The Oilers move a solid heart and soul kind of defenseman, who is young and locked into a decent cap hit for 3 more years, so that they could sign a goalie that not a single team in the league would offer a contract to.
And they signed him for one year, which makes sense from a risk perspective.
However, it is also likely that Bryzgalov is just there for the season. He is likely looking at this as an opportunity - a stepping stone to get back into the league.
They gave up Smid - to their rivals - for a rental on a head-case goaltender.
never change Oilers!
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