Bennett's eight-year deal will pay out on average $8 million per year.
Bennett, coming off yet another Stanley Cup victory for the Panthers, was awarded the Conn Smythe Trophy (Stanley Cup Playoffs MVP) after posting 15 goals and seven assists during the playoffs.
In 76 games during the regular season, Bennett put up 26 goals and 25 assists as one of the team's centerpieces that eventually landed them in celebration of winning the Stanley Cup in back-to-back years.
Bennett has spent the past four seasons with the Panthers after being dealt in a trade involving the Calgary Flames during the 2020-2021 season - ironically the same deal that involved forward Emil Heineman, who was also traded on Friday.
After being taken fourth overall in the 2014 NHL Draft, Bennett spent six years as a member of the Flames. Now, the 29-year-old will look to finish his career in Florida as the team looks to go for a three-peat next season.