How much is Bo Horvat getting for his eight-year extension with the Islanders?

The New York Islanders have agreed to sign an eight-year contract with forward Bo Horvat for an average annual value of $8.5 million dollars according to the London Free Press. 

The former Vancouver Canuck was acquired by the Islanders in a late January trade that saw New York send forward Anthoney Beauvillier, prospect Aatu Raty, and a 2023 conditional first-round pick to Vancouver according to Chris Bengel of CBS News. 

"Whenever you make a transaction like this, you make it for a player that has character," Islanders President of Hockey Operations and General Manager Lou Lamoriello told ESPN on Sunday. 

The former Canucks captain can certainly offer the Islanders more than his stellar character, Horvat has been on a tear this season—having already tied his career high of 31 goals before being traded to New York according to Bengel. 

“Horvat also ranks second in the league in the number of face-offs taken (1,116) and is winning 56.0 percent of his draws,” Bengel added. But what is Horvat costing the Islanders?

The compensation package the Islanders offered Horvat has been kept relatively tight-lipped but the London Free Press, along with several other sources, reported that he was set to receive $68 million for his eight-year deal. 

“In the summertime and even at the beginning of the year, honestly, I thought I was going to be a Canuck,” Horvat told reporters over a video call shortly after his trade announcement was made. 

“And I thought I was going to be a Canuck for life, to be honest with you. Just things didn't work out that way and, you know, it led me to this,” Horvat added.

“So, I'm grateful for that and I'm grateful that the New York Islanders really believe in me and I'm proud to be in New York Islander now,” the former Vancouver forward continued.

Prior to the trade, Horvat was a pending free agent who had reached just reached the height of his hockey career and was expecting a major bump in his current $5.5 million cap hit according to Sportsnet. 

Unfortunately for Horvat, Vancouver opted to focus on securing an extension with alternate captain J.T. Miller in the off-season instead of finding a way to retain Horvat according to Sportsnet. 

“There was a lot going on this year, to say the least, and it hasn't been an easy year dealing with just everything that's gone on,” Horvat told reporters. 

“I'm sure when this is all over and it starts to sink in, I'm definitely going to have a little bit of weight off my shoulders,” the new Islander forward added. 

The size of the deal for Horvat does have some fans questioning if he was worth the $68 million dollar price tag, but Lou Lamoreillo waved off criticisms saying "Whenever you make a transaction like that, the intent is to certainly sign [him] long term or you wouldn't do that.”

Islanders captain Anders Lee welcomed the news that Horvat would be joining long-term, stating: "His experience in the dot, he's really good on face-offs, so he's going to be a huge asset for us,” and Lee wasn’t wrong. 

In Horvat’s first game with the Islanders, he won 7 out of his 13 faceoffs and put four shots on the net, not bad for his first day on the job.