Henrik Lundqvist Extension: New York Rangers Sign Lundqvist To Seven-Year Deal

The New York Rangers and Henrik Lundqvist have agreed to terms on a new seven-year contract extension.

The day has finally come. According to Darren Dreger of TSN, the New York Rangers have come to terms with goaltender Henrik Lundqvist on a brand new seven-year contract extension. The deal is expected to pay Lundqvist an estimated amount of $59.5 million over the next seven years, which works out to $8.5 million annually. This was a long time coming for the Rangers, and it's nice to finally see them lock up Lundqvist on a long-term deal.

A lot of people may have an issue with both the amount of years, and the money that the Rangers invested into their franchise goaltender. But at the end of the day, did they really have any other choice? Ever since the discussions have began, Lundqvist was expected to get a very similar deal compared to the one he signed this morning. He's been the backbone of the Rangers for the last number of years, and it wouldn't make a whole lot of sense to let him walk as a UFA at the end of this year.

Even though it may seem like a very large investment at the moment, you have to take the salary cap into account. The NHL has a lot going for itself at the moment, and they just recently signed a brand new mega TV deal with CBC and Rogers Sportsnet. Taking all of that into account, it's safe bet to say the salary cap ceiling will likely raise a whole lot in the very near future. I'm sure the Rangers were well aware of that before handing out this extension, and were comfortable taking this risk.

Either way, like it or not, Henrik Lundqvist is here to stay. He'll likely finish out his career under the bright lights of Broadway, just like everyone wanted him to.

Today is a good day for the New York Rangers.