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The deal carries an average annual value of $7 million, general manager Lou Lamoriello said, according to NHL.com's Brian Compton, making the 6-foot-3 forward the highest-paid player on the team. The pact keeps him with the Islanders through the 2025-26 season.
Lee all but confirmed the news himself on social media:
The soon-to-be 29-year-old has led the Islanders in goals each of the last three seasons, including a career-high 40-goal campaign in 2017-18. He's only missed a single regular-season game in that span.
Lee was drafted by the Islanders in the sixth round of the 2009 NHL Draft and has spent all six years of his career in Long Island.
The deal marks the Islanders' first move of the day. New York now has a projected $13.65 million in cap space with 21 players on the roster.