Just hours before the two sides were set for arbitration, the New York Rangers announced a new multiyear deal with ascending center Derek Stepan.
Pat Leonard of the New York Daily News reported the deal is for six years and $39 million, translating to a $6.5 million cap hit per season. Stepan, 25, had asked for $7.25 million in arbitration proceedings, but the Rangers had offered $5.2 million, per Brett Cyrgalis of the New York Post.
The long-term deal essentially splits the difference between the two offered values, likely giving Stepan a slight bump overall for committing for the remainder of his prime.