St. Louis on Monday announced a three-year contract extension for goaltender Brian Elliott, with general manager Doug Armstrong confirming that Ryan Miller won't be retained after the Blues paid a high price to obtain the veteran netminder just over two months ago.

Miller and forward Steve Ott were acquired from Buffalo just before the March trade deadline for forward Chris Stewart, goalie Jaroslav Halak, prospect William Carrier, a 2015 first-round pick and a 2016 third-round pick.

But Miller was outperformed by Chicago goalie Corey Crawford in a first round playoff series, with the Blues falling to their Central Division rivals.

"We gave up quite a bit," Armstrong said. "We took a swing. It certainly was a lot to give up for 20-some odd games and six playoff games."

"Certainly, it's not all reflected on Ryan, it's a team game," Armstrong added. "We've gone this direction and we're excited about the tandem we have."

The Blues sent Buffalo goalie Jaroslav Halak, forward Chris Stewart, prospect William Carrier, a 2015 first-round pick and a conditional 2016 third-round pick. The third-rounder would have been a first-round pick this year if the Blues reached the Western Conference finals or re-signed Miller to a new contract before the draft.

Elliott will compete for the starting job with top prospect Jake Allen, the Fredericton native who was drafted 34th overall by St. Louis in 2008.

Elliott earns raise

It was Miller's first NHL trade after spending more than eight seasons with the Sabres. The goalie turns 34 in July, the same month he'll officially become an unrestricted free agent available to all NHL clubs.

For his part, Elliott will receive a raise to a cap average of $2.5 million US per season after a fine 2013-14 campaign. He went 18-6-2 with four shutouts, a 1.96 goals-against average and .922 save percentage in 31 games.

Elliott, who turned 29 last month, earned $3.6 million on his previous two-year deal.

The Blues signed the Newmarket, Ont., native as a free agent in 2011 after he previously played for Ottawa and Colorado.

Elliott has a 116-77-23 record, including a 2.48 goals-against average, .910 save-percentage and 25 shutouts in 235 career regular season games in the NHL.

He played collegiately at the University of Wisconsin, helping lead the Badgers to an NCAA championship in 2006.

With files from The Associated Press