07/01/2016 10:27 EDT | Updated 07/02/2017 01:12 EDT

Lightning sign Hedman to $63 million, 8-year extension

The Tampa Bay Lightning have signed defenceman Victor Hedman to a $63 million, eight-year contract extension.

Hedman will count $7.875 million against the salary cap when the deal begins in the 2017-18 season.

The 6-foot-6, 223-pound Hedman was in the running for the Conn Smythe Trophy as playoff MVP when Tampa Bay lost to the Chicago Blackhawks in the 2015 Stanley Cup Final.

In 473 NHL games, the 25-year-old has 49 goals and 180 assists. Last season he had 10 goals and 37 assists.

The Hedman extension comes on the heels of the Lightning signing captain Steven Stamkos to a $68 million, eight-year contract.