Giordano just had a season that had him average roughly 31st in defenseman league wide (metrics). His slide from a Norris year is there for sure, but not out of the top four .... not even out of the top two.
Luckily that have another year to make a decision.
But if he doesn't slide a bunch this season you would have to consider protecting him unless all of Andersson, Hanifin and Kylington prove themselves to be too valuable to lose.
A lot can be figured out in a year.
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