, and overpaying him greatly for what he did more than three years ago.
Grades: A+ for Hemsky, D for Edmonton
Also resigned: Todd Bertuzzi with Detroit for two-years, $4.15M. Makes perfect sense; Bertuzzi stays with a contender as he enters the final years of his career, and he fits in perfectly as a veteran grinder with some offensive support, and a $2M cap hit is of no worries to Detroit.
Grades: A+ for Bertuzzi and Detroit
Also resigned: Willie Mitchell with the Kings for two-years, $7M. Mitchell is a good fit for L.A. as a defensive specialist on the second or third pairing defense. True, it’s the exact same cap hit he had on his last contract with the Kings (in fact, he has had that cap hit since 2006-07), but he will be 35-years-old in April and his effectiveness will continue to slide, and thus his dollar value should as well. $3M in year one and $2M in year two would probably be more suitable and give the team more room to add.
Grades: A+ for Mitchell, B for L.A.
Nick is RealGM’s NHL Feature Writer. You can reach him by email nick.obergan@realgm.com or on twitter @NickObergan