It's Official: Ovechkin Has Signed

Those rumors you read on sites that aren't in the rumor-mongering business are partially true - Alex Ovechkin has signed a contract extension. However, the terms are not the reported six years/$54 million.

The official announcement will be made tonight following a team-hosted event for season ticket holders, and we'll follow up with all the details.
Update: Tarik confirms 13 years/$124 million. Jesus.

Update 2: Some quick math. Ovechkin's new deal will pay him:

• $9,538,461.54 per season for the next 13 years
  
• $116,322.70 per game for the next 13 seasons
• $5,311.54 per shift (based on his current season's shifts-per-game pace)
• $304,332.65 per hour of ice time (based on his current season's time on ice per game)

Update 3: The press conference audio, courtesy WashingtonCaps.com:
boomp3.com
Update 4: Fantastic video of Ted Leonsis making the announcement to season ticket holders (courtesy KCK):