The New Jersey Devils locked up one of their young stars for the long term.

Nico Hischier signed a seven-year contract extension Friday worth $50.75 million, with an annual average value of $7.25 million. That number represents a sizable increase from his rookie contract worth $925,000 per season, which runs through this season. The 20-year-old is now under contract through 2026-27.

“We are all excited to get ahead of the process and be able to come to a deal with Nico and his team that’s beneficial for both sides,” Devils general manager Ray Shero said, via press release. “At a young age he’s established himself in the League as a driver of 5-on-5 play and can thrive in all situations.

“He’s developed into a top-end, complete center not only with what he does with the puck, but just as important, his play away from the puck. Nico will be a big part of this organization moving forward and we are excited for his continual growth.”

Hischier, the top pick in the 2017 NHL Draft, is a valuable two-way forward that the Devils expect to be a franchise cornerstone along with 2019 top pick Jack Hughes.

In his rookie season of 2017-18, Hischier posted 20 goals and 52 points. He was on his way to improving those totals as a sophomore, but finished with 17 goals and 47 points in 69 games while battling injuries. The 6-foot-1, 175-pound Swiss pivot has two assists in six games in 2019-20.

Having Hischier under contract for the long haul could help Shero signal to Taylor Hall that the team is committed to being a Stanley Cup contender. The 2018 MVP, who can become a free agent after this season, continues to work out his future with the team.