UPDATE: McDonagh Signs 6 Year, $28.2 Million Contract

At six years, the Rangers are buying 3 seasons which McDonagh will be eligible for un-restricted free agency.

Now we wait on the dollars. Big sticking point since McDonagh's new contract will be the largest of all the Ranger RFA's that needed to be renewed.

UPDATE: 9:15 AM

Larry Brooks from the NY Post reported via twitter that McDonagh's cap hit wil be $4.7 million, which would equate to a 6 year, $28.2 million contract.

If true, what an excellent deal for the Rangers as they try to lock up their own RFA's. This contract will look like a dollar bin bargain 3-4 years from now as the salary cap rises and McDonagh becomes one of the NHL's elite defensemen.

Stepan next?

Update: 12:10 PM

McDonagh's agent Ben Hankinson tweets a picture of McDonagh signing his new contract

Katie Strang from ESPN New York reports the final 3 years of McDonagh's new contract comes with a limited NTC.

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