It's a gamble, but not a really terrible high risk one because of the short term. Which as far as UFA goes is not that bad a gamble. Basically, there are three possible things that could happen.
1. Holtby could return to form somewhat and be a legitimate starting netminder.
2. Demko could show that he's ready and become a legitimate starting netminder.
3. Holtby could be washed and play like he did this past season, and Demko could turn out to not be a legitimate NHL starter.
In one of those three scenarios, this turns out to be a disaster and the Canucks are bad and miss the playoffs this year. But even that wouldn't be the end of the world for them, because it would presumably reduce the amount they would then have to shell out to Pettersson and Hughes.
I think they'll end up getting something slightly below NHL average goaltending, not because their goalies suck but because their blue line sucks.
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