Dion Phaneuf is on the verge of signing a seven-year extension with the Leafs, valued at $7 million per year. The cap hit comes with major sticker shock, but it's a deal the Leafs needed to make.

It's not often that an elite No. 1 centre hits the open market, and the Anaheim Ducks made sure it won't happen this year, giving Ryan Getzlaf an 8-year deal worth $8.25 million a season.

Getzlaf now owns the fourth highest cap hit in the league, tied with Eric Staal and behind Alex Ovechkin, Evgeni Malkin, and Sidney Crosby. That's big money, especially for a player coming off a down season. But Getzlaf has already proved that last season was an anomaly. He's tied for fifth in points with 29, and is on pace to register the best season of his career—a career in which he's only failed to break a point-a-game three times, two of which were his first two seasons.

Throughout his career, Getzlaf has been a dominant two-way centre; coaches aren't afraid to start him in the defensive zone and he's even being used to kill penalties under Bruce Boudreau. He is a puck-possession beast that plays a physical game. If there is any player worthy of huge money, it's Getzlaf.

But regardless of Getzlaf's ability, $8.25 million is a huge number that elicits a strong negative reaction. However, despite its humongous size, Getzlaf's deal is fair market price for a No. 1 centre about to become an unrestricted free agent.