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The Columbus Blue Jackets have locked up their franchise player, signing star winger Rick Nash to an eight-year, $62.4 million deal.

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Jamie Sabau/Getty ImagesRick Nash is Columbus' all-time leader in goals and points and is second all-time in assists.

The deal averages $7.8 million a year. Nash has one more season left on his current deal so the extension doesn't kick in until the 2010-11 season. When the extension starts, he will become the highest-paid player in franchise history.

"Rick made a significant statement to Columbus and for Columbus in terms of how he feels about playing here," Columbus general manager Rick Howson said. "He loves Columbus; he never wanted to leave. That's what made me so optimistic all along that we could sign him to an extension."

Nash is the anchor of a Columbus team that made their first postseason appearance in franchise history this past season. The sniper scored 40 goals and a career and team-high 79 points in 78 regular season games and had one goal and three points in four playoff games. The 40-goal season was Nash's second of his career and in 2003-04 Nash led the league with 41 goals to share the Maurice Richard Trophy for most goals in the regular season with Calgary's Jarome Iginla and Atlanta's Ilya Kovalchuk.

The 25-year old was the first overall selection in the 2002 NHL Entry Draft and began playing in the NHL immediately as an 18-year old. His is regarded as one of the games brightest young stars and has tailored his offensive skills into a well-rounded, two-way game. He was at his cottage in Ontario and not immediately available to return calls requesting comment on the new contract.

There had been speculation that his hometown Toronto Maple Leafs, among several others, would have been prime buyers for his services if he had entered the free-agent market.

Howson said it was important to note that the deal still allows the Blue Jackets enough wiggle room in their budget to get or keep other quality players to play with Nash and improve the team.

"He allowed us some flexibility," Howson said. "He's aware that by signing this contract that other players will be able to get paid as well."

Nash is a four-time All-Star and assumed the title of Blue Jackets captain from Adam Foote in March of 2008 after a meeting with then-head coach Ken Hitchcock.

The Columbus Dispatch reported that Nash, Howson and Nash's agent Joe Resnick met on June 30th in an attempt to lay out the Jackets' plan for the future and Nash's role in those plans.

"This is the most important contract I've ever been involved with," Howson told the Dispatch.

Nash said at the time that he had no interest in prolonged negotiations.

"I know what [today] could mean for me and the organization," Nash said. "I'd like it to happen quickly but, if it doesn't, I have no problem waiting until both sides are happy.

"I've come up right through the ranks; now I'm the captain. I love this organization; I love everything about it. Nobody wants to rob the other person; we just both want to be satisfied."

Nash's long-term contract fits into the current NHL landscape where seven, 10, and even the 12-year deal Marian Hossa recently signed are status quo.

"If I sign a five-year contract, I come out at the end of it at 30 years old," Nash said. "That's when most guys are in their prime.

"The crazy long-term contracts -- 10 years or so -- that could be kind of nice, too."

Nash is part of a young nucleus in Columbus that includes recent first-round picks Derick Brassard, Jakub Voracek, and Nikita Filatov respectively. The Jackets are still in the market for help on the blue line and perhaps another center. Nash's signing might make it easier to get players to commit to the team.

The Blue Jackets made two free-agent signings on Wednesday: center Samuel Pahlsson and goalie Mathieu Garon. Pahlsson adds another experienced puck-handler to the lineup and Garon will serve as a backup and mentor to Calder Trophy-winner Steve Mason.

At last month's NHL Awards in Las Vegas, he was named the winner of the NHL Foundation Player Award in recognition of his charitable work and commitment to the community. Earlier this week, he was invited to the orientation camp which will determine Canada's team in the 2010 Olympics.

Nash has 194 goals and 355 points in 441 career games.

Pierre LeBrun cover the NHL for ESPN.com.