The Toronto Maple Leafs have signed veteran defenseman Jake McCabe to a five-year, $23.5 million extension, the team announced Monday morning.

While that would normally equate to an average annual value of $4.7 million, the Maple Leafs included deferred money in the deal to bring the AAV down to $4.51 million. For a team constantly up against the salary cap, this little extra flexibility will surely come in handy.

McCabe, 31, arrived in Toronto via a mid-season trade with the Chicago Blackhawks in February 2023. In 132 games with the Maple Leafs, the Eau Claire, Wisconsin native has 42 points (six goals, 36 assists ) and a +20. rating. He has three assists in nine games this season while averaging 21:09 of ice time.

He may not be a big factor in the offensive zone, but McCabe is very solid defensively and holds a spot on the best penalty kill unit. For the Maple Leafs, this is exactly the type of player they were looking for when they acquired him.

McCabe, a second-round draft pick of the Buffalo Sabers in 2012, is in the final year of a four-year, $16 million contract he signed with Chicago in 2021. However, the Blackhawks retained 50 percent of his salary in the trade, so the Maple Leafs are only paying him $2 million per season, a bargain for what he provides. Even with its new cap, it remains very good value for money.

The Maple Leafs have two other key players in the final season of their contracts: star forwards Mitch Marner and John Tavares. Re-signing them could prove difficult, but both have publicly expressed their desire to stay in Toronto.

Toronto, off to a 4-4-1 start to the season, travels Monday night to face the undefeated Winnipeg Jets.

Be sure to bookmark Breakaway OnSI for the latest news, exclusive interviews, recruiting coverage and more!