Alex Ovechkin, the NHL's all-time leading goal scorer, will play his 22nd season with the Washington Capitals. The team announced Thursday he signed a one-year contract worth $4.25 million annually. Ovechkin, who turns 41 this season, played all 82 games last year, recording 32 goals and 32 assists, bringing his career total to 929. His decision follows extensive deliberation with his family and the club regarding his future in the league.

This new deal represents a significant pay cut from his previous contract, which had a $9.5 million cap hit. The new agreement includes a $1 million base salary plus a $3.25 million signing bonus. An additional $4.75 million bonus is achievable if he plays at least 10 games, potentially bringing his total earnings to $9 million. Ovechkin had previously expressed openness to playing in the KHL, but ultimately chose to continue his NHL career in Washington.

The Capitals missed the playoffs for the fifth time since drafting Ovechkin in 2004, finishing two points shy this past season. Despite the team's recent struggles, Ovechkin's commitment signals a continued pursuit of his scoring records and a desire to compete. His return solidifies the Capitals' forward core for at least one more season, aiming to improve their standing in a competitive Eastern Conference.