Yesterday, we speculated about Mikhail Grigorenko’s market value ahead of his arbitration hearing. A hearing that will no longer be necessary.

The Colorado Avalanche announced on Wednesday that they have signed Grigorenko to a one-year contract. Though the team did not disclose the financial details of the pact, it is reportedly worth $1.3 million.

Acquired from the Buffalo Sabres in the Ryan O’Reilly trade last summer, Grigorenko scored six goals and 27 points in 74 games last season. In 142 career NHL games, the 22-year-old has 12 goals and 41 points.

The signing is yet another shrewd move by general manager Joe Sakic. Not only does the $1.3 million cap hit come in under the $1.5625 million/year we estimated Grigorenko’s market value to be, it also comes in under the $1.65 million he was reportedly asking for in arbitration. With the Avalanche reportedly countering at $950,000, the parties met exactly in the middle; almost doubling his salary from last season ($675,000).

With Grigorenko under contract, and having signed defenseman Duncan Siemens to a one-year, two-way deal last week, the Avalanche have only one restricted free agent remaining in defenseman Tyson Barrie.  Barrie has an arbitration hearing scheduled for July 29.