Shortly after the Calgary Flames announced at the start of the second round of the NHL entry draft they'd dealt away Robyn Regehr and Ales Kotalik, the club announced the re-signing of winger Alex Tanguay to a five year, $17.5 million contract extension.
Tanguay,31, was eligible to become an unrestricted free agent on July 1st. Moving Regehr and Kotalik's combined $7 million-plus in salaries free up the cap space for the Flames to re-up Tanguay to a $3.5 million per season annual cap hit.
After two miserable seasons in Montreal and Tampa Bay, Tanguay last summer signed a one-year, $1.7 million contract with the Flames, and had a bounce-back performance, with 69 points in 79 games, rekindling the offensive chemistry he had with Flames captain Jarome Iginla during his previous go-around with the Flames from 2006-2008.
While he certainly earned his raise, the problem could be with the length of the deal, as he'll be 36 when it expires, so there's a good possibility his skills will be in decline by that point.
For the time being, it's an affordable re-signing of a key offensive forward who meshed well with the Flames franchise player.