Jul 2, 2013, 6:03 PM EDT
The Pittsburgh Penguins have locked up another key piece of their core today by announcing the signing of Kris Letang to an eight-year, $58 million extension. Letang was already signed through 2013-14, so he’s now under the Penguins control until the summer of 2022.
In Letang, the Penguins have a 26-year-old that’s widely regarded as one of the top offensive defenseman in the league. He was a finalist for the 2013 Norris Trophy and had 80 points in 86 games over the last two seasons.
At the same time, Pittsburgh is taking a sizable risk by agreeing to pay Letang an average of $7.25 million annually over the life of this contract. The Penguins now have $30.45 million worth of cap space committed to Letang, Sidney Crosby, Evgeni Malkin, and James Neal starting in 2014-15. That represents nearly half of the salary cap by next year’s standards tied to just four players.
While it is likely that the cap will increase over the life of these players contracts, Penguins GM Ray Shero might still have a tough time building a supporting cast around those four stars with what’s left of his cap space.
- Report: Plotnikov paid $500K to get out of KHL contract 12
- Philadelphia signs ’15 first rounder Provorov 10
- Brandon Saad brings championship experience to Blue Jackets 22
- Sharks sign Joel Ward to three-year deal 24
- Sabres lock up O’Reilly through 2022-23 73
- Locked in: Columbus signs Saad to six-year, $36M deal 27
- Oilers sign McDavid to entry-level contract 29
- ‘Hawks would like to re-sign Oduya, but still working through ‘financial hurdles’ 17
- Trade: Caps acquire Oshie from Blues for Brouwer, Copley and draft pick 73
- Voynov takes plea, gets 90 days in jail plus probation 66
- Blockbuster: Kessel traded to the Penguins (131)
- Trade: Flyers send Rinaldo to Bruins for 2017 third-rounder (105)
- Trade: Jackets land Saad; Anisimov and Dano headed to Chicago (93)
- Bypassing a buyout? Kings terminate Richards’ contract for ‘material breach’ (90)
- Trade: Caps acquire Oshie from Blues for Brouwer, Copley and draft pick (73)