Chicago Blackhawks reportedly sign Artemi Panarin to 2-year, $12 million contract extension

As it turns out, the real fretting for the Chicago Blackhawks about losing Artemi Panarin will be delayed for two years.

According to multiple reports, the Blackhawks and Panarin came to terms on a bridge deal on Wednesday afternoon. The Athletic originally reported the news, which has yet to be confirmed officially by the Blackhawks.

Panarin will be a $6 million cap hit for the Blackhawks when his new two-year, $12 million deal kicks in next season.

However, as TSN reporter Bob McKenzie reported, Panarin’s deal is heavily reliant on signing bonuses. Per McKenzie, $4.2 million of Panarin’s contract next year is a signing bonus. That bonus dwindles to $2 million in the second year.

Signing Panarin, who broke onto the NHL scene last year after coming from the KHL in Russia, has always been a priority for the Blackhawks. He won the Calder Trophy as rookie of the year last season after racking up 30 goals and 77 points in 80 games. The trouble has been finding a way to make his lucrative deal fit; Chicago is right up against the salary cap.

According to CapFriendly, the Blackhawks have about $239,664 in projected cap space right now. Their projected cap space in 2017-18 is $6,374,872, leaving them very little wiggle room to improve over the offseason.

To accommodate Panarin long-term, the Blackhawks now have two years to figure out which other highly-paid players they can move on from. Marian Hossa seems like a likely candidate, as does Marcus Kruger (depending on how quickly rookie Nick Schmaltz develops).

But the Blackhawks have bought some time, which is all fans could ask for from this Panarin situation.