According to TSN's Darren Dreger, O'Reilly's contract from the Flames is for two years, $10 million (an average annual value of $5 million). He would receive a $1 million salary and $2.5 million signing bonus this season, and a $6.5 million salary next season.Those contract numbers are what O'Reilly had been asking for, and the Avs had not wanted to agree to those terms. Now, they may have no other choice if they are to keep one of their own. As for the Flames, O'Reilly is not the final piece, but he sure would be a viable solution for that gaping hole in the center position. Since Olli Jokinen left for Winnipeg this offseason, the Flames have been without a real number one center, and should O'Reilly not get the offer from Colorado, it would help in the Flames' overall depth, as while there is a dearth of overall talent, the center position is one that needs a lot of attention. O'Reilly could also provide leadership should Jarome Iginla get traded at some point.
As for Colorado, if O'Reilly walks, then it could spell the end of the Greg Sherman/Joe Sacco regime, as that duo has one playoff appearance to show for it in their three-plus seasons together, but none since their first year together. Combine that with another potential year of not making the playoffs, the questionable trade for Erik Johnson, and the mishandling of the O'Reilly contract, and it is likely the Avs will be rebuilding...again.