Earlier this morning the Tampa Bay Lightning locked up pending UFA forward Ryan Callahan, which has officially completed all conditions of the Martin St. Louis trade. Callahan's new deal is six-years at $5.8 million annually, which also includes a no-movement clause in the first four years, and a limited no-trade for the duration of the contract.
As a result of Callahan's extension, the New York Rangers now receive a 2015 2nd-round draft pick from the Lightning as per the stipulations of the Callahan/St. Louis swap back on March 5. The Rangers will also send their 2015 7th-round pick back to the Lightning as a part of the conditions as well.
So the final trade reads as follows:
New York acquires: Martin St. Louis, and a 2015 2nd-round draft pick.
Tampa Bay acquires: Ryan Callahan, 2014/2015 1st-round draft picks, 2015 7th-round draft pick.
On the surface it appears as if Callahan took less money to remain with the Lightning, rather than what he was offered by the Rangers, but that isn't the case. Florida's lack of state income tax likely factored into his decision, which essentially, works out to the $6M+ he was asking for from the Rangers. Thankfully the Rangers avoided that mess, and cut their ties with Callahan at the right time.
Callahan will make his first return to Madison Square Garden on November 17, while Martin St. Louis will make his anticipated return to Tampa Bay on November 26.