UPDATE: The Sabres have announced O'Reilly's extension - 7 years and $52.5 million, for a cap hit of $7.5 million per season. However, the way it's structured is very unique:

ROR contract very interesting. Salary is $1M per year. Rest is signing bonus: 10, 8, 7.5, 5, 5, 5 and 5. — Elliotte Friedman (@FriedgeHNIC) July 3, 2015

This contract provides O'Reilly a bit of buyout protection, as you can't buy out signing bonuses. Not to scare you or anything, but this deal is structured similarly to the one David Clarkson signed in Toronto, though I this isn't nearly the over-payment that was included in Clarkson's deal.

The Sabres now have O'Reilly signed through the 2022-23 season. He will be 31 at the end of this contract.

Original article: Tim Murray has had a very busy and productive offseason, but one of his major moves during the draft carried with it a hefty amount of uncertainty.

Ryan O`Reilly had been on the trade market for years thanks to his demands for a big new contract. Today, it appears the Buffalo Sabres have given him the extension he's been looking for.

Sabres, who've waited a long time for No. 1 center, have agreed to contract extension with Ryan O'Reilly. http://t.co/moeGyE8zhx — John Vogl (@BuffNewsVogl) July 3, 2015

O'Reilly is expected to serve as the Sabres #1 center next season as Jack Eichel adjusts to the NHL game and schedule. Once Eichel is comfy enough to take over the top spot, O'Reilly can either move to center the second line, or he has experience playing on the wing as well.

Wherever he lines up, the Sabres will be getting a talented, hard-working player who drives possession like nobody they've had and dominates play in the neutral zone. And now, they'll have that player for many years to come.

No financial numbers or term have been released yet, but we will update this post as soon as they become public.