Free agency opened four days ago, and the New Jersey Devils have yet to sign someone new.

Devils general manager Lou Lamoriello opted to retain his own players, re-signing both Andy Greene and Johan Hedberg. He managed to re-sign Hedberg for just $1.25 million, a $250,000 reduction from his base salary last season. Greene, however, cashed in big time.

Lamoriello signed Greene to a four year, $12 million deal Friday. He’ll carry a $3 million cap hit, which isn’t terrible considering the other ridiculous contracts handed out to similar players. But he officially took one-fourth of this season’s remaining cap space. Is $3 million a stretch? While it’s not perfect, it’s a contract that the Devils can support – and possibly trade.

Greene had a terrible contract season last year, recording a minus-24 through the first three months of the season. When Jacques Lemaire took over, he turned around tremendously, playing to a plus-1 for the remainder of the season. We all know that plus/minus is a flawed statistic, so that point alone can’t determine the validity of the huge pay increase.

The Devils leaned on Greene last season, putting him in their top three defenseman. His 22:21 of ice time ranked third, with 1:16 TOI on the powerplay and 2:19 TOI on the penalty kill. He turned in decent numbers during special teams play, but his even strength numbers were terrible. He carried a minus-.83 rating, becoming the only defenseman to carry a negative rating. New Jersey averaged just 1.61 goals for per 60 and a 2.66 Corsi rating. Both those numbers jumped with him off the ice, a clear indictment of his play.

There’s no doubt that Greene could be an effective second or third pairing defenseman. But there’s no shot he’ll ever be the team’s best offensive defenseman. He recorded a career-high 37 points two seasons ago. That’s it. He plays in an offensively-depressed system, but that excuse can only stretch so far. Maybe his numbers dropped because of the Devils’ terrible first half, but that’s yet another excuse. If he’s making $3 million to be an offensive defenseman, then he needs to produce.

However, it’s not the worst deal Lamoriello ever made. Greene is overpaid, no doubt about it. But look at some of the other crazy contracts handed out. James Wishniewski will make $5.5 million despite having no long-term, proven success. Christian Erhoff will make $4 million in a ten-year deal with the Sabres. Hell, even Steve Montador will average $2.75 million, and he’s not a great puck-moving, offensive defenseman. When you look at those ridiculous deals (both in cap hit and length), the signing doesn’t seem terrible.

In the next three to four years, the Devils defense will undergo a dramatic change. Both Mark Fayne and Matt Taormina will fight for roster spots next season. Rookies Alexander Urbom and (maybe) Adam Larsson will push veterans. Colin White and Bryce Salvador, two defensive stalwarts, may play their last season in a Devils uniform. Greene will quickly become the veteran among a greener blue line. That leadership could prove invaluable.

If all else fails, Greene’s contract will be attractive trade bait. Apparently, his agent fielded calls from “Stanley Cup contenders” during the opening of free agency. If Lamoriello needed to trade him, his $3 million cap hit wouldn’t be detrimental.

Greene isn’t an earth-shattering signing, and hopefully will improve. If he slides back down the depth chart, his stats will improve. But Greene will never be the best offensive defenseman on this team. He needs to, once again, become a solid producer in the lineup.