PK Subban Signs $72M, 8-Year Contract with Montreal Canadiens

PK Subban was supposed to enter into an arbitrary settlement with his team, the Montreal Canadians, but the two parties finally arrived at an agreement, which apparently is beneficial for all.

In a report by Global News, general manager of the Canadiens Marc Bergevin announced on August 2 that the team agreed to a contract lasting eight years with the defenseman. Subban will be playing for the Habs from 2014 to 2022.

Bergevin said, "Defensemen of his level are a rare commodity in the NHL. We are very pleased to have reached a long term agreement with P.K. Subban."

Subban also had good words to say for his team. He tweeted on August 3, "Thank you to @canadiensmtl for making a commitment to myself and my family. I'm excited about the future! #letsgetit."

According to TSN, the Canadiens agreed to extend Subban for $72 million, thereby avoiding the salary arbitration ruling. Initially, the Habs only offered $5.25 million a year. Subban and the team met on August 1 for an arbitration hearing which lasted four hours. Subban was asking for $8.5 million for a term lasting only one year. Now, Subban will rake in an average of $9 million a year.

Subban said, "I think that it sends a strong message to me that they want me here and they appreciate everything I've done to this point and they believe in me as a player. I think I've always believed in that, but obviously in this process and coming out with this result, now everybody else understands it and can see it as well and doesn't have to speculate about how the Montreal Canadiens feel about me."

Subban and the Canadiens only had about 48 hours to reach an agreement after the hearing or until an arbitrary decision was made by Neumeier. Should an arbitration contract ensue, the two camps would not be able to reach a new deal until January 1, 2015.

Bergevin said, "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."

P.K. Subban was an asset to the Habs especially during the 2012-2013 season where he became the first defenseman in the team to be given the James Norris Trophy since Chris Chelios.