Monetary terms of the deal have not yet been released; however, according to a tweet by hockey writer EJ Hradek, the terms are "five years, 37.5M. Cap hit: 7.5M. Year-by-year: 8M, 8M, 8M, 8M and 5.5M."
"Steven is extremely important to this franchise and is part of the foundation of our hockey team," Yzerman said in a statement released by the team. "We are very pleased to have him signed and look forward to seeing him in a Lightning uniform for years to come."
We'll have a full reaction including what it means to the Lightning, whether Tampa Bay is done with free agency and what the deal could mean for existing players on the team later this evening.