The Flames were reportedly offering $1.4M as a lowball arbitration offer, while Kiprusoff's agent wanted $4M. I'd say this is fair, definately not Giguere money ($4.5M annually) and definately a good investment. If Kipper crashes & burns, he's making slightly more than Roman Turek. And now that Turek took a pay cut from $5M to $2M, we get two goalies at the price that we got Turek for.
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Tough break getting Kiprusoff in arbitration this year. With the number of goalies over the past decade who have had a short, spectacular run and then fizzled into nothing I wouldn't be too excited about that pricetag just yet. If he plays the way he did this year from here on, it's a steal. But there have been too many Jim Carey, JS Giguere, Johan Hedberg, or even Roman Turek types in recent memory to get all excited about paying 3 mil to a guy who has about 2/3 of a good season under his belt.