The Ottawa Senators have reached the basement, but they are banking on one building block, signing promising young defenseman Thomas Chabot to an eight-year extension.

The deal, which the team announced Thursday, carries an annual average value of $8 million and keeps him under contract through the 2027-28 season. Chabot is going into the final year of an entry-level deal with an AAV of $1.223 million.

"Thomas is an exceptional talent and an outstanding teammate, who is impactful both on and off the ice," Senators general manager Pierre Dorion said in a statement. "He is the type of player that can develop into a core member of a championship-level team in the National Hockey League. He is an NHL All-Star; an elite skater and puck-mover who plays with pace and determination. We are convinced Thomas will have a significant impact on the Ottawa Senators as we develop and grow into a highly competitive team over the coming seasons and we are extremely proud that Thomas will continue to be a key part of our team's future success moving forward. Today is a great day for the Ottawa Senators franchise."

Chabot, 22, followed up a 25-point rookie season with 14 goals and 41 assists last season, earning All-Star honors for the first time. His production came despite the Senators finishing with a league-low 64 points and missing the playoffs for the second season in a row.

In fact, the Senators have been trading top-notch players in a full rebuild. Gone are Erik Karlsson, Mike Hoffman, Matt Duchene, Mark Stone and Ryan Dzingel in just the past few seasons.