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On Wednesday, the Ottawa Senators finally did the right thing — they signed Mike Hoffman to a long-term extension.

Breaking with their annual summer tradition of going to arbitration with their sniping winger, the Senators inked him to a four-year contract worth roughly $5.19 million per year just a week prior to his scheduled arbitration date.

Hoffman gushed:

4 more years! Extremely excited to be back in Ottawa! Thanks to everyone for their support, Love… https://t.co/78pdmYLcUs — Mike Hoffman (@MHoffy68) July 27, 2016

But Hoffman wasn’t alone in his excitement. In a rare show of love, Senators’ management expressed their jubilation at locking up the offensive-minded forward for three of his UFA years.

Callum Fraser of Silver Seven Sens snagged a nice quote from Sens’ GM Pierre Dorion:

Some very reassuring words from Pierre Dorion today on Mike Hoffman going into next season. https://t.co/Hugkh6btIN pic.twitter.com/3ZuUdf4RZx — Callum Fraser (@CallumFraser18) July 27, 2016

Hoffman was happy.

Dorion and assistant general manager Randy Lee were happy.

Sens fans were happy.

And, perhaps most influentially, new head coach Guy Boucher was happy.

Dorion: Hoffman is going to play for a coach that adores him. Mike has been productive under Guy. His game will get more rounded. #Sens — Andrew Foote (@amkfoote) July 27, 2016

Hoff loves Ottawa. Ottawa loves Hoff.

So far, so good.

Sadly for Sens fans, this is the point where money becomes the focus. As a budget team, Ottawa is constantly confronted with cap considerations beyond the regular concerns faced by spend-to-the-limit teams like Chicago, Pittsburgh, and Toronto.

Did the Ottawa Senators get the right deal at the right price?

Through free agency, I’ve made signing cards for most notable UFA and RFA signings. While there are dozens of stats that are important to look at, the selection here features possession (Corsi for percentage, relative Corsi For percent, and individual Corsi For per 60 mins), production (goals for percentage and primary points per 60) and a little on expectations versus reality (expected goals for percentage). A useful snapshot that serves our purposes here.

Hoffman’s card shows a developed scorer whose work with the puck is better than oft-advertised.

His Corsi For percentage was below 50 percent last year, which was common on a Senators team that struggled to manage the puck under former coach Dave Cameron’s systems. However, he posted a positive possession relative to his teammates.

Better still, Hoffman’s individual rate of Corsi contribution was very strong (even though it was a slight dip from 2014-15). Though Dorion spoke on Wednesday about coach Boucher’s ability to help “round out” his game beyond his scoring, there’s good reason to think the winger is already on track.

Despite expectation of a slightly below 50 percent expected goals for percentage, Hoffman posted a positive mark in actual goals for percentage. Best of all, Hoffman boasted a very strong primary points rate.

If additional responsibilities on the power play really do come to fruition, Hoffman’s poised to move into the upper echelon of NHL point-getters. This is a strong stats profile for the 26 year-old.

Oh, and don’t forget — Hoffman’s posted 56 goals and 107 points in 157 games over the past two seasons.

Still, the statistics we’ve parsed so far can’t speak to the strength of this deal in a vacuum. To get a better sense of the value of this contract, let’s take a look at some of Hoffman’s comparables.

At first glance, this group offers some highs and lows. Reilly Smith, Jaden Schwartz, and Chris Kreider are strong young players. Brouwer and Soderberg are far less interesting comps in this range. How does Hoffman compare with the cohort?

Using Domenic Galamini’s wonderful Hero charts, we can gather a quick sense where Hoffman sits in this group.

Kreider mirrors Hoffman in almost every stats category featured here, though Hoffman has the slight edge in goal-scoring. Schwartz is a pretty even comparison too, though Hoffman’s puck possession work is slightly better. Smith’s an offensive match but is a more developed player in shot suppression.

He’s in great company.

In terms of contract value, Kreider is signed on for $4.625 million per year, Smith’s at $5 million per year, and Schwartz is inked for $5.35 million per season. Hoffman’s $5.19 million AAV fits snugly into this group.

Lehtera and Brouwer are a couple of less intriguing names in this group. Here’s how they compare:

Lehtera ($4.7 million AAV) can match the primary assist rate but pales in comparison in goal-scoring and, therefore, overall offensive production. Hoffman also boasts the puck management edge across the board.

Brouwer ($4.5 million AAV), the Flames’ prized offseason addition to their forward ranks, isn’t in the winger’s league. Though the veteran may offer some locker room intangibles, his hockey stats show a near baseline-level 31-year-old player earning a salary only ~$600,000 less than the Senators’ sniper.

Contractually, Hoffman compares with the very best in his pay range and clearly outpaces many others that teams have signed for similar values.

After three one-year deals and an absolute bargain arbitration contract last summer, the Senators have finally paid up for their elite scoring winger. Hoffman is the player that Ottawa thought they were getting when they dealt for Bobby Ryan in 2013.

He’s three years younger, $2 million cheaper, and is already easily outpacing Ryan’s puck possession play.

The Senators remain a budget team, and $20 million over four years for Mike Hoffman certainly makes one wonder what cuts will be made to the payroll over time. For today, fans in Ottawa can breathe a sigh of relief.

Did the Senators hit the right note with Hoffman’s extension?