by Spector

Updated: June 30, 2008, 1:45 PM EST 62 comments

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The best available free agents command top dollar. But for the general managers of teams with cap space, a solid UFA signing can be as worthwhile as a first-round draft pick becoming a star in his rookie season.

Signing a top free agent may be more expensive than drafting a potential young star, but at the very least a general manager knows that via free agency he's getting an established NHL player who can help his club right away.

History, however, has shown that a major free-agent signing can sometimes turn into a disastrous move.

Mark Messier was already a living legend when the Vancouver Canucks signed him in 1997 to a three-year, $20 million contract, expecting his leadership, skills and experience to lift them into Cup contention.

Alas, Messier by then was becoming a spent force no longer capable of carrying a team as he'd done with the Edmonton Oilers and New York Rangers. The Canucks missed the playoffs in each of his three seasons with them.

In 2001, veteran center Pierre Turgeon was coming off an 82-point season with the St. Louis Blues when he signed a multi-year deal worth an average of $6 million per season with the Dallas Stars. He turned out to be major disappointment with seasons of 47, 45 and 42 points respectively, failing to turn the Stars back into Cup contenders.

More recently, Anaheim Ducks GM Brian Burke signed Todd Bertuzzi to a two-year, $8 million contract hoping the big winger would reach the same lofty offensive height that he enjoyed playing for Burke with the Canucks earlier in the decade.

Unfortunately, Bertuzzi managed only 40 points in 68 games and was recently bought out of the final year of his contract, a casualty of the Ducks needing to free up cap space to re-sign more valuable talent like forward Corey Perry.

The Blues last summer signed Paul Kariya to a three-year, $18 million contract widely heralded as a key move in their rebuilding process.

Kariya started strong last season, but his production tailed off in the second half as he finished with offensive numbers (16 goals, 65 points) among the worst of his career when playing a full 82-game season.

It is possible Kariya could bounce back next season. For the money he's being paid, Blues management is counting on it.

Forward Jason Blake's 40-goal performance in 2006-07 earned him a four-year, $16 million contract with the Toronto Maple Leafs last summer, but in 82 games last season he scored only 15 goals.

To be fair to Blake, he was battling a form of leukemia and if healthy next season could perhaps double up on 2007-08's goal total. But his unique situation illustrates how factors such as illness or injury can have an unforeseen impact on the production of a well-paid free agent.

The top free agent signings last summer were Daniel Briere with the Philadelphia Flyers for an average salary of $6.5 million per season over 8 years and Scott Gomez with the N.Y. Rangers for seven seasons averaging $7.37 million per.

While both players finished second in scoring with their respective teams (Briere with 72 points, Gomez 70) and were key factors in the Flyers and Rangers making the playoffs, critics are suggesting they were grossly overpaid.

If Briere and Gomez fail to consistently elevate their production beyond the 70 point mark in the coming years, their hefty contracts could end up doing more harm than good to their respective teams by eating up valuable cap space.

Free agency can make some general managers act like kids in a candy store, but the rational ones understand that not everything available is worth the sticker price. When it comes to unrestricted free agency under a salary cap, "buyer beware" remains invaluable advice.