One week after the Edmonton Oilers signed Anaheim Ducks forward Dustin Penner to a five-year, $21.5 million contract, Ducks general manager Brian Burke announced he wouldn’t match the offer, allowing Penner to officially become an Oiler.

In return the Ducks will receive as compensation the Oilers first, second and third round picks in 2008.

Debate has been considerable both on this blog and elsewhere in hockey cyberspace as to whether or not this is a good signing by the Oilers.

It’s obvious that Penner at this point in his career isn’t worth a $4.3 million per season salary, but that’s what it took – an unmatchable offer – for Oilers GM Kevin Lowe to ensure he’d get his man.

For Burke, it’s easier to let Penner walk, although he bears the responsibility for allowing this situation to occur in the first place. If he’d re-signed Penner to a more reasonable $2-$2.5 million per season contract (comparable that which the Oilers signed Joffrey Lupul to last year), none of this would’ve happened.

Still, it’s a minor loss for Burke, who was likely more upset over the fact it was his good buddy Lowe who signed away Penner.

Burke’s priority is to ensure he re-signs the better-talented former linemates of Penner, Ryan Getzlaf and Corey Perry.

Both these players become restricted free agents next summer, and both are likely to command as much – if not more – than what their former linemate received from the Oilers.

And if Burke hopes to prevent another team from trying to pitch those two offer sheets next July, he’d best be starting contract talks now, before their respective performances in the upcoming season potentially drives their value even higher.

Don’t blame Penner for signing that offer sheet, Ducks fans. He saw a chance to make big money, much more than he was being offer by the Ducks, and decided to take it, thus ensuring financial security for himself and his family.

And don’t blame Kevin Lowe for pitching that offer, for he’s fully entitled to do so under the CBA. Burke had plenty of time and opportunity to keep Penner off the market and failed to do so.

All eyes will now be on the Oilers next season and how well Penner performs.

Kevin Lowe is taking a huge gamble with Penner, one that could end up costing him his job.

If Penner plays like the second coming of John LeClair (or even a reasonable facsimile), Lowe will look like a genius for not only signing him away from the Ducks, but getting him for a bargain price of $4.3 million per season for five years.

However, if Penner should fold like his former Ducks teammates Lupul did last season with the Oilers, Lowe will have saddled his team with an immovable contract eating up valuable cap space, and that could end up being the epitaph of his career as the Oilers’ general manager.

It’s a huge risk, and even if Penner plays reasonably well there’s no certainty that he’ll make the Oilers a better hockey team.  

There’ll be pressure on Penner to perform well and play up to now-lofty (and perhaps unreasonable) expectations, but even if he tanks it, he’s guaranteed big money for the next five years.

That contract is the only guarantee thus far in this situation.