The Colorado Avalanche and captain Gabriel Landeskog had until 11:59 p.m. ET on Tuesday night to come to an agreement on a new eight-year contract extension. The two sides beat the buzzer, coming to terms on a pact that will pay Landeskog $7 million in terms of average annual value, according to ESPN's Greg Wyshynski.

The Avalanche have already announced the big signing.

The deal reportedly has a full no-movement clause in the first four years, followed by a modified no-trade clause in the final four years. If no agreement was struck on Tuesday night, the maximum term for a contract extension would have been seven years.

With Landeskog locked up with the Avalanche, the potential top forward in free agency is off the market. The expansion Seattle Kraken were expected to make a big push for his services if he hit free agency, which began Wednesday, but they won't get the opportunity to do that.

The 28-year-old has been with the Avalanche his entire career. He was the No. 2 pick in the 2011 draft and has blossomed into one of the better players in the NHL.

Landeskog had 20 goals and 32 assists in 54 games this past season. Colorado finished the regular season tied for the most points in the NHL with the Vegas Golden Knights. Unfortunately, the Avalanche lost in the second round to those same Golden Knights. Colorado won the first two games of the series and then lost the next four.

With Landeskog back in the fold, the Avalanche will now try to bring back Vezina Trophy finalist Philipp Grubauer. The Toronto Maple Leafs are reportedly a major suitor for the goalie's services.