The Detroit Red Wings have had an interesting offseason, and they still have things left to do in NHL Free Agency. Detroit needs to sign franchise cornerstones Moritz Seider and Lucas Raymond to contracts at some point this offseason. Those should get done at some point, but they aren't the only restricted free agents in Hockeytown. On Friday, the Red Wings signed forward Joe Veleno to a two-year contract.
Veleno's contract helps the team avoid an arbitration hearing later this summer. It also gives the former first-round pick a hefty raise. Veleno will carry a cap hit of $2.275 million in each of the next two seasons. Additionally, he will be an arbitration-eligible restricted free agent once this deal expires.
The Red Wings took care of some smaller business with this contract. As we await the big news to drop, let's take a look at how this deal shakes out for both sides. Here are our grades for the two-year contract extension signed by Joe Veleno and the Red Wings in NHL Free Agency.
Joe Veleno re-signs with Red Wings
Veleno entered the NHL as a first-round pick in 2018. He had some hype around him and many saw him as a potential steal as a late-first-rounder. This hype continued to grow after the Montreal native scored 104 points for the Drummondville Voltigeurs after being drafted.
In the NHL, though, he hasn't lived up to the hype. Veleno has struggled to find his footing outside of a bottom-six role. That trend continued this year, though he did make positive strides. The Red Wings forward scored a career high 12 goals and 28 points for Detroit this year. He played a role in the Winged Wheel's push for the Stanley Cup Playoffs this past season.
Veleno didn't sign a contract until late August last summer. To put up a career season after that is one thing. To turn that performance into a massive raise and a multi-year contract extension is another. This is very good business from Veleno and his agent.
Red Wings sign Joe Veleno
The Red Wings have a lot of center depth on the roster. Dylan Larkin, J.T. Compher, Andrew Copp, and Michael Rasmussen can all play center in addition to Veleno. Furthermore, former first-round picks Nate Danielson and Marco Kasper are knocking on the door.
Veleno's 2023-24 season is promising without a doubt. And he should keep his spot down the middle even with all of the center ice talent on the roster. That said, Detroit did overpay here a little bit. The Montreal native didn't put in a major offensive impact in 2023-24 despite the career-best numbers. Additionally, he was worth less than one win above replacement this past season.
The Red Wings clearly see something in Veleno. This contract won't break their banks, either. They can still sign Moritz Seider and Lucas Raymond without worrying about available cap space. That said, it's still worth noting that Detroit did overpay for a player they were in no real danger of losing unless they wanted to lose him.
Grades and final thoughts
Joe Veleno receives high marks while the Red Wings get a fine grade. Veleno parlayed a career season into a significant raise and a multi-year contract in NHL Free Agency. The Red Wings, meanwhile, do well to avoid the headache of an arbitration hearing later this summer. Still, they did over pay for a player who has not eclipsed 15 goals and/or 30 points in his career to this point.
Joe Veleno grade: A+
Detroit Red Wings grade: B+
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