According to the Denver Post's Adrian Dater, the contract is worth $16 million over four years.
Yes, PA Parenteau is an Av. 4 year deal, $16 million— adater (@adater) July 1, 2012
Parenteau should be slated to play on one of the top two lines in Colorado given his production over the last two years with the New York Islanders. He has played parts of four season in the NHL but just two full seasons, both with the Islanders. In 2010-11, Parenteau scored 20 goals and 53 points. Last season he went down to 18 goals, but he put up 67 points. As well, he was in the box for 89 minutes.
Dater believes Matt Duchene and Parenteau will both play on the same line. However it plays out this fall, the Avalanche have, at least on paper, improved their forward line.