UPDATE: Adrian Dater of The Denver Post is reporting the deal is worth $2.5 million total, for an average annual value of $1.25 million per season.
Giguere has never quite rediscovered his Conn Smythe form from his2003 Finals loss or his outstanding performance during the 2007 Stanley Cup championship run with the Anaheim Ducks, but he should fit in nicely as a backup in Colorado. Last season, as a member of the Toronto Maple Leafs, Giguere held a .900 SV% and 2.87 GAA through 33 games. At 34 years of age, he should still have plenty left in the tank.
Giguere profiles as a solid veteran backup to newly acquired netminder Semyon Varlamov, who is only 23 years old and has struggled with staying healthy in limited playing time. Varlamov has great upside and could develop into a very good young goalie, and Giguere is quality veteran insurance in case of injury.