The Montreal Canadiens agreed to an eight-year contract with defenseman P.K. Subban on Saturday.

The team did not release financial terms, but several media outlets reported it is worth $72 million. That would make Subban the highest-paid defenseman in the NHL. The contract runs through the 2021-22 season.

"We are very pleased to have reached a long term agreement with P.K. Subban. This agreement helps consolidate the future of our team," general manager Marc Bergevin said in a statement. "A key element of our group of young veterans, P.K. plays with a high level of intensity every time he steps onto the ice. Despite his young age, he carries a great deal of experience and brings contagious energy to the team. Defensemen of his level are a rare commodity in the NHL."

The agreement was announced one day after the two sides met in an arbitration hearing.

Subban, 25, won the James Norris Memorial Trophy as the NHL's top defenseman in 2013. He followed that with 10 goals and 43 assists in 82 games last season. He tied for fifth in the league among defensemen with 53 points. He also led the team in scoring during the playoffs with 14 points in 17 games as Montreal advanced to the Eastern Conference finals.

Subban, a second-round draft pick of the Canadiens in 2007, has 42 goals and 167 points in 284 NHL games and 10 goals and 30 points in 43 playoff games. He also helped Canada win a gold medal at the 2014 Sochi Olympics.