Canadiens, Subban agree to terms on 8-year contract reportedly worth $72M

P.K. Subban and the Montreal Canadiens were able to set aside any animosity from their protracted contract negotiations and agree to terms on an eight-year deal on Saturday.

TSN's Bob McKenzie reports the deal carries an average annual value of $9 million, putting the total amount at $72 million. If accurate, Subban's cap hit will be the highest in the league for a defenseman.

The agreement, announced in a statement on the Canadiens' website, comes one day after a heated arbitration hearing that left both sides fuming, fueling speculation Subban would look elsewhere the moment he became an unrestricted free agent.

Marc Bergevin shared his excitement about retaining Subban long-term in the statement:

We are very pleased to have reached a long term agreement with P.K. Subban. This agreement helps consolidate the future of our team. A key element of our group of young veterans, P.K. plays with a high level of intensity every time he steps onto the ice. Despite his young age, he carries a great deal of experience and brings contagious energy to the team. Defensemen of his level are a rare commodity in the NHL.

Bergevin's words are a stark contrast to Friday, when he had "nothing to say" following the arbitration hearing. 

Subban expressed his excitement for the future via Twitter:

Subban has 167 points in 284 games since debuting with Montreal in 2009-10. He has 30 points in 43 playoff contests and was instrumental in both of the Canadiens' recent runs to the Eastern Conference final. He won the Norris Trophy in the lockout-shortened 2012-13 season, becoming the first Montreal player to be named the league's top defenseman since Chris Chelios in 1988-89.

theScore's Thomas Drance estimated on Thursday a long-term deal for Subban would be between $70.5-$75.5 million over eight years. Tap here to find out why.