Essentially it works out to a one-for-one deal as you can probably disregard the fifth-round pick. Briere straight up for Parenteau? Canadiens GM Marc Bergevin has to be feeling pretty good about his handywork right about now.
In Parenteau, the Canadiens are getting a player who had 14 goals and 19 assists this past season in just 55 games. In his last two full seasons, both the Islandes, he exceeded 50 points. He's also signed for two more seasons at the same salary ($4 million) as Briere.
Briere, meanwhile, has slipped to being a fourth-line player who had just 13 goals and 12 assists last season in 69 games. Quick math shows which of those two players was more productive last season by a decent margain (not to mention Parenteau is six years younger) and the Avs throw in a pick, too? It doesn't seem to make a whole lot of sense.
Parenteau had been rumored to be on the block for a while in Colorado and now they finally execute a deal for the winger. What they could see in taking Briere over Parenteau is a bit mysterious; he's a center instead of a winger so perhaps this is a contingency if Paul Stastny leaves but Briere has seen his numbers drop dramatically in the past three seasons. Parenteau, meanwhile, is still producing at his peak form.