The deal is for five years and will pay Hornqvist $21.25 million over the course of the contract. It will carry an annual average value of $4.25 million.
Hornqvist was playing in the final year of a three-year, $9.25 million contract that carried an annual average value just over $3 million against the salary cap. He would have become a restricted free agent this offseason. General manager David Poile stated in a press release that retaining Hornqvist was an offseason priority.
Viewing the 26-year-old forward as a key piece in the team's core, Poile referenced Hornqvist's quality as a person and his character while discussing his talents as a hockey player.
Originally acquired with the No. 230 overall pick in the 2005 NHL Entry Draft, Hornqvist has registered 20-plus goals in each of his three full NHL seasons. In 2013, Hornqvist registered four goals (all of which came on the power play) and 10 assists for 14 points in 24 games played. He averaged 16:13 of ice-time, which included 2:48 on the power play.