The new deal is to begin next season and runs through the 2021-22 season. Kessel, who has his 27th birthday Wednesday, is in the final year of a five-year contract agreed to when he was acquired from Boston in September 2009. The deal has an average annual value of $8 million and includes a no-trade clause.
Kessel led the Maple Leafs in goals (20), assists (32), points (52) and game-winning goals (four) in 48 games last season. He also had four goal and two assists in the Leafs' seven playoff games.
"Phil Kessel is one of the premier wingers and elite goal scorers in the National Hockey League today," said David Nonis, senior vice president and general manager of the Maple Leafs. "He wanted to be a Maple Leaf long term and we're very pleased that Phil will be a part of our core group of players in Toronto until the 2021-22 season."
Kessel was the fifth overall pick of the 2006 draft and has played a total of 504 NHL regular-season games for Boston and Toronto. He has 195 goals and 194 assists. He also has 13 goals and eight assists in 22 playoff games.
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