The Montreal Canadiens have traded Jeff Petry

This just in, the Detroit Red Wings have acquired defenseman Jeff Petry from the Montreal Canadiens in exchange for Gustav Lindstrom and a conditional 4th round pick in 2025.

Petry, of course, had been acquired by the Canadiens earlier this month in a blockbuster three way trade with the San Jose Sharks and Pittsburgh Penguins that saw Erik Karlsson shipped to the Penguins.

The most interesting part of this deal to me is the fact that Petry's contract is now being paid by three different teams. While his contract pays him $6.25 million for the next two seasons, the Red Wings will only be on the hook for $2.3 million each season. The Penguins are retaining $1.5 million the next two seasons, while the Habs are retaining $2.3 million themselves.

It might sound stupid for GM Steve Yzerman and the Red Wings to pick up a 35 year old defenseman on a $6.25 million deal, but the risk is mitigated substantially due to salary retention. Petry probably isn't going to contend for the Norris Trophy this season, but he's still a very capable defender and well worth $4.6 million over two years.

More to come.