TSN is reporting that the Bruins and Marc Savard have reached a seven-year contract extension worth a reported $29.4 million for a cap hit of $4.2 million per season.
Excellent signing by the Bruins and GM Peter Chiarelli. The contract is expected to be front loaded with the majority of the money in the first 4-5 years of the deal. Having lower salaries in the last two years of the deal, when Savard will be 38 and 39 years old respectively, will allow the Bruins to buyout Savard at a low cap hit.
UPDATE 10:15 PM: The Globe is reporting Savard’s deal is a seven year deal worth $28.05 million, making his annual cap hit $4.007 million. Here is a breakdown of the yearly salaries :
The deal’s annual payouts: $7 million, $7 million, $6.5 million, $5 million, $1.5 million, $525,000, and $525,000. Total: $28.05 million.
Viewed as a four-year deal, Savard will earn $25.5 million, for an average $6.375 million, with the Bruins assessed only $4.007 million on the cap.