With the news that Senators owner Eugene Melnyk would be making a "significant hockey announcement" shortly after 9 am this morning, the speculation began. New ownership, outdoor games, and new captain were the most common suggestions until noted hockey insiders got in on the act:

Haven't sifted thru twitter, but source suggests this am's Sens announcement could also be signing of Bobby Ryan. — Darren Dreger (@DarrenDreger) October 2, 2014

Hearing OTT signs Bobby Ryan to a 7-year extension. AAV just over $7m per. — Elliotte Friedman (@FriedgeHNIC) October 2, 2014

Bobby Ryan's contract extension with OTT is 7 years with an AAV of $7.25M. — Bob McKenzie (@TSNBobMcKenzie) October 2, 2014

Whoa.

Despite suggestion he wanted to see how things went this season before committing, Ryan doesn't want to try free agency. It also shows how rare it is for star UFAs to reach free agency. You can debate how Ryan will play in the final couple of years of that contract, but for obvious reasons, the Sens needed to get this deal done. Inking Ryan for market value is huge and eliminates a huge distraction this season.

More to come.