The Montreal Canadiens have finally re-signed defenseman P.K. Subban to a two-year, $5.75 million contract.

Canadiens re-sign Subban to 2-year deal.

Canadiens re-sign Subban to 2-year deal.

SPECTOR’S NOTE: Subban’s new contract will be worth an average cap hit of $2.875 million, but he’ll receive $2 million for this season and $3.75 million for 2013-14. As per TSN’s Bob McKenzie, the Habs wouldn’t budge off of two years, but agreed to increase the second year of his deal, which works better for his qualifying offer. Subban probably could’ve received more money elsewhere if he pushed for a trade or awaited an offer sheet, but ultimately he had little leverage, and according to some reports, he really wants to remain with the Canadiens.

It’ll be interesting to see if there’s any lingering bitterness over this when Subban is due to be re-signed in 2014. Rest assured, if he continues to develop as anticipated, the Canadiens will have to re-sign him to a more lucrative, longer-term deal, as he’ll also have arbitration rights by then. At least the Canadiens management gets Subban for an affordable cap hit next season, when the salary cap will decline to $64.3 million.