FanHouse

No matter what happens this afternoon, it appears that the Pittsburgh Penguins are going to take care of at least one huge part of their off-season puzzle today. Word has leaked out that Evgeni Malkin is expected to finalize his extension with the team and an announcement should be forthcoming either sometime this afternoon or tomorrow.

According to TSN, the deal is a pretty simple one in that it exactly mirrors Sidney Crosby's deal at 5 years and $8.7 million. Since Malkin's at about the same point in his career that Crosby was last summer (a good rookie year and a breakout second year), it makes a lot of sense. It works out to a discount for the Penguins over market value, since Malkin could probably make in excess of $10 million a year if he were to test free agency.

Malkin's deal takes effect starting with the 2009/2010 season since his rookie contract applies to next year, so Ray Shero should have some idea of what kind of cap space he's got to work with when dealing with guys like Brooks Orpik and Marian Hossa today. As it looks right now, it's going to be about a $17 million yearly hit for Malkin and Crosby, which isn't too bad for two of the best players in the world.