Mike Knuble has signed a one-year contract extension with the Washington Capitals that will keep him in Washington D.C. through the 2011/12 season. That contract extension is worth $2 million, according to a report by ESPN's Pierre LeBrun.
Mike Vogel of WashingtonCapitals.com reports the same number, though he adds that it does not include any possible incentives.
Knuble made $2.8 million each this season and in 2009/10, so this represents a bit of a pay cut for him. However, at age 38, it made sense for him to lock in a new contract to provide stability instead of hitting the open market. The Capitals have benefited from Knuble's leadership, solid play and hot finish this season, so it made sense to keep him around as they continue to make runs to the Stanley Cup.
The Capitals still have decisions to make on several key free agents next summer, including Jason Arnott, Brooks Laich, Scott Hannan and Marco Sturm.