Various sources this evening report the Philadelphia Flyers have agreed to a four-year, $21 million contract with defenseman Mark Streit, whose rights they acquired last week from the New York Islanders. The deal also comes with a limited no-trade clause in which he submits a list of teams he would accept being dealt to.

Mark Streit agrees to a new contract with the Flyers.

Mark Streit agrees to a new contract with the Flyers.

 SPECTOR’S NOTE: No surprise the Flyers re-signed Streit, as that was the intent after acquiring his rights. His new contract will pay him an average annual cap hit of $5.25 million. As TSN’s Darren Dreger reported, while the two sides have agreed to this deal, they cannot officially sign the deal until they Flyers have freed up sufficient cap space, or else they’ll violate the “tagging” rule, which means teams cannot officially add salary in one season which exceeds the cap ceiling for the following season.  Don’t be surprised, therefore, to hear Daniel Briere and/or Ilya Bryzgalov receive compliance buyouts with 48 hours of the end of the Stanley Cup Final.

As for the contract itself, it’s a stiff price to pay for a 35-year-old blueliner whose best seasons are behind him. Furthermore, because he’s over-35, his full salary counts against their cap if he is bought out, demoted, loaned overseas or retires before his contract expires.  While I understand the Flyers need to bolster their blueline depth, and I mean Streit no disrespect, I don’t believe they’ll get full value from this contract.