General Manager George McPhee just announced that the Washington Capitals agreed to a one year extension with superstar Left Winger Alex Semin. Terms of the deal have not been disclosed. Per Tarik El Bashir’s Blog:

Winger Alexander Semin has agreed to a one-year contract extension, GM George McPhee confirmed to me moments ago. Semin, who is in the final year of a two-year contract, would have become a restricted free agent July 1.

He will become an unrestricted free agent after the extension expires in 2011.

Does this setup an opportunity for the Capitals to actually resign Semin to a long-term deal next year? The Russian Machine thinks so. Remember, the Capitals still need to have the flexibility to handle Michael Nylander and his cap hit on the roster next year if something unforeseen happens, and this 1 year contract essentially buys them time.

Plus, it further allows the team to make sure this is an investment it wants to make. And with someone as enigmatic as Semin, this is smart. We applaud GMGM. Now let’s get Nicklas Backstrom signed to a 15 year deal!!

Update: It is a one year 6 million dollar deal and George McPhee said that Semin preferred the one year pact. McPhee also said that he’s trying to keep the team together and is interested in locking him up long term. Also, interesting perspectives: Puck Daddy Editor Greg Wyshynski and Capitals Beat Writer/Translator Dmitry Chesnokov say the Capitals have a two year window to win the Stanley Cup. Reading into their answers it makes me feel like a KHL Russian Team may make a serious run at Semin to get him to return to his native country once he’s a free agent next year.