The Chicago Blackhawks have signed forward Nick Foligno to a one-year contract extension worth $4 million. Here's the analysis.
Well, that's one way to add veteran presence.
The Chicago Blackhawks got a jump start on the free agent market on Tuesday, agreeing to terms with forward Nick Foligno on a one-year contract extension worth $4 million. Foligno's signing rights were acquired by the Blackhawks along with Taylor Hall from the Boston Bruins in a trade on Monday, and Chicago clearly made him a financial offer that he could not refuse.
Look, let's address the obvious. Foligno is not worth $4 million. The 35-year-old racked up 10 goals and 16 assists for 26 points in 60 games last season as primarily a fourth-line player, missing various stretches of time due to injury and stints as a healthy scratch. Even on the open market, he would not have fetched anywhere close to this financial figure.
The Blackhawks, though, are not operating like a normal hockey team at the moment.
With upwards of $30 million in cap space prior to this signing, Chicago needs to hit the $61-million cap floor prior to opening night in October. Overpaying Foligno brings them one step closer to achieving that while also ensuring that incoming phenom Connor Bedard will be surrounded by some semblance of valuable veteran leadership as he navigates the beginning of his NHL career.
Still, it's an odd signing to see from a player of Foligno's age who is still searching for his first-ever Stanley Cup. The Blackhawks are not expected to be remotely competitive this season, even with Bedard's arrival, and Foligno may not have many more opportunities to chase a championship ring.
Then again, $4 million is pretty hard to turn down, and perhaps a bounce-back season and retained salary could lead him to get traded to a contender at the trade deadline.