DETROIT -- The Detroit Red Wings made another investment this week in a young standout, signing Moritz Seider to a seven-year contract worth nearly $60 million.

The Red Wings announced the move with the 23-year-old German defenseman on Thursday, three days after keeping 22-year-old forward Lucas Raymond with a $64.6 million, eight-year deal.

Detroit drafted Seider with the No. 6 pick overall eight years ago and he has proven to be a great pick. He has 134 career points, the most by a defenseman drafted in 2019.

He was the NHL's only player to have at least 200 hits and block 200-plus shots last season, when he scored a career-high nine goals and had 42 points for the second straight year.

Seider won the Calder Trophy as the league's top rookie in 2022 after he had a career-high 50 points.

Red Wings general manager Steve Yzerman is banking on Seider, whose contract will count $8.55 million annually against the cap, and Raymond to turn a rebuilding team into a winner.

Detroit has failed to make the playoffs in eight straight seasons, the longest postseason drought in franchise history.

The Red Wings, who won four Stanley Cups from 1997 to 2008, have been reeling since their run of 25 straight postseasons ended in 2016.

Detroit was 41-32-9 last season and finished with a winning record for the first time since its last playoff appearance.

Yzerman re-signed Patrick Kane last summer and signed some free agents, including Vladimir Tarasenko to a two-year contract worth $9.5 million after he helped the Florida Panthers hoist the Cup.