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Veteran Oilers D Keith retires after 17 seasons

Los Angeles Kings Edmonton Oilers Duncan Keith, Alex Iaffalo - The Canadian Press

Veteran defenceman Duncan Keith has decided to retire after one season with the Edmonton Oilers and 17 in the NHL, according to TSN Hockey Insider Pierre LeBrun. 

Keith had one goal and 21 points in 64 games with the Oilers this past season, adding one goal and five points in 16 playoff games. He was acquired by the Oilers last summer from the Chicago Blackhawks for a draft pick and defenceman Caleb Jones

The 38-year-old is signed through next season on the 13-year, $72 million contract he signed with the Blackhawks in 2009. 

With Keith retiring, the Oilers will free up $5.54 million in cap space, adding to the $3.5 million in space cleared Thursday by trading Zack Kassian to the Arizona Coyotes. With goaltender Mike Smith ($2.2 million AAV) and Oscar Klefbom ($4.12 million AAV) potentially spending the season on long-term injured reserve, Edmonton could have as much as $22 million to work with this summer.

Keith's retirement will, however, result in a cap recapture penalty for the Blackhawks of $5.54 million next season and $1.94 million in 2023-24, per CapFriendly.

Drafted in the second round of the 2002 NHL Draft, Keith has 106 goals and 646 points in 1,256 career games with the Blackhawks and Oilers. He is a three-time Stanley Cup champion and won the Norris Trophy twice in Chicago - in 2010 and 2014 as well as the Conn Smythe Trophy in 2015.