Steven Stamkos participates in drills at Tampa Bay's prospect camp at Victoria on Tuesday. (Darryl Dyck/Canadian Press)

Steven Stamkos knows there's plenty of hard work in the months ahead, but he fully expects to be a factor for the Tampa Bay Lightning next season.

Tampa Bay announced Tuesday the signing of No. 1 draft pick Stamkos to a three-year deal.

Stamkos, 18, will earn the entry level maximum of $875,000 US per season, with a series of bonuses that could net another $8.5 million over the duration of the deal.

"For me it's been a great summer, obviously, a dream come true with the draft and to officially sign the contract today is just one step closer to fulfilling my dream of starting an NHL career," he told CBCSports.ca during a media conference call.

Stamkos was selected first overall in the NHL entry draft in June after two impressive seasons with the Sarnia Sting of the Ontario Hockey League.

Stamkos recorded 197 points in 124 regular season games with Sarnia after being the top overall pick in the 2006 OHL draft. The forward also averaged over a point per game while representing Canada at the world junior and world under-18 hockey championships.

Stamkos, who will wear his favourite No. 91, is getting the chance to show his stuff this week along with the Tampa Bay's other players aged 18 to 25 at the Lightning prospect camp, being held at Bear Mountain Resort in Victoria.

The Markham, Ont., native isn't taking anything for granted but said he believes he can make an immediate contribution in the NHL in the way Patrick Kane and Jonathan Toews of the Chicago Blackhawks and Sam Gagner of the Edmonton Oilers did the past season.

First Canadian selected No. 1 since Crosby

Some scouts believe he has the even greater potential than those fine players. Preternaturally mature off the ice, Stamkos has shown scoring and playmaking abilities on the ice without forgetting about defensive duties.

He is the first Canadian selected No. 1 overall since Sidney Crosby in the 2005 draft.

Crosby's first coach with the Pittsburgh Penguins was Ed Olczyk, who went from the broadcast booth to behind the bench of an NHL club. Stamkos will play under Barry Melrose, who is returning to the bench after over 12 years as a hockey commentator.

Melrose's lengthy absence from the frontlines of the game doesn't seem to concern the upbeat Stamkos.

"I had a chance to go out for dinner with him and he seems like a great guy," he told CBCSports.ca.

"Obviously when he was coaching in the NHL I was a little kid and don't really recall much, but from what players have played under him have said, he's a great person and respects you as a player and expects a lot, but that's his job."

Melrose replaced John Tortorella as coach, part of the beehive of activity surrounding the organization since a new ownership group led by Oren Koules took over in June.

Lightning coffers are open

In order to try to quickly turn around the team's fortunes after a last-place finish, the organization opened up the coffers to sign several free agents, including Ryan Malone, Radim Vrbata, Gary Roberts, Mark Recchi and Olaf Kolzig.

The new owners ensured superstar Vincent Lecavalier remained in the fold, signing him earlier in the month to a nine-year contract that could see him play his entire career with Tampa Bay.

"It makes you more comfortable as a player knowing there's guys there where I'm not going to have to be the go-to guy right away," Stamkos said.

"There's so many great players on this team I can just slide right in there and hopefully fit in pretty comfortably and have that confidence knowing those great players are alongside me, and just learning as much as I can from them."

The drafting of Stamkos and the free agent acquisitions have led to a marketing push to shine the spotlight back on the franchise that won the 2004 Stanley Cup, with the area being dubbed Hockey Bay, U.S.A.

The team opens its preseason schedule at home on Sept. 19 and will play in the NHL's inaugural regular season game, Oct. 4 in the Czech Republic against the New York Rangers.

Tampa Bay's prospect camp in Victoria will run until Friday.