On June 29, 2016, two days before Stamkos was set to become an unrestricted free agent, the Lightning signed him to an eight-year, $68 million contract extension with an annual average value of $8.5 million. Stamkos played in 77 games with the Lightning the previous season, scoring 36 goals and 64 points, ranking first in goals and second in points for the team. General manager Steve Yzerman said of the signing, "e are very appreciative of the effort and commitment that Steven and his representatives have exhibited in getting a deal done." He continued, "We are excited to have him as a cornerstone part of the team for the next eight years as we continue in the franchise's ultimate goal of winning another Stanley Cup."