After a disappointing first-round exit in the Stanley Cup playoffs, the New York Rangers were always in for a tough 2023 offseason.

They had little cap space to work with, and with Patrick Kane, Vladimir Tarasenko and more set for free agency, it wasn't looking pretty. Despite that, New York managed to do well for itself in the early part of free agency.

The Rangers avoided huge splash signings, instead opting for several smaller deals. However, they still managed to land one big-name player, and at a bargain, too. That player is forward Blake Wheeler, who the Rangers signed for one year at just $800,000.

Earlier in the week, the Winnipeg Jets bought out the final year of Wheeler's previous contract as he would've had a cap hit of $8.25 million. After the buyout, he now joins New York at less than 10% of his previous cap hit.

Without further ado, let's break down Blake Wheeler's $800,000 contract with the Rangers from both team and player perspectives.

Rangers' Grade: A+

From the Rangers' side, this signing is an absolute slam dunk. For just over league minimum, they get a proven, veteran, offensive-minded player who fills a position of need. What's not to love?

That absurdly-low cap hit is what really makes this deal so amazing. Wheeler, 36, is a very accomplished player, with 312 goals and 922 points in 1,118 career games. To get him for just $800,000, only $25,000 more than the NHL's veteran minimum, is a steal no matter what. Even if Wheeler has a bad season, it hardly matters because there's absolutely no risk with such a low salary.

Wheeler is coming off a quiet season by his standards. The former Jets forward scored 16 goals and 55 points, his lowest total in a non-shortened season since 2011-12. If that's a bad season, though, then the Rangers are in good shape. Remember that Wheeler had back-to-back 91-point seasons in 2017-18 and 2018-19, so even in the twilight of his career, he can still produce plenty of points.

Additionally, Wheeler being a right wing is huge for the Rangers. With both Kane and Tarasenko leaving, they needed to make up for the loss of two scoring right wingers. They still likely need another, but landing Wheeler at a bargain is a tremendous start.

All in all, fantastic work by general manager Chris Drury in a tough situation.

Blake Wheeler's Grade: A-

If we're judging this strictly on how much money Wheeler got, then he wouldn't warrant a very high grade at all. While he may not be the player he once was, Wheeler still likely could've signed for around five times as much on the open market. However, money isn't the only factor at play here.

Even with the Jets buying Wheeler out, he is still getting the $8.25 million he would've gotten if he stayed in Winnipeg. This allows him to more comfortably take a big discount join a contending team, which is exactly what he did. One could argue it's too much of a discount, but Wheeler seems content either way.

Additionally, Wheeler got to go to one of his preferred destinations. From the moment his buyout with the Jets became official, the Rangers were one of the teams rumored to be on his wish list. Well, he got his wish.

While Wheeler likely could've earned much more money elsewhere, he was more happy to sacrifice it to go to his ideal landing spot. For both player and team, this is a tremendous deal.