There was a time when I would try and look deep into Holmgren's moves as a GM and try to figure out the long-term strategy. Now I've just accepted that there is none. It's sad, but true. Holmgren has no idea who will/won't be available in 2014, so to plan your next 2 or so years around it is ridiculous.
The other sad fact that nobody wants to hear is that this team is not a contender. Not with Timonen, not without Timonen, we're just not an upper echelon team right now. With this young core in place, a good GM would be looking to make long-term moves, not trying to plug holes with quick fixes so that we can just keep making the playoffs and going 1 and done. Timonen is a very nice player, even at his advanced age. He's a shell of his former self, but he's still our best defender (another sad but true fact). With that being said, he's not a long-term piece and unless he's giving us a discount, there's no reason to sign him now. He's old. Injuries happen to older players more frequently. Older players often slow down too. Timonen has been having trouble in the playoffs for several years now. What happens if he slows down again this year if/when we make the postseason? The entire reason you sign a 38 year old defenseman for a 1 year 6M deal is because you are under the delusion that we can win now. If he slows down in the playoffs, that doesn't help your team win a cup in the least.
If this extension is true, Timonen's extension is simply prolonging our mediocrity. Too good to miss the playoffs and draft an impact D, too bad to truly contend for a cup. And he'll also be taking up valuable cap space that we could've used to add a long-term asset (*cough* PERRY *cough*). There's no upside to this move. Nor was there any real downside to letting him walk this summer.
Everyone wants to believe you can rebuild on the fly and stay in contention, but it just doesn't work like that. I'm willing to take a step backwards because I'm tired of watching this team toil in mediocrity. Clearly many people here disagree.