A King’s Ransom: By signing Henrik Lundqvist to a seven-year extension worth $59.5 million, the Rangers are banking on their best to deliver a Stanley Cup.

In what’s been a bizarre season, it took another turn today. The Rangers have signed Henrik Lundqvist to a seven-year extension worth a reported $59.5 million. It comes on the heels of surprising rookie backup Cam Talbot making a second straight start in Monday’s 5-2 loss to Winnipeg.

At 31, Lundqvist is the unquestioned number one goalie of the Rangers. A former Vezina winner who won 30 or more his first seven seasons, he’s been the backbone of the franchise. That included a memorable ’11-12 in which he established career bests in wins (39), goals-against-average (1.97 GAA), save percentage (.930). He also posted eight shutouts. His best season helped the club win the Atlantic Division and clinch the East’s best record. They rode him all the way to Eastern Conference Final before falling short of their goal of winning the Stanley Cup. During that run, Lundqvist finished with a 1.82 GAA, .931 save percentage and three shutouts. That included clutch performances to stave off elimination against the Senators and Capitals.

With expectations through the roof, the Rangers struggled to duplicate that success in the shortened season of 2013. After a slow start, Lundqvist heated up down the stretch carrying the low scoring club to the sixth seed. Despite only two shutouts, he finished 24-16-3 with a 2.05 GAA and .926 save percentage once again getting nominated for the Vezina which went to Sergei Bobrovsky. Lundqvist led the Blueshirts past the Capitals in the first round. Facing elimination, he shut them out in Games 6 and 7 to set up a Conference Semifinal against the Bruins. They were no match losing in five games. Following their ouster, Lundqvist was notably outspoken contradicting former coach John Tortorella by indicating they went backwards. It led to his dismissal. Ironically, Tortorella traded places with former Canucks bench boss Alain Vigneault.

In what was expected to be a better season, the Rangers find themselves a disappointing 14-14-0 with 28 points clinging onto third place in the newly formed Metropolitan Division. Interestingly, Lundqvist has been inconsistent in the final year of a six-year $41.25 million. That included an unexplained week absence with the club terming it an ‘undisclosed injury.‘ When he returned, he performed better and the team started winning. However, they remain an enigma. Unable to reach two games over .500, they alternate between winning and losing. After picking it up, Lundqvist has cooled off. In a pressure packed year, he’s 8-11-0 with a 2.51 GAA, .917 save percentage with two shutouts. Ironically, Talbot won six of his first seven starts before finally allowing more than two goals the other night.

No stranger to goalie controversies, Vigneault was non-committal on who would start tomorrow at Buffalo. Before today’s stunning news, the topic was whether Talbot would get a third consecutive game with Lundqvist healthy. Leave it to Rangers Team President and GM Glen Sather to throw a wrench in those plans. There wasn’t a hint that he would re-sign Lundqvist to such a lucrative deal. TSN’s Darren Dreger broke the terms on Twitter.

The length isn’t surprising. The term is overpayment. Even for a star of Lundqvist’s magnitude, it’s insane to pay him a cap average of $8.5 million over seven years. By the time the contract ends, he’ll be 39. No goalie is worth that. The position is too risky. Only one goalie has proven capable of staying that durable. He plays for the enemy Hudson rival. Of course, I’m referring to Martin Brodeur. He doesn’t play the butterfly. But rather a unique stand up style that isn’t as stressful. It’s probably why he’s lasted so long. His athleticism and stickhandling are second to none which has always aided the Devils. Even with the Brodeur Rule, he doesn’t see as many shots.

It remains to be seen if Lundqvist can remain healthy throughout the new contract which doesn’t start until ’14-15. He’ll be 32. I’m skeptical because that is an awful lot of money to commit to one player. Even with cap rumored to be increasing, how much will Sather have left to re-sign Ryan Callahan and Dan Girardi? Don’t forget Anton Stralman is unrestricted. He’s been a bargain earning $1.7 million. One of Slats’ best moves, he’ll likely command more than double the salary. Sather might have to decide what’s wiser. Overpaying Girardi long-term or keeping Stralman for a more affordable cost. Callahan might command upwards of $6 million. A daunting proposition.

With Brian Boyle, Dominic Moore, Benoit Pouliot and Taylor Pyatt all up after the season, the roster could look very different. If the team continues to underperform, there’s no guarantee it’ll stay intact. Sather could make some cost cutting moves to retrieve draft picks. He also must make decisions on potential RFA’s Derick Brassard, Michael Del Zotto, Justin Falk, Chris Kreider, John Moore and Mats Zuccarello. Of the players listed, only Del Zotto remains a giant question mark. With scouts at Monday’s game including rumored trade partner Ottawa, he could be moved. Sather must also decide what to do with Brad Richards, who’s had a bounce back season leading the team with 20 points (7-13-20). He can use the amnesty clause next summer or risk keeping him. Richards is signed through 2019-20 at an average cap hit of $6.67 million.

This doesn’t take into account struggling defenseman Marc Staal. The alternate captain is a popular teammate who’s been an integral part of the core. He’s 26 and is a shutdown D when right. Following a career threatening eye injury, he’s returned playing in every game. Unfortunately, his play has suffered. In 28 games, he has two goals and one assist while posting a minus-seven rating. Following a surprising preseason, he was expected to contribute more offensively. Instead, he’s frequently been caught pinching and out of position defensively. Signed through ’13-14, Staal earns $3.975 million. He’s going to be due a big raise. The question is can he turn it around or is he no longer capable of being the player he once was. It’s probably the toughest decision the organization might have to make.

All these questions make one wonder what the future holds for the Rangers. They’re clearly not on the level of elite teams Boston and Pittsburgh. However, it’s not like the gap is that wide between the next level that includes Montreal, Detroit and Tampa Bay. Toronto and Washington are beatable. It more depends on how the Rangers respond the rest of the way. They can either continue to tread water and struggle to make the postseason or perform better and climb up the ladder. There aren’t many better goalies in the East than Lundqvist with maybe Tuukka Rask on that level. They still have the premier goalie. Even if he hasn’t played up to his high standard, that shouldn’t continue. Henrik has gone through slumps before. Maybe with the contract done, he’ll relax. It had to be unsettling.

It’s hard to predict how Lundqvist will look in the second half of that seven-year deal. He still has a few prime years left. What can’t be questioned is his desire to be the best. He wants to win here. It would’ve been very easy to play out the year and leave for a better team. The bidding would’ve been insane. By staying put, he’ll probably be a Ranger for his entire career. So far, Lundqvist has won 284 games ranking second highest among the franchise trailing Mike Richter (301). He needs 18 more to surpass him. His 47 shutouts trail franchise record holder Ed Giacomin by two. When it’s all over, Lundqvist will own every record. Fitting for a King who’s also won Olympic gold with Sweden. All this from a guy who was a seventh round pick in 2000 selected 205th overall. Full credit to former European scout Christian Rockstrom.

If he wants to be considered the best, winning a Stanley Cup here is required. He’s been the Rangers’ Team MVP seven consecutive years. The pressure will be even more immense. Paid a King’s ransom, he’s the highest paid goalie in the NHL. For better or worse, it’s a marriage that will determine the franchise’s fate.