The signing of ex-Leafs forward P.A. Parenteau is consistent with the New York Islanders’ master plan of stocking up on low-risk, high-reward gambles.

It ain’t over ’til it’s over.

Despite incessant claims that New York Islanders general manager Garth Snow was finished making pacts with free agents, he inked PA Parenteau to a one-year, $1.25 million deal on Saturday afternoon.

Parenteau, 33, was one of the most productive members of the John Tavares era. From 2010-12, he tallied 38 goals and 82 assists with the Isles.

After a two-year stint with the Colorado Avalanche, he briefly skated for the Montreal Canadiens, before abruptly getting bought out by general manager Marc Bergevin.

He inked a one-year pact with the Toronto Maple Leafs last season, matching a career-high in goals (20) and recording 21 assists. In addition, his commonly positive Corsi rating sat at 53.7% at 5v5 CF%.

Parenteau owns excellent offensive instincts and the full repertoire of skills: deft puck control, good passing ability and superb vision. He’s a very good playmaker and proven point producer, and has meshed well with the Isles’ captain, Tavares, in the past.

The caveats revolve around his lack of size (6’0″, 200) and strength. He’s also not a great straightline skater or particularly good without the puck on his blade.

Now, onto the contract: it’s a steal. It’s highway robbery — for Parenteau. His AAV makes it a low-risk, high-reward move. Because really, what’s the worst that can happen? He doesn’t play well, and the team’s forced to buy him out?

Parenteau is a 20-goal scorer with natural chemistry with Tavares. A first-line comprised of Tavares, Parenteau and Andrew Ladd is much more fearsome than last season’s first-line (one of Jack Capuano’s two hundred combinations) of Tavares, Alan Quine and Ryan Strome.

Many fans aren’t salivating over the prospect of the Isles committing valuable cap space on Parenteau but, please, there’s no downside to inking a 20-goal scorer to a deal worth less than one-and-a-half million per.

Snow has worked some prior magic with underrated signings like Michael Grabner and Thomas Hickey. Can he do it, again, with Parenteau?

We can only hope.

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Justin Weiss is a staff editor at Elite Sports New York, where he covers the New York Islanders and Brooklyn Cyclones. In 2016, he received a Quill Award for Freelance Journalism. He has written for the Long Island Herald, FanSided and YardBarker.