The Montreal Canadiens and P.K. Subban weren’t able to come to an understanding before their arbitration hearing Friday morning. That’s water under the bridge now though as Montreal has announced that Subban has agreed to an eight-year extension.
The arbitrator hadn’t ruled on Subban’s case yet and that decision is now unnecessary. Subban’s eight-year agreement with Montreal will start with the 2014-15 campaign.
Montreal didn’t disclosed the financial terms of the contract, but its worth $72 million, according to TSN’s Bob McKenzie. That means Subban will have the third highest cap hit in 2014-15, behind only Alex Ovechkin and Evgeni Malkin. Jonathan Toews and Patrick Kane will surpass all three of them with their matching $10.5 million cap hits, but their contracts won’t take effect until 2015-16.
This marks the end of a period of intense speculation and uncertainty surrounding the future of the 25-year-old defenseman. After missing the start of the shortened 2013 campaign as a restricted free agent, Subban agreed to a two-year, $5.75 million bridge contract. He went on to win the Norris Trophy in 2013 and finished the 2013-14 season with 10 goals and 53 points in 82 games.
He has made it clear that he wants to spend his career with the Canadiens, but immediately following his hearing, the prospects of him getting a long-term deal this summer looked bleak. Now his position as one of the cornerstone’s of this franchise going forward has been cemented.