2 year deal, 3.5 mil per.
This deal amounts to something along the lines of Edmonton paying Smyth 2.9 this year, his last year as an RFA, and paying him 4.1 mil to buy his first year of unrestricted free agency. That's probably about fair. But, were I Smyth, I wouldn't have gone that route. I'd have either gone for a one year deal (and made sure I had it by filing for arbitration) or signed for 4 years. I think his best time to leverage a UFA deal will likely be next summer, not the 2007 summer when the UFA age has dropped to 28 and who knows who else is available.
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