Sean Monahan could be signed imminently (Update: deal done)

Great news everybody!

Two fairly prominent media sources are reporting that the Calgary Flames and Sean Monahan are reportedly very close to a deal. (Or so they report.)

We’ll have more on this as information becomes available.

The Flames’ first first round selection in 2013 (they had three that year), Monahan has spent three full seasons in the National Hockey League and has been a really productive young player, establishing himself as a consistent goal-scorer and the Flames’ top centerman. Francis’ sources indicate that Monahan and the Flames are nearing conclusion on a lengthy deal that should make him somewhere in-between Nathan MacKinnon’s $6.3 million cap hit and the $7 million ceiling the Flames have unofficially had on forward contracts since the Jarome Iginla days.

Now that they’re close, here’s the gist of the contract process. Teams and players negotiate, then they “agree to terms” – in the sense that everyone jots down what they want, go back and forth, and then agree to specifics. Those specifics are put into an NHL standard player contract (SPC) and circulated. Everyone’s lawyers look the deal over, suggest changes and then give their thumbs up. Then the player signs it (in-person or remotely) and after the team’s reps sign off, it’s faxed to the NHL offices for approvals. Once the league looks things over and registers the deal, it’s official and can be announced.

Depending on how complicated the deal is, things can go from agreed to terms to announced by the team fairly quickly. Probably today, in fact.

So we should have non-Tyler Wotherspoon news to discuss here rather quickly. Happy Friday, everyone!