The Carolina Hurricanes and restricted free-agent forward Seth Jarvis agreed on an eight-year contract worth $7.5 million per season due to deferred money, the team announced Saturday.

The annual average value of the contract would traditionally be $7.9 million, but the Hurricanes will award Jarvis a deferred-money signing bonus on July 1, 2032 - the day after the contract expires - to lower the cap hit. The max-term pact includes a total of $29.24 million in bonuses.

NHL central registry and the NHLPA signed off on the structure of the contract, Daily Faceoff's Frank Seravalli notes.

"Seth is a cornerstone player for our franchise," said general manager Eric Tulsky. "He took another huge step last season, playing in all situations and displaying the skill and competitive drive that will make him a star in this league in the years to come."

Jarvis was Carolina's last remaining unsigned player. The Hurricanes had $6.4 million in cap space before the deal, per PuckPedia, but can gain an additional $2.4 million in flexibility by placing forward Jesper Fast - who was recently ruled out for the 2024-25 season - on long-term injured reserve.

Jarvis' entry-level contract expired this summer. The 2020 13th overall pick broke out in a big way in 2023-24, setting career highs in goals (33), points (67), and average ice time (18:45). He also finished in the top 10 in Selke Trophy voting due to sterling defensive metrics.