Penguins, Malkin agree to eight-year, $76 million deal

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A year after locking up Sidney Crosby, the Pittsburgh Penguins have announced that star forward Evgeni Malkin has agreed to an eight-year contract extension worth $76 million.

Malkin’s current deal runs through the 2013-14 campaign, which means he’s now under the Penguins’ control until the summer of 2022. Malkin will come with a $9.5 million annual cap hit, which is an increase from his current $8.7 million.

It’s also a higher cap hit than Crosby comes with, but for the next six seasons, Crosby will actually make more than Malkin. The difference is that Crosby’s deal was signed during the old CBA, so it could be 12 years long and heavily frontloaded in the interest of keeping the overall cap hit down.

Regardless, with this deal in place the Penguins have guaranteed that they will control two of the most gifted forwards in the NHL through most — if not all — of their careers. At the same time, their contracts will continue to represent a sizable portion of Pittsburgh’s cap room. By the standards of the 2013-14 ceiling, they would account for 28.3% of the Penguins’ available space.

Malkin won the Art Ross and Hart Trophies as well as the Ted Lindsay Award in 2012. He has 217 goals and 560 points in 458 career games.