The New Jersey Devils have signed forward Timo Meier to an eight-year, $70.4 million contract extension, the team announced Wednesday.

Meier landed with New Jersey in a blockbuster trade in February between the Devils and San Jose Sharks. San Jose shipped Meier -- in the final season of a four-year, $24 million contract -- to New Jersey while retaining 50% of his cap hit, and received a package of four players and three draft choices in return.

It was a potentially risky move by New Jersey at the time given Meier was scheduled to become a restricted free agent on July 1, carrying a $10 million qualifying offer. The Devils believed they'd have a shot at inking Meier to a long-term contract, and were able to make that happen.

Meier, 26, had spent the entirety of his career with the Sharks since San Jose drafted him ninth overall in 2015, and had reached the 30-goal mark three times with them. The transition into New Jersey's system took time, and Meier finished the regular season with nine goals and 14 points in 21 games. He added another two goals and four points in 11 postseason games, before the Devils were eliminated by the Carolina Hurricanes in their Eastern Conference second-round series.

Now, Meier should be a significant factor in New Jersey's lineup for years. Last season New Jersey finished with a franchise-best 112 points and made the playoffs for only the second time in over a decade. The Devils' renaissance will continue to be led by Meier, Jack Hughes, Nico Hischier and other key young players.

Earlier this month, Devils GM Tom Fitzgerald signed forward Jesper Bratt to an eight-year, $63 million extension, defenseman Erik Haula to a three-year deal, traded pending UFA Damon Severson to Columbus for a 2023 third-round draft choice and on Tuesday acquired forward Tyler Toffoli in a trade with the Calgary Flames while also trading the rights to pending RFA Mackenzie Blackwood to San Jose.

New Jersey has about $10 million in cap space to wield as well, per CapFriendly.