Jake Guentzel officially signs new 7 year contract.

The Tampa Bay Lightning took a big gamble on Sunday, and that gamble has paid off for them in a major way.

The Lightning officially announced on Monday morning the signing of pending unrestricted free agent Jake Guentzel, making the news official just hours before Guentzel was set to hit the open market.

The talented forward has signed a new 7 year deal that will carry an average annual value and salary cap hit of $9 million per season in a no tax state, a truly massive payday for Guentzel. This represents a significant raise for Guentzel who was previously on a 5 year deal that carried an average annual value and cap hit of just $6 million per season.

Guentzel was projected to be one of the most sought after free agents on the open market this summer, but on Sunday the Lightning made a shrewd move by giving up a third round draft pick in order to acquire Guentzel's rights from the Carolina Hurricanes, doing so in spite of the fact that there was no guarantee they could get him signed to a new deal in time.

That gamble has now paid off with the Lightning adding arguably the best forward available this summer, and doing so at a time when they are expected to lose long time Lightning star forward Steven Stamkos no less.

NHL insider Pierre LeBrun has released the full details of the new deal:

Salary
Yr1: $1,000,000
Yr2: $1,000,000
Yr3: $3,957,895
Yr4: $1,000,000
Yr5: $1,000,000
Yr6: $1,000,000
Yr7: $1,000,000

Signing Bonus
Yr1: $12,263,157
Yr2: $8,947,368
Yr3: $4,000,000
Yr4: $6,957,895
Yr5: $6,957,895
Yr6: $6,957,895
Yr7: $6,957,895

Full no Move yr 1-4
Modified NTC yr 5-7 (10 team trade list)

This contract will be almost impossible to buyout and comes with a full no-movement clause in the first four years for Guentzel, a very solid deal for the player to be sure. The Lightning do give themselves some wiggle room here with a modified no trade clause in the final 3 years of the deal, but the hope is of course that they won't need to use that to their advantage.