The Lightning have re-signed defenseman Victor Hedman to a five-year contract that runs through the 2016-17 season. The deal is worth $20 million, according to a source. "He has shown tremendous growth as a player in just more than two seasons in the NHL while also becoming a key member of our team. We look forward to his continued development in a Lightning uniform," Tampa Bay general manager Steve Yzerman said in a statement.

Brian Burke, President and GM of the Maple Leafs, announced Tuesday that the club has signed 2011 first-round draft choice Stuart Percy to a three year Entry Level contract. Percy, 18, was selected 25th overall in the NHL Entry Draft by the Maple Leafs on June 24. The Oakville, Ontario native is the captain of the Mississauga St. Michael’s Majors of the Ontario Hockey League (OHL). Playing in his third season with the Majors in 2011-12, the defenceman is fourth in team scoring with three goals and 14 assists in 18 games. He recorded his first career four-point OHL game by recording a goal and three assists in their 6-4 win over Sault Ste. Marie Sunday. Last season with the Majors, he collected four goals and 30 assists in 64 games. Percy’s play in five Majors’ games at the 2011 Memorial Cup earned him a berth on the tournament’s All-Star Team.

Predators GM David Poile announced today that the club has signed goaltender Pekka Rinne to a seven-year, $49M deal, the largest in franchise history. "Today's signing is further evidence of our ownership's commitment to keeping our core intact," Poile said. "This is the first step of a process designed to retain our key players and leaders. Pekka has grown with our franchise, just recently established our franchise record for career shutouts and is now recognized as one of the game's elite players. We're thrilled to know that he will be backstopping our franchise for several years to come." Rinne, who is celebrating his 29th birthday today, finished second in voting for the 2011 Vezina Trophy and fourth in voting for the 2011 Hart Trophy. Rinne ranked second among NHL netminders in save percentage (.930), third in goals-against average (2.12) and tied for sixth in shutouts (6) in 2010-11, with the save percentage and goals-against average numbers setting franchise records. Already in 2011-12, he has recorded his 21st and 22nd shutouts, moving into first on the franchise's all-time list and giving him the most whitewashes in the League since 2008-09.