Red Wings Avoid Arbitration, Re-Sign RFA Joe Veleno to Multi-Year Deal

The former first-round pick has slowly but surely built up his resume over the past couple of seasons, and now restricted free agent Joe Veleno has been rewarded with a new two-year, $4.55 million contract. 

The Red Wings have re-signed Joe Veleno to a two-year, $4.55M contract, as per @FriedgeHNIC. 🐙#NHLFreeAgency | @BET99ON pic.twitter.com/srN6mw23TG

— Sportsnet (@Sportsnet) July 19, 2024

The pact works out to a $2.275 million AAV, and the bottom-six center will once again be an RFA at the conclusion of the deal in 2026.

It's a nice bump-up in salary for Veleno, who settled for a one-year, $825,000 contract last summer. He proved this past season, however, that his contributions and dependability are on the rise, as he recorded career highs across the board with 12 goals and 16 assists for 28 points in 13:57 minutes of ice time per night. He also topped the 100-hit plateau for the third straight season, with 108. 

After being selected with the 30th overall pick in the 2018 NHL Entry Draft, Veleno finished his junior career with an eye-popping 104 points and 42 goals in 59 games for the Drummondville Voltigeurs of the QMJHL. He has now, however, established a role as a solid defensive third-line center with the Red Wings. 

With Veleno signed and just over $17 million left under the salary cap, Wings GM Steve Yzerman still has some work to do this summer, as RFAs Moritz Seider, Lucas Raymond and Jonatan Berggren are still left unsigned. The first two are, of course, major building blocks for Wings' future.