The Philadelphia Flyers and forward Michael Raffl agreed to a "multiyear" contract extension on Sunday, the club announced in a press release.
Pierre LeBrun of ESPN.com reported that the deal is for three years and $2.35 million per season.
TSN's Travis Yost previously reported the Flyers would consider trading Raffl for two second-round picks but were also negotiating the extension. Raffl has eight goals and nine assists this season, which represents a decent-sized drop in scoring form 2014-15. The Austrian set a career high with 21 goals last year and appeared to be coming into his own as a shooter.
While he hasn't produced at the same level this season, the Flyers value his two-way contributions and he doesn't come at a high cost. The contract will carry Raffl through his 30th birthday, so the team is getting almost the entirety of his prime at a low cost. Even if they decide to move on down the road, Raffl's contract is movable; the Flyers shouldn't have problem fetching a couple high-round draft picks.
The Flyers are currently ninth in the Eastern Conference, so this is a move for the future more than anything. With their line of forwards locked up, Philly should have a good idea of what to expect going forward.