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Canadiens sign Carey Price to massive eight-year, $84 million contract extension

Montreal Canadiens v Arizona Coyotes

GLENDALE, AZ - FEBRUARY 09: Goaltender Carey Price #31 of the Montreal Canadiens during the NHL game against the Arizona Coyotes at Gila River Arena on February 9, 2017 in Glendale, Arizona. The Canadiens defeated the Coyotes 5-4 in overtime. (Photo by Christian Petersen/Getty Images)

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The Montreal Canadiens took care of their most important business of the offseason on Sunday afternoon when they announced a massive contract extension for starting goaltending Carey Price.

Price’s contract is an eight-year deal that will kick in at the start of the 2018-19 season and run through the 2025-26 season.

The team did not release the financial terms of the deal but TSN’s Darren Dreger reports it will carry a salary cap hit of $10.5 million per season, tying him with Chicago Blackhawks forwards Jonathan Toews and Patrick Kane for the largest cap hit in the league.

It is also $2 million per year higher than the next highest paid goalie (New York Rangers starter Henrik Lundqvist).

Price is clearly the driving force behind the Canadiens’ organization and along with being the best goalie on the planet, might be one of the most impactful players in the league when it comes to single handedly determining the success or failure of his team. Look no further than the difference in the team’s performance from 2014-15 (healthy Carey Price), to 2015-16 (not healthy Carey Price) to 2016-17 (again, a healthy Carey Price).

It is a massive contract for a goaltender, but again, Price is the best in the world and the Canadiens’ franchise player.

They had to pay to keep him, and they did exactly that.

With Price’s deal now done the Canadiens will have $18.3 million in salary cap space dedicated to him and defenseman Shea Weber through the end of the 2025-26 season.