According to Darren Dreger of TSN, the Flyers have agreed to terms with the former Islanders captain on a four year, $21 million deal (so $5.25 million annual average), including a limited no-trade clause.
[UPDATE: Anthony SanFilippo, who now writes for the Flyers official site, quotes Holmgrem saying the team "continues to talk" with Streit's agent but is "confident a deal will get done." That's more than likely just code for, "this deal cannot be legally consummated until we move some dead weight off the salary cap first."]
But remember, it's not about the money.
To be clear, there's nothing wrong with it being about the money. That's how both sides treated this as their five-year marriage of convenience came to its formal close in 2013. And that's why for talks of an extension, the Islanders gave Streit their best offer -- three years, not four -- then flipped his rights to the Flyers for a fourth-round pick when Streit declined.
For those who remained fans of Streit to the end, this was always the fear: That he'd take the bigger money (or rather longer term), that the Isles would be wise to let him walk because of that difference, and then he'd sign a big contract for a fanbase that could very well consider him overpaid and unworthy by the time the contract is halfway over.
Time will tell if those fears prove true. The impact probably begins with buyouts by the Flyers this summer to fit Streit in.
Maybe the 35-year-old stays in Lidstrom-like shape over the next four years and the deal pays off handsomely for Philadelphia. But the Islanders were wise not to take on that risk, which thanks to Streit's 35+ age carries a guarantee that his cap figure stays on the cap, even if he retires.
(Of course, in Flyersland, players don't retire; they just LTIR their way to the rest of the money. But as the Isles' own cap management should teach you: Do what you can do with the options afforded to you.)
Streit will be missed and needs replacing, and the Isles hope that replacement comes from within. The Flyers' blueline has been a mess and needed improving, and they'll have to hope Streit provides that next year and three more years afterward. There is reason for Isles fans to think that won't happen. There is reason for Flyers fans to fear it won't.
If it doesn't work out, at least it harms a division rival. But if it doesn't work out, Isles fans have to see a former captain twist in Philly when it didn't have to end that way.
Either way, competition in the Ersatz Patrick Division just got more interesting.