Evgeni Malkin won't be testing free agency after all.
The Penguins and Malkin agreed to terms on a four-year contract extension worth $24.4 million late Tuesday night on the eve of the start of NHL free agency.
The contract runs through the 2025-26 season and has a cap hit of $6.1 million.
"Evgeni is a generational talent who will be remembered as one of the greatest players in NHL history," Ron Hextall said in a statement. "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 will be 39 years old when the contract expires.
Malkin's contract carries a full no-movement clause. The contract is also front-loaded in structure and includes signing bonuses beyond Year 1, which makes it subject to 35+ contract penalties: The contact is buyout-proof, and if Malkin retires before the contract is up, his cap hit does not go away.
In Penguins franchise history, Malkin ranks second-all time in games-played (981), third in goals (444), third in assists (702), third in points (1,146), second in power play goals (162), and is tied with Sidney Crosby and Jaromir Jagr for first place in game-winning goals (78).
The signing ensures that Malkin will play his 1,000th career regular-season game as a Penguin, as he's only 19 games away from the milestone. The Penguins' 19th game of the season is Nov. 20 in Chicago. They return home three days later against Calgary.
Malkin's cap hit of $6.1 million is identical to the cap hit of the six-year deal Kris Letang signed on Thursday. The signings ensure that the Penguins' core of Crosby, Malkin and Letang will be together at least through the 2024-25 season, with Crosby having three years remaining on his current contract. The 2021-22 season was the 16th season in which those three played together, the most seasons together by one trio in NHL history.
After signing Malkin, the Penguins are entering the free agency period with $3,383,158 in cap space with 11 forwards, eight defensemen and two goaltenders under contract. That's a figure that includes Drew O'Connor, Radim Zohorna and P.O Joseph, the latter signing a two-year extension on Tuesday.
