Derek Stepan's extension a great one for Rangers

Jeff Gorton's productive first offseason as the New York Rangers general manager continued Monday by securing first-line center Derek Stepan to a multi-year contract below market value.

The contract is worth $39 million over six years. Stepan was set to have an arbitration meeting Monday morning.

There was a fear this summer for the salary cap-strapped Rangers that Ryan O'Reilly's seven-year, $52.5 million extension with the Buffalo Sabres would set the bar for Stepan, who is a year older and has been more productive.

But the Rangers were able to sign their first-line center at a very reasonable cost, for what figures to be his most productive seasons. Stepan's $6.5 million cap hit ranks 18th in the league among centers, just below the Washington Capitals' Nicklas Backstrom and ahead of the Carolina Hurricanes' Jordan Staal. New York has $425,875 in cap space, according to generalfanager.com, with a roster that is filled out.

Stepan recorded 16 goals and 55 points in 68 games during the regular season, a career-best ratio. Over the past three seasons, Stepan has been one of the most productive forwards at even strength. His 2.13 points per 60 minutes is 31st in the NHL from 2012-2015 among players with at least 1,000 minutes. That ranking looks even better when narrowing it down to only centers, where he's 11th during that timeframe.

A second-round pick in the 2008 draft, Stepan has given the Rangers a formidable one-two punch at center with Derrick Brassard, even more crucial at a time with a dearth of high-impact players down the middle. He plays in all situations, and against the opponent's best players.

The worry for the Rangers is that they controlled 46.5 % of the puck possession with Stepan on the ice last season, his lowest mark of his career. But Stepan was often held down by his linemates, and because he has been on the positive end of that metric, a return to better territorial play should be in order this year.

Gorton, who has been on the job since July 1, has done a commendable job this offseason. At the NHL draft, he acquired Emerson Etem from the Anaheim Ducks for Carl Hagelin,  who is due for a hefty raise, and he traded Cam Talbot for draft picks. He also added Viktor Stalberg for bottom-six depth and Raphael Diaz as the seventh defenseman.