Jack Campbell signs new deal after contract buyout.

It didn't take long for goaltender Jack Campbell to find a new opportunity elsewhere in the National Hockey League.

On Sunday, the Edmonton Oilers announced that they were placing Campbell on waivers for the purpose of buying him out of his contract.

The move came just 2 seasons after now former Edmonton Oilers general manager Ken Holland signed Campbell to a 5 year deal with an average annual value and salary cap hit of $5 million per season. Although Holland is no longer with the Oilers, there is no doubt that this buyout is an acknowledgement of what a huge error giving out that contract to Campbell truly was.

It would seem however that there are those who still feel Campbell can contribute at the National Hockey League level, and it would seem as though Detroit Red Wings general manager Steve Yzerman is among the names on that list.

On Monday, just hours after Campbell was officially bought out by the Oilers, the Red Wings announced that they had agreed to terms on a new 1 year deal for Campbell. The deal is a relatively low risk option for the Red Wings as it has a short term and comes at a very manageable cap hit of just $775,000.

The Red Wings add some very inexpensive depth between the pipes and Campbell himself gets a chance to show that he is not the goaltender he appeared to be during his tenure with the Edmonton Oilers.

Campbell is coming off an abysmal season in which he played just 5 regular season games, recording a 4.50 goals against average and a .873 save percentage.