Philly Front Office

A few months back, the NHL announced that not only did they have an extension to their Collective Bargaining Agreement ready to go but also that the business of hockey is good. How good? Significant annual raises to the salary cap for the next 3 years good. If anyone remembers what happened in the NBA during the Kein Durant cap spike year, you know what’s coming. Guys are about to get paid. It started today with the Minnesota Wild extending winger Kirill Kaprizov to an 8/$136m contract. There’s much more to come…

NHL Salary Cap Spike

Kaprizov is 28 and already under contract for 25-26 at $9m thanks to the final year of a 5/$45m contract he signed in 2021. For those who don’t know, Kaprizov is a scoring phenom. Over a full season, he averages upper 40s goals and assists in the 50s making him one of the few players in the world who can legitimately threaten 100 points year in, year out. Last year he only played half a season but was outperforming his own standards with a 112-point pace per 82.

His new deal places him at the top of the important salary categories including total value and average value. Kaprizov’s total value outpaces the previous record holder by a significant margin. Back in 2008, Alex Ovechkin signed a 13/$124m contract that was still the record by the time it ended. Part of the reasoning was that the NHL capped contract lengths so no one goes past 8 years anymore.¹ Why’d they do that? Because Shea Weber and his 14-year contract has been traded twice and is still on the books in Chicago (the Flyers desperately tried to be the team to give it to him) despite not playing in 5 years.

There have been eight $100m contracts in NHL history. Here are the top-10 and when they started:

1. Karill Kaprizov – 8/$136m – 2026
2. Alex Ovechkin – 13/$124m – 2008
3. Leon Draisaitl – 8/$112m – 2025
4. Shea Weber – 14/$110m – 2012
5. Sidney Crosby – 12/$104.4m – 2013
6. Nathan MacKinnon – 8/$100.8m – 2023
7. Ilya Kovalchuk – 15/$100m – 2010
8. Connor McDavid – 8/$100m – 2018
9. Zach Parise – 13/$98m – 2012
10. Ryan Suter – 13/$98m – 2012²

Interesting right? Only 4 of the ten biggest contracts ever are still actively being used. What does that mean? Well, this list is about to go through some serious change. Why did it take so long to get back to this level? Because average annual values are finally, after almost two decades, making up for the lost years in the contracts.

Not pictured on the previous list is Auston Matthews of the Toronto Maple Leafs. That’s because Matthews signed two shorter length contracts of 5/$58m and 4/$53m that put him close to the top of the league in AAV each time he signed and that’s why he’s on the next list twice. Here is the current list of highest ever contracts in terms of AAV:

1. Kirill Kaprizov – $17m – 2026
2. Leon Draisaitl – $14m – 2025
3. Auston Matthews – $13.25m – 2024
4. Nathan MacKinnon – $12.6m – 2023
5. Connor McDavid – $12.5m – 2018
6. Mikko Rantanen – $12m – 2025
7. Mitch Marner – $12m – 2025
8. Artemi Panarin – $11.6m – 2019
9. Auston Matthews – $11.6m – 2019
10. Elias Pettersson – $11.6m – 2024

What does this list tell us about what just happened and what is coming next? Contracts are about to get very wild and ironically the Wild just did the rational thing by going first. His $17m blew away Draisaitl because the salary cap went up by $7.5m this year, will go up $8.5m next year, and $9.5m the year after that. Did you notice anyone shockingly low on each list? That would be former AAV leader and face of the NHL Connor McDavid. His 8/$100m contract is up after this season. Whoa buddy…

McDavid is in the interesting position of KNOWING that he will regain his highest paid throne as soon as he wants to. That probably means he will wait out some other contracts first. Jack Eichel of the Golden Knights may look to top Kaprizov now. Eichel already signed an 8/$80m extension 7 years ago with Buffalo, so $10m is his floor. He probably shouldn’t top double K, but that’s not usually how contracts work. They are roughly the same age, but Eichel has a Stanley Cup to brandish that KK does not. Then there is Colorado defenseman Cole Makar. He isn’t eligible for a contract extension until next year, but will almost definitely top the Kaprizov contract considering the increased cap. Let’s say he gets $18m per year over 8 years totaling $144m. What happens if McDavid waits that extra year instead of re-upping now?

Kaprizov blew away the old records and rightfully so. McDavid is not only significantly better, but he is infinitely more marketable. Put it down now that his next contract is going to average $20m per year. That’s 8/$160m. It might end up being more. It could come as early as the next few days.

All contract info courtesy of Spotrac

1. It’s important to note that after September 2026, maximum contract lengths will be decreased to 7 years for players sticking with their original team and 6 if they are switching ↩︎
2. Parise and Suter were teammates. These identical contracts were signed on the same day. Flyers were in on Parise too. ↩︎