Canadiens Sign Peter Budaj and Erik Cole

The Montreal Canadiens have announced that they have signed goaltender Peter Budaj to a two-year contract worth $2.3 million and right wing Erik Cole to a four-year contract worth $18 million. Budaj's deal will pay him $1.15 million per season, while Cole's contract will average out to $4.5 million per year. In 45 games last season with the Colorado Avalanche, Budaj posted a 15-21-4 record, one shutout, a 3.20 GAA, and a .895 save percentage. Cole appeared in all 82 games last season with the Carolina Hurricanes, scoring 26 goals and 26 assists for 52 points. These are okay depth signings for the Canadiens. Budaj gives the team a fairly steady backup goaltender, but struggles mightily as a starter. If Carey Price should fall to an injury over the next two years for an extended period of time, Budaj may have a hard time carrying the team in goal. Cole brings plenty of goal scoring skill and some toughness to the forward lines, but injuries have taken a toll on his career and he can be inconsistent in his scoring from time to time. If Cole can play a more consistent game with the Canadiens, he will be an excellent addition to the team. If not, then the boo birds in Montreal will certainly voice their displeasure over his signing.

Hurricanes Re-Sign Forward Erik Cole for Two Years

The Carolina Hurricanes retained the services of right wing Erik Cole on Wednesday by signing him to a two-year contract worth $5.8 million. The deal averages out to $2.9 million per season. The Hurricanes acquired Cole at the 2009 trade deadline from the Edmonton Oilers in exchange for Patrick O’Sullivan, whom they had acquired in an earlier trade. In 80 games last season with the Oilers and Hurricanes, Cole scored 18 goals and 24 assists for 42 points. In 498 career games with the Hurricanes and Oilers, he has 147 goals and 175 assists for 322 points. Despite struggling throughout most of last season and the 2009 playoffs, this is still a decent signing for the Hurricanes. After being traded back to the Hurricanes, Cole was impressive, scoring 17 points in 19 games. He adds plenty of offensive depth and toughness to the team’s forward lines and plays with plenty of skill. The Hurricanes likely signed him to a short-term contract because of his inconsistent play last season, but Cole should have no trouble improving his production playing on a team he’s familiar with.

Kings, Hurricanes, and Oilers Make Three-Way Swap

In one of the last and most complex moves on deadline day, the Los Angeles Kings traded center Patrick O'Sullivan and Calgary's second round pick in the 2009 draft (previously acquired) to the Carolina Hurricanes for eight wing Justin Williams. The Hurricanes then traded O'Sullivan to the Edmonton Oilers along with a second round pick in the 2009 draft for left wing Erik Cole and a fifth round pick in the 2009 draft. It was rumored for the past few weeks that Erik Cole could be moved by deadline day, with the Boston Bruins rumored interested in his services. In 62 games this season, O'Sullivan has 14 goals and 23 assists for 37 points. Williams, who is currently sidelined with a broken hand, has three goals and seven assists for 10 points in 32 games this season. In 63 games this season, Cole has 16 goals and 11 assists for 27 points. Williams is a good pickup for the Kings, as he will bring lots of offensive skill to their wing. O' Sullivan gives a Oilers a scoring center to play on Ales Hemsky's line, while Cole brings toughness and offensive skill to the Hurricanes. With this being Cole's second stint in Carolina, he should have no trouble fitting in with the team.