Erik Cole on Verge of New Deal? - (Updated)

by Bob Wage on Mar 30, 2009 2:08 AM EDT

According to an article from The Fourth Period.com, the Hurricanes are in the process of negotiating with Erik Cole on a new contract. The winger has 10 points, (2g 8a), in 12 games since his return from Edmonton. More importantly, the team has responded to his insertion into the lineup by going 9-1-2. The Canes have yet to lose a single game at home this season with him wearing the sightless eye.

Cole is one of the best in the NHL with his ability to draw penalties and when he is on his game, can be one of the most powerful skaters in the league. He also has the speed to skate with Eric Staal, which helps the center's game out as well. The Oswego, New York native is coming off a three year, $4 million dollar per year contract, but might be hard pressed to duplicate that deal.

While his numbers might be down a bit since the career threatening, neck breaking hit by Brooks Orpik, Cole can still be very effective and would be one of the top free agent forwards available, if he remains unsigned on July 1st. According to the report, the Canes would like to sign him at between $3 to 3.5 million per year, which makes sense because the team now has $3.5 million available after trading Justin Williams to Los Angeles.

But keep in mind, they still have RFA's Tuomo Ruutu, Jussi Jokinen, and Anton Babchuk to re-sign. Also potential UFA, Chad LaRose, may have played his way into a higher contract which brings up another challenge altogether.

Jim Rutherford has been burned by a couple of his previous longer term deals and he was recently quoted as saying that due to the volatile economy, shorter term contracts were probably the order of the day. The team is also most likely hoping that Cole will give them a "home town discount" because he has family in the area and has made it clear he loves it here. Even after the trade, he and his wife never sold the home that they built here a couple of years ago. Another factor that Cole and his agent might be considering is that he certainly has better stats here than he did in Edmonton.

What do you think? If you were Jim Rutherford, how much would you offer to pay Erik Cole?

((UPDATE)) This report is not confirmed by the Hurricanes and is just speculation)).

(photo used with permission from Hyena's site and hat tip to 54fighting for the link)

Poll

How much per year should the Canes pay Erik Cole?

2 million a year or less

8 votes

2.5 million per year

55 votes

3 million per year

161 votes

3.5 million per year

88 votes

4 million per year

34 votes

4.5 million per year

5 votes

5 million or more per year

7 votes

358 votes | Poll has closed

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Comments

All I know is...

I would not let him go again. I didn’t want to lose him the first time. Granted it brought us Joni, and everything worked out, but don’t do that to me again. Please spend whatever will keep him here.

Love, love, love the Canes!

by Caniac Jack on Mar 30, 2009 3:29 AM EDT reply actions

My issue here is the team has had a policy of not negotiating during the season, and if this is true, then they’re doing it under special circumstances. I hope it doesn’t rock the boat at all.

As for the $ amounts, I guess it depends on the term … bu tthey’re saying Johan Franzen will earn around $4M, so it would have to be less than that.

CanesCountry.com: An Eye On Carolina Hockey

by Cory Lavalette on Mar 30, 2009 8:33 AM EDT reply actions

what about staal’s contract?

by chrisj on Mar 30, 2009 12:03 PM EDT up reply actions

he’s worth the special circumstances. everyone knows he should be the team’s top earner. but to do it with Cole when there are other players vying for similar cash could cause a problem.

CanesCountry.com: An Eye On Carolina Hockey

by Cory Lavalette on Mar 30, 2009 1:46 PM EDT up reply actions

I want Cole back bad… but this team is going to have to look a LOT different next year unless PK and JR open up the purse!

by packpigskinfan25 on Mar 30, 2009 9:48 AM EDT reply actions

I believe Cole can be signed at a discount. Some where around 2.5 or 2.7 per year. Not just because the numbers are down or because he’s more of a one way player but this is his home. His family is here and he wants to remain here after hockey.

by litwyler189 on Mar 30, 2009 9:50 AM EDT reply actions

You are living in a dream world if you believe that. We’re talking about a league here where JEFF FINGER was signed to a $3.5 million contract.

Who is Jeff Finger?

Exactly. I have no idea.

-Jonathan Hawkins
My Site | My Flickr

by DaleCooper on Mar 30, 2009 10:19 AM EDT up reply actions

it’s a different league and economy from last season … plus, you can never use what Toronto did under Ferguson as a measuring stick. IMO, it’ll have to be around $3M to make it work.

CanesCountry.com: An Eye On Carolina Hockey

by Cory Lavalette on Mar 30, 2009 10:57 AM EDT up reply actions

as a whole contract dollar amounts will be way down this year.

by chrisj on Mar 30, 2009 12:04 PM EDT up reply actions

if it comes down to re-signing cole OR re-signing ruutu, I would have to go with RUU. It would also be hard for me to chose cole over Rosie and Babs. So I think you guys are right, Cole =home town discount (2 millish) AND JR and JK=open up the wallet

Winning a round or two in the playoffs should help the budget. That might actually be our saving grace.

by CarolinaCanes on Mar 30, 2009 10:27 AM EDT reply actions

lets hope so.
i think we got a good chance to get to the conference finals

by chrisj on Mar 30, 2009 12:04 PM EDT up reply actions

Coley is worth 4-5 million but I think he will stay for less. This household is glad he is back in Carolina.

by nycanesfan on Mar 31, 2009 7:18 PM EDT reply actions

I dunno … if they’re saying Franzen will earn in the $4M range …. Franzen’s a more productive scorer than Cole. With the market coming back down, I don’t think Cole would get anywhere near $5M on the open market.

CanesCountry.com: An Eye On Carolina Hockey

by Cory Lavalette on Mar 31, 2009 8:20 PM EDT up reply actions