The Washington Capitals signed Alexander Ovechkin to a 13 Year extension for $124M Ovechkin's New Deal - ESPN. This is fantastic news for an ailing organization. The recent signings of Semin & Ovechkin to long term contracts push the Caps to the point where the future meets the present.
The contract extension for Ovechkin marks a historic event in franchise history. It triggers the next step in making progress towards one day going back to the Stanley Cup Finals. Caps fans can rejoice at knowing that one of the league's best and brightest stars in hockey is locked into the franchise for a very long time.
Ownership seemed to make its presence known when signing Jagr to a long term contract. A contract that eventually became difficult to move much like the NBA where analysts often say that contracts are moved not players. It's ironic that as Jagr's contract and place holder of salary could be washed out as a new star is there to absorb this space & take the team to a higher level. Clearing Jagr's cap space will allow the Caps to hopefully make more roster adjustments as the team continues to build on such young stars as Semin, Ovechkin, Backstrom, and Green.