With the most anticipated signing of the summer, the New York Rangers have locked up Ryan McDonagh on a long-term, six-year deal that will pay him $4.7 million annually. With McDonagh now in the fold long-term, Ranger fans can breathe a collective sigh of relief knowing that McDonagh avoided a lucrative offer-sheet from another team. The Rangers also make out like bandits on the deal, which will turn out to be an even bigger steal if McDonagh's offensive game pieces itself together.
McDonagh, who is only 24 years old, was set to become an unrestricted free agent at the age of 27, which cuts right through the middle of his new six-year contract. Another plus for the Rangers is that they would be buying out three of McDonagh's UFA years, where he would likely attract more than just $4.7 million per year.
The cap hit of $4.7 million is hard money to swallow at the moment, especially with the Rangers being pretty tight on cap space this summer. But, as the salary cap ceiling begins to rise over the next several seasons, McDonagh's $4.7 million will begin to take up less and less of the percentage as time goes on. Which makes this long-term contract well worth the investment.
With that said, the Rangers will now shift their focus on getting Derek Stepan locked up on a long-term deal as well. Stepan is likely to receive a similar deal to McDonagh, year wise, but the monetary terms are where it starts to get a little tricky. We will likely have an analysis on that in the coming days.