The San Jose Sharks have signed captain Joe Thornton to a $21 million, three-year contract extension, the team announced Saturday.

Thornton, who is earning $7.2 million this season, was slated to become an unrestricted free agent July 1 and would have been arguably the biggest name on the market.

"Joe stepped up and made a tremendous commitment to this franchise, his teammates and the fans in San Jose," Sharks general manager Doug Wilson said. "We are very pleased that we now have another key piece of this team's core under contract for the next four seasons."

The 31-year-old center has been among the league's scoring leaders for the better part of his career, winning the Hart Trophy as NHL MVP in 2005-06 and helping Canada capture Olympic gold at the Vancouver Games.

He was second in the NHL last season with 69 assists.

Jumbo Joe takes a paycut to sign extension with the Sharks, I'm not surprised. He elected to go with the comfortable environment versus testing FA.