Red Wings Confirm Joe Veleno’s New Contract and Explore Roster Moves
The Detroit Red Wings have officially announced the signing of Joe Veleno to a two-year contract worth an average annual value of $2.275 million. This agreement grants the Red Wings a 48-hour buyout window, enabling them to terminate contracts exceeding an average annual value of $4 million. Speculation has begun about how the team might use this buyout opportunity to create additional roster space.
At present, the Red Wings have four goaltenders on their roster. Recently, they signed veterans Jack Campbell and Cam Talbot during the 2024 free agency period. Both goalies, aged over 30, are expected to bring experience to the team as they aim for a return to the Stanley Cup playoffs. Campbell, who previously started just five games for the Edmonton Oilers in the 2023-24 season, contributed to the team reaching the Stanley Cup Finals.
Ville Husso, another goalie on the roster, has had a mixed experience with the Red Wings. Acquired from the St. Louis Blues in exchange for a third-round draft pick (73rd overall) in the 2022 NHL Draft, Husso struggled with the Blues in 2022. He subsequently signed a three-year deal with the Red Wings at an average annual value of $4.75 million. Despite his potential, Husso’s performance has been inconsistent.
Alex Lyon, another goaltender under contract, has one year remaining on his deal. Unlike Husso, Lyon was healthy during the 2023-24 season, playing 44 games for the Red Wings. Lyon recorded a 21-18-5 record with a goals-against-average of 3.05 and a save percentage of .904. His cap hit for the 2024-25 season is set at $900,000.
If the Red Wings decided to buy out Husso’s contract, the salary cap hit would be reduced to two-thirds of its average annual value, but the length of the cap hit would extend. For Husso, this would mean a cap hit of approximately $3.17 million over two years, compared to the one remaining year on his current contract. Such a move would save the Red Wings about $1.58 million this season but would cost $3.17 million in the following season. Notably, Husso’s salary for the 2024-25 season would be nearly double that of Talbot.
Husso has expressed his hope to return from a lower-body injury that affected his 2023-24 season. He described the injury as both physically and mentally challenging, revealing that despite efforts to return earlier, it was ultimately unfeasible. Husso stated he expects to be healthy for the next season without the need for surgery.
During the 2023-24 season, Husso played only 19 games before his injury against the Anaheim Ducks in December. Prior to free agency, Red Wings general manager Steve Yzerman emphasized the need to address the goaltending situation, making it a priority alongside the development of prospects Sebastian Cossa and Trey Augustine.
Additionally, the Red Wings have two restricted free agents to sign: defenseman Moritz Seider and left-winger Lucas Raymond. With over $17.5 million in salary cap space available, the team aims to secure these key players who are expected to be central to the franchise’s future. Raymond, in particular, played a crucial role in nearly leading the Red Wings to the 2024 Stanley Cup playoffs, only to see their postseason hopes dashed on the final day of the season when the Washington Capitals defeated the Philadelphia Flyers 2-1.
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