Erik Cole decided to dip his toe into the free agent pool, take a look around the market and see what might be out there for him. Well it seems the water was a bit on the chilly side and he decided that the comforts of home were a bit too much to pass up.
After a few hours on the open market, Cole returned to the Carolina Hurricanes, signing a 2 year deal totaling $5.8 million with the team who drafted him (3rd round/1998), and with whom he has spent all but a few months of his 7 year NHL career. The new deal will pay $2.8 million in 2009/2010 and $3 million in 2010/2011. This represents roughly a 25% pay cut from his previous contract with the Canes, that paid out at $4 million per season.
Cole was traded from Carolina to the Edmonton Oilers in the summer of 2008 (in exchange for defenseman Joni Pitkanen), but returned to the Hurricanes in February of 2009 in a three team deal that sent forward Justin Williams from the Canes to the Los Angeles Kings. In 17 games with the Hurricanes to finish the season, Cole had 15 points (2 goals/15 assists), and provided a spark that helped the Canes surge to a 12-3-2 finish and their first playoff appearance in 3 years.
Once considered one of the most feared power forwards in the NHL, with a lethal combination of speed, size and physicality Cole had his best season during the Cane's Stanley Cup season of 2005/2006. He tallied 59 points (30 goals/29 assists) in just 60 games. Unfortunately, Cole missed the last 22 games of that season after suffering a broken vertabre in his neck after a blindsided hit into the boards from Pittsburgh's Brooks Orpik (booo!). Cole made a dramatic return to the ice for the last two games of the Stanley Cup finals against Edmonton, and skated the Cup around the RBC Center with his teammates. In the offseason following the Stanley Cup run Cole signed a new 3 yr contract with the Hurricanes at $4 millon per season. Unfortunately, since his injury, Cole's production has slowly but steadily dropped off - 61 points (29G/32A) in 2006/2007 (71 games), 51 points (22G/29A) in 2007/2008 (73 games), 42 points (18G/24A) in 2008/2009 (80 games).
Heading into free agency, it seemed 50/50 at best that Cole would return to the Canes. It was obvious that GM Jim Rutherford wanted to resign him, but the question remained whether or not Cole would be willing to accept the pay cut that Rutherford and the Canes were sure to require. Over the last weeks and days speculation and rumor had centered around Cole and fellow UFA Chad LaRose, and which of the two the Canes could afford and should push to resign. Rutherford repeatly stated that he wanted to get both back in the fold - assuming that could work out the price.
After signing Cole this afternoon, Rutherford had this to say (from Canes Now):
Erik clearly had an instant impact on our team when he returned to Carolina in March...He has been an important piece for our franchise for a long time and we are pleased that he has decided to remain at home in Raleigh.
Today, Cole is back with the Canes and LaRose appears to be out the door for greener pastures.
Welcome home Erik. Again.
-m
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