The Calgary Flames announced Wednesday that the club has signed defenceman Dion Phaneuf to a six-year contract extension worth $39 million.
Sources tell TSN that the deal will average $6.5 million US a season. Phaneuf will make $7 million in the first year, followed by $6.5 million in year two, $7 million in the third season, $6.5 million in each of the following two years and $5.5 million in the final season.
"It remains very important for us to lock up our key young players," said general manager Darryl Sutter in a team statement. "Our goal with Dion was to provide an arrangement that will allow him to take his game to the next level."
"It was lengthy, it was long, but it went very well and ran very professionally," said Phaneuf regarding the negotiations. "It was a big thing to find where it worked for the team and where it worked personally."
Phaneuf also explained that the Flames success in locking up Miikka Kiprusoff, Jarome Iginla and Robyn Regehr to lengthy deals factored into the decision.
"They're all top players in the league and top players on our team. To have them locked up for the time that they all are, that was definitely something that was a big part of not wanting to go that other route," said Phaneuf.
Phaneuf, Calgary's first pick in the 2003 NHL Entry Draft, is playing in his third season with the Flames.
The 22-year old defenceman has nine goals and 26 assists in 54 games this season. He was scheduled to be a restricted free agent this summer.