Malkin is Staying; Gets Four-Year, $24.4 Million Contract

The Pittsburgh Penguins made perhaps the most stunning free-agent signing of the year, and they didn’t wait until the signing period began to do it.

Evgeni Malkin accepted a four-year deal with a $6.1 million salary-cap hit Tuesday night, preventing him from becoming an unrestricted free agent at noon Wednesday.

His cap hit mirrors the one on the six-year deal Kris Letang agreed to last week. Malkin’s new contract runs one year longer than teammate Sidney Crosby’s has remaining on it, although there’s been no indication that Crosby intends to retire when it expires.

The Penguins’ reluctance to add a fourth year to their offer to Malkin had been a point of contention earlier in the negotiations, although it apparently had been on the table for at least a few days.

The deal is believed to include a full no-movement clause, which means Malkin could not be traded unless he agrees to the deal.

“Evgeni is a generational talent who will be remembered as one of the greatest players in NHL history,” GM Ron Hextall said. “His hockey resume and individual accomplishments speak volumes about him as a player, and we are thrilled to watch him continue his remarkable legacy in Pittsburgh.”

Malkin, Letang and Crosby have been part of the core of the franchise for the better part of two decades, and all three have spoken of their strong desire to finish their careers with the Penguins.

That didn’t seem likely to happen for Malkin when talks between his agent, J.P. Barry, and the Penguins broke off Monday. At that point, he was expected to explore free agency Wednesday.

Malkin, who will be 36 on July 31, was the Pittsburgh Penguins’ first-round draft choice in 2004.

He ranks in the top five in franchise history in most major statistical categories and won Stanley Cups in 2009, 2016 and 2017.

While there is an obvious risk to committing so much term and cap space to a player who has had a couple of significant injuries in recent seasons, Hextall had pledged to re-sign Malkin and Letang if it could be done with numbers that would work for the Penguins.

Malkin’s signing leaves Hextall with a little less than $3.4 million to finish filling out the roster for the 2022-23 season. They are expected to be in the market for a couple of bottom-six forwards, although it’s possible that Hextall could make a trade to open some cap space for a more significant move.

Also, restricted free agent Kasperi Kapanen needs a contract after receiving a qualifying offer Monday.