That means Koivu will around for the 100th anniversary festivities in 2008-09, which was no doubt a consideration for Gainey during negotiations.
Of course, some might question this decision, saying it doesn't make sense to sign a somewhat injury-prone vet well into their 30's. Time will tell whether this is a smart hockey move - whether the team will get a fair return on their dollar from Koivu. He will be only 34 at the end of the extension, so the risk isn't huge.
At the risk of sounding Pollyannically naive, some things are more important to an institution like the Canadiens than on-ice production per dollar. This extension had to be done. I'd like to see Koivu become this team's Yzerman, in that it becomes inconceivable to imagine him wearing another another NHL team's uniform.