Dion Phaneuf Contract Extension [VIDEO]: Maple Leafs, Captain Agree To Seven-Year Extension

On the eve of their New Year's Day clash in the NHL's Winter Classic against the Detroit Red Wings, the Toronto Maple Leafs have extended the contract of captain Dion Phaneuf by inking the defenseman to a seven-year extension.

According to NHL.com, both sides struck the deal on Tuesday but the contents of the pact have yet to be disclosed, though insiders report that it is in the neighborhood of a $7 million annual salary. The extension will keep Phaneuf in Toronto through the 2020-21 season.

Phaneuf, who started with the Calgary Flames in the 2005-06 season after being drafted with the ninth overall pick in the 2003 NHL Draft, was traded to Toronto in January of 2010. The captain said he was excited to have the extension done.

"This is a very proud day for me and my family," Phaneuf said via NHL.com. "I'm very honored to be the captain of this historic franchise and to maintain the opportunity to play and represent the Toronto Maple Leafs for many years to come. We have passionate fans and a dedicated ownership group. I have great teammates and look forward to growing with them and achieving our goal of winning."

Phaneuf has been the team captain of the Maple Leafs since the start of the 2010-11 season and he leads the team with a plus-13 rating and an average of 24:21 ice time.

"Dion is our team leader and has been a pillar in our building process," Maple Leafs general manager David Nonis said, according to NHL.com. "He has proven to be a very durable and reliable defenseman in all facets of the game. He plays big minutes in every situation for us and we're pleased to have him under contract for the next seven seasons."

On the season, Phaneuf has four goals and 11 assists for 15 points through 39 games. In 639 career NHL games spent with the Flames and Maple Leafs, Phaneuf has 110 tallies, 245 helpers and 355 points.

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