With only hours remaining before an arbitration hearing scheduled for Monday, the New York Rangers and Derek Stepan agreed to a new "multi-year" contract, the team announced. Terms of the deal were not immediately made available.
It was reported Saturday that Stepan, 25, and the Rangers were facing a $2 million gap in yearly valuation, with Stepan and his representatives said to be seeking somewhere in the vicinity of $7.25 million and the team countering with approximately $5.2 million.
Both of those bids were viewed as negotiation starting points - the actual value of Stepan's new deal likely falls somewhere in the middle. The team was also said to be offering a term of six years, while Stepan and Co. had countered with seven years.
Stepan finished the 2014 regular season with 16 goals and 55 points in 68 games. He added five goals and seven assists during New York's playoff run.
Check back for updates as more information on the deal becomes available...
UPDATE, 10:25: Turns out it's a six-year, $39 million deal, per Larry Brooks of the NY Post. That works out to an AAV of $6.5 million. Considering the Rangers and new GM Jeff Gorton were operating with minimal cap space prior to the deal, they're now left with something in the vicinty of $500,000.
It's a significant raise for Stepan, who is likely never to be a major point producer, but plays the kind of highly-effective gritty, two-way game the Rangers have become known for in recent seasons. His new AAV puts him near the upper echelon of the league, as it will be the 29th biggest cap hit amongst NHL forwards.
UPDATE 2, 1:10: Stepan, per Yahoo Sports, called the deal "life-changing" and said it was the "right number for me."
