Carey Price signs eight-year contract extension

Montreal Canadiens sign defenceman Karl Alzner to five-year contract

The Canadiens have officially signed the veteran netminder to an eight-year contract extension, the franchise announced on Sunday afternoon. The deal won't begin until the 2018-19 season and is the biggest contract given to a goaltender in National Hockey League history as well as the largest deal in Canadiens history.

Now Price is signed for another nine seasons because the contract doesn't go into effect until 2018-19. He was selected by the Habs with the No. 5 overall pick in the first round of the 2005 NHL Draft out of Vancouver. The GM signed several players to two-way contracts but the big catch of the day was former Washington Capital defenceman Karl Alzner, who inked a five-year deal with Montreal. Price is just one season removed from playing only 12 games due to an MCL injury.

Price, 29, has one-year remaining on his current deal that pays him $7 million, though his salary cap hit is $6.5 million.

He won the Vezina trophy as the league's top goaltender in the 2014-15 season and has the highest save percentage (.923) since the start of the 2011-12 season. Montreal also got a good look at how important he was in 2015-16 when Price missed most of the season and we all know what happened afterwards. While it isn't as drastic a jump as the contract that Connor McDavid in Edmonton is close to signing, it's still an increase that will nearly assuredly exceed the amount that the cap will go up by for that season.

Most of the money that will be paid out to Price will come as a signing bonus.

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