Ward tweets that the two sides have agreed to a six-year extension that is expected to be officially announced later on Monday. McDonagh completed the final year of his entry-level contract in 2013, which carried a base salary of $875,000 at the NHL level. With the addition of performance and signing bonuses, McDonagh's average annual salary against the salary cap amounted to $1.3 million, according to CapGeek.com. While Ward did not provide the financial component of the agreement, it's safe to assume that McDonagh stands to earn a substantial raise.
With free agency officially opening last Friday afternoon, McDonagh was eligible to accept offer sheets from rival clubs. This potentially could have put the Rangers management group in a situation where they were forced to match terms they weren't comfortable with. Of course, that threat has since been neutralized, assuming the accuracy of Ward's report.
In terms of what the financial component to the contract might look like, Pat Leonard of the New York Daily News writes that comparable contracts likely include Roman Josi's seven-year, $28 million agreement with the Nashville Predators and Slava Voynov's six-year, $25 million agreement with the Los Angeles Kings.
McDonagh has played in 169 career regular season games, all of which have come with the Rangers. Over that span he has accumulated 60 points (12 goals and 48 assists), 80 penalty minutes and has averaged 23:13 of ice time.
The 24-year-old defenseman was originally selected with the No. 12 overall selection in the 2007 NHL Entry Draft by the Montreal Canadiens. He was acquired in 2009 by the Rangers via the Scott Gomez trade.