As is usually the case, the Leafs' first arbitration hearing -- slated to occur today -- didn't even happen. Peter Holland and the Leafs agreed to a contract before they even got to the table.

Per James Mirtle, the deal is one-year for $1.3 million:

This contract represents a decent raise from Holland's previous contract, a two-year deal with a $775,000 AAV signed in 2014. It also ends a tumultous weekend for Holland, who was placed on waivers on Friday afternoon and cleared the following day.

No further details of the contract (such as whether it was one-way or two-way) have been confirmed as of yet.

This is decent value for a capable third line player. Holland had a career high of 27 points in 65 games this past season, and 62 points in 166 career games with the Leafs. He will be an RFA again next summer, meaning should the Leafs choose to re-sign him again, he will not command too high of a salary.

The Leafs have another arbitration scheduled tomorrow with defenseman Frank Corrado. I would not be surprised to see a similar last-minute settlement occur there as it did here.