Holmgren added some speed and retooled a club that was 30th - dead last - in the NHL the previous season and reached the final four this year.

"He totally revamped our team and brought us back to respectability," Flyers chairman Ed Snider said.

Now comes the hard part: taking the Flyers to their first Stanley Cup championship since 1975.

"It's always tougher to go from four to one," said Peter Luukko, president and chief operating officer of Comcast-Spectacor, which owns the Flyers. "You have to stay injury-free and get a little luck, but I think we're poised to compete for the Cup."

In his first full season as general manager, Holmgren, 52, guided the Flyers (42-29-11) to the NHL's best turnaround, improving 39 points in the standings (95 points this season after just 56 points in 2006-07). The Flyers reached the Eastern Conference finals before being eliminated by the Pittsburgh Penguins in five games.

Since the NHL expanded its playoffs to four rounds in 1980, the Flyers became just the second team to finish with the league's worst record one season and reach the third round the next. Detroit did it in 1987.

Holmgren, who is in his 30th season as a Flyers player, coach or executive, said he was "at a loss for words" over the contract extension. The Flyers declined to release financial terms.

"I'm not sure what it means to the players, but to the hockey-operation department, any time you have stability, it makes it easier for everyone else - the scouting staff, both amateur and pro, and the rest of the management team," he said.

Holmgren "is honest and direct and very much a team player," said Luukko, adding that Holmgren personally scouted many of the players the Flyers have added since he became GM. "He builds the organization where everyone has a voice, from the amateur to pro scouting, to the business side and even the marketing side."

To improve, Luukko said, the Flyers need another year of meshing the players Holmgren has assembled.

Strapped by cap restraints caused by the numerous 2007 moves, the Flyers have made only minor off-season additions and have been weakened by the R.J. Umberger trade.

Holmgren said the continued development of young stars such as Mike Richards and Jeff Carter, along with Simon Gagne's return to good health and the addition of some mobile defensemen, will keep the club on the right course.

"Having said that, the Eastern Conference is more competitive than last year, so we have our work cut out for us just to get into the playoffs," Holmgren said.

Flyers sign Asham. The Flyers signed free-agent forward Arron Asham, a nine-year NHL veteran, to a two-year deal. Asham, 30, had six goals, four assists and 84 penalty minutes in 77 regular-season games with the New Jersey Devils last season.

"Arron is a hard-nosed, aggressive winger who can play a lot of different roles," Holmgren said. "He can be a third- or fourth-line guy. He's a character guy who will . . . bring courage to our team."

Said the 5-foot-11, 205-pound Asham, who was originally selected by Montreal in the third round of the 1996 draft: "I've always wanted to play with the Flyers. I think their style suits my game to a T."

The Flyers are already above the $56.7 million cap, but they figure to have space because Derian Hatcher is expected to start the year on the injured list. If that's the case, Hatcher's $3.5 million salary would not count against the cap.

Homer's Big Moves

   Since being named general manager on Nov. 11, 2006, Paul Holmgren has made several moves that have transformed the Flyers from also-rans to contenders. Here is a look at five that have made a major impact:

Feb. 15, 2007: He dealt Peter Forsberg to Nashville for winger Scottie Upshall, defenseman Ryan Parent, and first- and third-round picks. Upshall emerged toward the end of last season.

Feb. 24, 2007: He acquired Braydon Coburn, who blossomed into one of the club's best defensemen, from Atlanta for Alexei Zhitnik.

Feb. 27, 2007: He acquired goalie Marty Biron from Buffalo for a second-round pick in 2007 (T.J. Brennan). Thanks to Biron's outstanding play, the Flyers reached the Eastern Conference finals last season.

June 18, 2007: He traded a 2007 first-round pick acquired from Nashville (Jonathon Blum) to Nashville for the rights to defenseman Kimmo Timonen and winger Scott Hartnell. Both potential free agents then signed six-year deals with the Flyers and played important roles: Timonen won the Barry Ashbee Trophy as the team's top defenseman; Hartnell scored 24 goals.

July 1, 2007: He signed center Danny Briere as a free agent. Briere had 31 goals and 41 assists last season.

- Sam Carchidi