The Ottawa Senators have acquired Jakob Chychrun from the Arizona Coyotes for a conditional first-round pick and two second-round picks.

It finally happened. 

After months of speculation, the Ottawa Senators have finally landed their most coveted target, acquiring defenseman Jakob Chychrun from the Arizona Coyotes in exchange for a conditional first-round pick in the 2023 NHL draft, a conditional second-round pick in 2024 and another second-round pick in 2026. 

The first-round pick is top-five protected, meaning if the pick falls inside the top five selections of the 2023 draft, it shifts to 2024 and becomes unprotected. 

Additionally, if the Senators reach the Eastern Conference final this season, the 2023 second-round pick they sent Arizona will become a top-10 protected 2024 first-round pick. If it falls within the first 10 selections of the 2024 draft, then the pick will shift to 2025 and become unprotected. 

And thus ends one of the most prolonged trade sagas in recent memory. 

Chychrun missed nine games over the past few weeks due to "trade-related reasons," actively being sat out of games by his team in order to be preserved as an asset and not risk injury. 

After commanding a hefty price for their young star's services ever since he became available, the Coyotes became somewhat hamstrung by the surging market for defensemen ahead of the trade deadline, ultimately relinquishing Chychrun to the Senators for what appears to be a lesser package than initially thought. 

Make no mistake, Chychrun is exactly what the Senators need as they hope to take a big step forward next season and beyond. The 25-year-old is a legitimate top-pair defender, having racked up seven goals and 21 assists for 28 points in 38 games this season, all while logging over 23 minutes in average ice time. 

Signed for a mere cap hit of $4.6 million through 2024-25, Chychrun is a young, high-end, cost-controlled asset that could be a mainstay of Ottawa's blueline for years to come. 

Chychrun has a left shot, but he may move to the right side in Ottawa, with Thomas Chabot and Jake Sanderson cemented in the top two left 'D' slots. 

The Senators are currently five points out of a wild-card spot in the Eastern Conference in a battle with six other teams for the two slots. Moneypuck.com has the Sens at a 17.2-percent chance of making the playoffs and a 2.8-percent chance of making the conference final.

It will be interesting to see if the Sens make more moves before the trade deadline or in the off-season. Forward Alex DeBrincat is a pending RFA, along with forward Shane Pinto, defenseman Erik Brannstrom and three others currently on Ottawa's roster. Ottawa also has four pending UFAs with just over $16 million in projected cap space next season. The cap space may be tight, but to Ottawa, it appears to be worth the risk as they transition out of a rebuild.

Stay tuned. More trades appear to be coming.