The Detroit Red Wings have signed Joe Veleno to a two-year contract with an average annual value of $2.275 million. This signing opens a 48-hour buyout window for the Red Wings, allowing them to terminate contracts worth over $4 million in average annual value. Speculation has arisen about which contracts the Red Wings might use this window to buy out and create more roster space.
The #RedWings today signed forward Joe Veleno to a two-year contract with an AAV of $2.275M. pic.twitter.com/JDqJ9q2MYP
— Detroit Red Wings (@DetroitRedWings) July 20, 2024
Currently, the Red Wings have four goalies on their roster. During the 2024 free agency period, the team signed veteran goalies Jack Campbell and Cam Talbot, both over 30, to provide experience as they aim to return to the Stanley Cup playoffs. Campbell, previously with the Edmonton Oilers, played only five games in the 2023-24 season but was part of their run to the Stanley Cup Finals.
Ville Husso, acquired from the St. Louis Blues for a third-round draft pick in 2022, has had a mixed tenure with the Red Wings. At 27 when acquired, he signed a three-year contract with a $4.75 million average annual value. Alex Lyon, another goalie, has one year left on his contract. Unlike Husso, Lyon was healthy throughout the 2023-24 season, playing 44 games with a record of 21-18-5, a goals-against average of 3.05, and a save percentage of .904. Lyon’s contract carries a $900,000 cap hit for the 2024-25 season.
If the Red Wings were to buy out Husso’s contract, the cap hit would reduce to 2/3 of its average annual value, with the term doubling. This would lower Husso’s $4.75 million cap hit to approximately $3.17 million, paid over two seasons instead of the remaining one year. The Red Wings would save $1.58 million this season but incur a $3.17 million cap hit next season. Husso, who hopes to return from a lower-body injury, played only 19 games in the 2023-24 season.
General Manager Steve Yzerman has prioritized addressing the goalie situation, making these moves while prospects Sebastian Cossa and Trey Augustine develop in the system. The Red Wings also have $17.5 million in cap space to re-sign restricted free agents Moritz Seider and Lucas Raymond, key players for the franchise’s future. Raymond nearly led the team to the 2024 Stanley Cup Playoffs, but the Red Wings were eliminated on the final day of the season by the Washington Capitals.
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