The contract runs through the 2027-28 season and carries an average annual value of $6.1 million. Letang would have been eligible for unrestricted free agency on July 13, but it was always a priority of the Penguins to keep him in the fold. "Kris epitomizes what it means to be a Pittsburgh Penguin," said GM Ron Hextall. "The role he plays on our team is irreplaceable, he is a leader in our locker room, and has made countless contributions to the organization over the last 15-plus years, which includes three Stanley Cup Championships. We are thrilled to make him a Penguin for life." 

Hextall added that he would be "surprised" if a contract extension isn't worked out with Letang to keep him with the Penguins. The 35-year-old defender is eligible for unrestricted free agency on July 13, but Pittsburgh has prioritized getting him signed this offseason. 

Letang was seeking a five-year deal at around $8-$9 million per season while the Penguins were looking at a three-year deal with less AAV. Letang is 35 and is coming off a great season in which he had 10 goals and 68 points in 78 games so it appears at this time that he is not slowing down. It would be a good deal for both sides and should be done, barring any obstacles, before the start of free agency on July 13.

Letang is seeking over $8 million annually. He's coming off an amazing season where he scored 10 goals and 68 points in 78 contests while averaging 25:47 minutes, so it's not hard to see why he feels he's worth that contract. At the same time, he's 35-years-old now, so a five-year deal would be risky for the Penguins. Perhaps the two sides will meet in the middle before the UFA period starts.