Report: Pens to announce massive Crosby contract Sunday (Updated)

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According to TSN’s Darren Dreger, Ray Shero might follow up his draft day heist by stealing the free agency spotlight as well.

The Pens GM will reportedly announce a new deal for Sidney Crosby on July 1 with what’s believed to be a gigantic contract — worth over $100 million.

UPDATE: ESPN’s Pierre LeBrun tweets the specifics — 12 years, $104.4 million (as per Crosby’s agent, Pat Brisson.) That works out to an average annual value of $8.7 million, the same cap hit Crosby has right now.

Because 8.7 is like 87, which is Crosby’s number, see.

There are currently only two $100 million men in the NHL — Ilya Kovalchuk, who signed a 15-year, $100 million dealback in 2010 and Alex Ovechkin, who inked his groundbreaking 13-year, $124 million deal in 2008.

Crosby would be 36 when the deal expires and, should he spend all of it in Pittsburgh, will (theoretically) be in line to attack many of Mario Lemieux’s franchise marks.

So, what does the deal mean for Pittsburgh’s cap situation?

Crosby’s extension won’t kick in until 2013-14 — he’s got one year left at $8.7 million — and by then, Shero’s biggest free agent decisions will be Tyler Kennedy, Matt Cooke and Pascal Dupuis.

Since none of them figure to break the bank, the Pens look fine financially, thus explaining why they’re angling to (allegedly) make a play on Zach Parise, Ryan Suter…or both.

Related: Lemieux on Crosby contract: “This is a great day for hockey”