Goaltender Mike Smith will remain with the Coyotes, officially signing a six-year contract to remain with Phoenix and avoid free agency.
Smith's contract is worth more than $34 million. He was expected to be one of the top free agents on the market when signings with other teams can begin Friday.
"I'm thrilled to re-sign with the Coyotes," Smith said. "We have a great young team and an excellent coaching staff and management team. I've really enjoyed playing in the Valley the past two seasons and this is where I wanted to stay."
General manager Don Maloney said the multi-year contract with Smith was a clear priority as the future of the franchise in Glendale remains in flux.
Smith went 15-12-5 with a 2.58 goals-against average, .910 save percentage and five shutouts in 2012-13 after carrying the Coyotes to the Western Conference finals in 2011-12.
"Mike has emerged as a top NHL goaltender with his size, athletic ability and strong work ethic," Maloney said. "He is capable of leading us to a Stanley Cup championship, the goal of our franchise."