Avalanche sign Grubauer to new contract

One day after acquiring him from the Washington Capitals, Philipp Grubauer received a three-year contract from the Colorado Avalanche.

Grubauer, 26, had a combined 28-16-5 record with Washington the past two seasons. He made $1.5 million on his last contract, and could have become a restricted free agent July 1. The official financial terms of the deal have yet to be released, but are believed to be close to $10 million overall. (Update: His salary for the three years are as follows: $3.35 million, $3.9 million and $2.75 million).

Grubauer and Semyon Varlamov will share the top two goaltending spots this coming season. Probably whomever is the hottest goalie at the moment will get the “No. 1” designation, but Varlamov is expected to have that title at the start of the season, at least.

The Avs concluded their draft Saturday in Dallas. A press conference introducing their top pick, Martin Kaut, and Grubauer is likely to happen early next week in Denver.