The Toronto Maple Leafs have locked up one of their most important pending free agents, signing veteran John Tavares to a four-year, $17.55 million contract extension on Friday.

The 34-year-old announced the new deal in a John Tavares Foundation Instagram post.

“Coming to Toronto 7 years ago has been better than I ever anticipated. The challenge of helping bring the Cup back to the many generations of Leafs Fans and Leafs Nation is an incredible opportunity that pushes myself and my teammates everyday. TO is an incredible place to play and it’s an honour to pull on the Maple Leaf and wear the blue and white,” he wrote.

“I’m thrilled to announce that I’m committed to four more years! My family and I are excited to continue our journey here in Toronto. The best is yet to come! Go Leafs Go!”

The Athletic's Pierre LeBrun posted a full breakdown of the deal:

Tavares could have been an unrestricted free agent on July 1, but instead will spend the foreseeable future in Ontario. It was widely reported that the Mississauga native wanted to stay, and the Leafs got him signed for well under market value.

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The contract will kick in this upcoming season; Tavares won't be a UFA again until 2030. He had a terrific season in 2024-25, scoring 38 goals and 74 points in 75 games, adding another seven points in 13 Stanley Cup Playoff contests.

It's a tidy piece of work for general manager Brad Treliving and the front office, who now have some extra cap space to potentially add a few players in free agency. It's looking like around $21 million after the Tavares extension, per PuckPedia.

Of course, the roster has a couple of unrestricted free agents, including Mitch Marner, Max Pacioretty, Steven Lorentz and Jani Hakanpaa. As well, Matthew Knies, Nicholas Robertson and Pontus Holmberg will all be restricted free agents on July 1.

It's widely expected that Marner will be moving on from the Leafs; Treliving said himself earlier this week that, unless something significant changes, he “would anticipate he's going to hit the market.”

A few of those players will likely be following Marner's lead, although Treliving will try to retain at least a couple. It's been widely reported that Knies will re-sign with Toronto at some point this summer.

But getting Tavares locked up on Friday — especially at such a low AAV — is a great first step for Maple Leafs' brass.