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The Philadelphia Flyers are locking up one of their top young talents for the foreseeable future. The Flyers have signed winger Owen Tippett to an eight-year, $49.6 million contract extension that will carry an annual cap hit of $6.2 million.

Tippett is currently in his third season with the franchise after he was acquired in a deal that sent veteran center Claude Giroux to the Florida Panthers at the 2022 trade deadline.

The 24-year-old Canadian is currently in the middle of a stellar season that has seen him register 30 points (18 goals and 12 assists). Tippett was placed on injured reserve on Tuesday as he is currently dealing with a lower-body injury.

Tippett, who was originally selected with the No. 10 pick in the 2017 NHL Draft by the Panthers, has racked up 119 career points (63 goals and 56 assists) during his NHL career. He's coming off the most impressive campaign of his young career with a 49-point season (27 goals and 22 assists) in 77 games during the 2022-23 season.

The Flyers forward had tallied three goals and an assist over his last three games before suffering the injury. Tippett registered a pair of goals in a 5-1 win against the Dallas Stars on Jan. 18.

Tippett has been an integral part of the team's success this season. The Flyers currently possess a 25-18-6 record (56 points) and sit in third place in the Metropolitan Division.