Parayko's arbitration hearing was scheduled for Thursday, but the sides reached a deal shortly before the session was to begin. The Blues reportedly had submitted offers of $3.4 million and $3.6 million for each of two years. Parayko's side countered with a one-year offer of $4.85 million. The deal has a $5.5 million annual average value and leaves the Blues a little over $2 million below the salary cap.

"You like to have as much wiggle room as possible," Armstrong said. "Now we view the cap will stay flat for the foreseeable future. We're content with the space we have. We'll move forward and get ready for training camp."

Even though Parayko has only two years in the NHL, the team clearly sees him as a linchpin of its defensive core, locking up his services through 2022. At present, Parayko and Pietrangelo are the only defensemen under contract with the team after the 2018-19 season.

Parayko burst onto the scene in 2015-16 after playing three seasons at Alaska-Fairbanks. Largely unknown entering camp, Parayko grabbed a spot on the roster ahead of several more experienced candidates and quickly became a top-four defenseman after playing just 17 pro games in the AHL at the end of the previous season.