I hate the Oilers as much as anyone but this is a great deal for them. He takes a pay cut which will help them add to their roster over the next 4 years before the big 2's contracts are up. If Johnny did something like this for the Flames we would all be excited even though it might suck 6 years from now.
Oilers could very easily make a run at a goalie and d-man because Nuge took this contract. They still have $16 mil in cap space
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