NHLers reflect league’s cash-infused off-season

Leo Carlsson was in the car with his dad when the phone rang.

The Anaheim Ducks centre’s agent was on the other end. Carlsson couldn’t believe the numbers being rattled off.

“I was surprised,” he said at the NHL/NHLPA player media tour in Las Vegas earlier this month. “A weird feeling, (but it’s) where the league is heading.”

The Philadelphia Flyers were proposing an eye-popping five-year, US$90-million offer sheet in restricted free agency carrying a record-breaking — for a few weeks, at least — average annual value of $18 million to pry Carlsson out of California.

He signed the deal and the Ducks eventually matched to keep the 21-year-old in their brood. Carlsson putting pen to paper, however, was one of many lucrative pacts agreed to during hockey’s cash-heavy summer.

The NHL’s salary cap is jumping to $104 million in 2026-27, up from $95.5 million last season and a far cry from the flat $81.5-million-to-$83.25-million range coming off the COVID-19 pandemic.

The system is now flush with currency thanks in part to big-money national television contracts and increased advertising revenue. Players are taking advantage.

“These deals are crazy,” Vancouver Canucks forward Brock Boeser said. “Definitely didn’t see that coming, but it’s awesome.”

The biggest swings saw Chicago Blackhawks centre Connor Bedard snag a five-year, $75-million extension ($15M AAV), San Jose Sharks counterpart Macklin Celebrini get $94-million ($18.8M AAV) over the same term, and Colorado Avalanche defenceman Cale Makar secure an eight-year, $163.2-million agreement ($20.4M AAV).

“It shows where the cap’s going and where the league’s going,” Celebrini said. “An amazing thing.”

The NHL has historically been well behind the NFL, NBA and MLB in terms of compensation. The gap remains wide, but has closed some over the last stretch.

And even youngsters with thin resumes have also made bank.

The Ducks re-upped winger Cutter Gauthier (six years, $81 million), the Canucks signed defenceman Zeev Buium (eight years, $75.04 million) and the Washington Capitals locked in centre Justin Sourdif (eight year, $50.8 million), just to name a few.

Edmonton Oilers captain Connor McDavid was the league’s highest-paid player from 2019 through 2023 with a $12.5 million AAV before signing for the same dollar value last October over this season and next.

The superstar forward left money on the table for the rest of the roster in hopes of winning that elusive Stanley Cup — something Celebrini said was part of his calculus with the Sharks.

“Trying to find that balance,” he said before adding with a grin: “Sounds dumb because at the time it was the highest AAV ever, but it really was just a number that made sense.”

Pittsburgh Penguins captain Sidney Crosby’s AAV has stood at $8.7 million — a nod to his No. 87 jersey and below market value for at least the last decade — since 2008-09 when the cap ceiling was $56.7 million.

“It just evolves,” Crosby, a three-time Cup winner who consistently took less to leave more of the pie for teammates, said of the NHL’s financial ecosystem. “I don’t try to compare because now is different than then. It’s been a pretty sudden change with the last few contracts, with the offer sheet.

“The reality of where everything’s at.”

And while Celebrini and Carlsson went for shorter-term deals, other players made the call to lock in for the long haul during the recent flat-cap era.

Some of those contracts now look like bargains. So, is there any so-called “signer’s remorse”?

Vegas Golden Knights centre Jack Eichel bagged an eight-year, $108 million extension around the time McDavid signed last fall, and shortly after Minnesota Wild forward Kirill Kaprizov agreed on the same term for $136 million.

“We understood the numbers would continue to increase,” he said. “It’s an incredible deal for me and my family.”

Boeser, who signed a seven-year, $50.75-million contract in July 2025, is in the same boat.

“I’m not going to sit here and whine,” he said. “Very grateful.”

Ottawa Senators defenceman Jake Sanderson, meanwhile, agreed to an eight-year, $64-million extension in 2023.

“You love to see guys sign those deals for themselves, but maybe for your future self as well,” he said. “I’m still very happy.”

Buffalo Sabres centre Tage Thompson also remains pleased with the seven-year, $50-million extension he inked in 2022, but there’s a small “what if?” that lingers.

“Tough to gauge where the cap’s going to go and, honestly, where your career is going,” he said. “Do I think there’s guys that wish they would have held out a little bit? And am I one of those guys?

“Obviously you would have liked to sign a big ticket and get as much money as humanly possible. But at the end of the day, you’re still talking about (lots of money).”

Boston Bruins winger David Pastrnak, who signed an eight-year, $90-million extension in 2023, said today’s player has past generations to thank.

“Bobby Orr was not making same money I’m making,” he said. “The world overall is just moving forward … so is hockey.”

Toronto Maple Leafs general manager John Chayka was an interested observer as funds flowed this summer.

“(GMs are) viewing this as an opportunity to create some stability and security,” he said. “The trade-off of that is the risk … you’ll look back and some teams are going to be really happy, some of them will be OK, and then probably some (contracts) you regret.”

Teams ahead of the cap jump appear to be in great spots. The Montreal Canadiens, for example, have their young core secured on team-friendly, long-term deals.

“We get paid a lot,” said Canadiens winger Cole Caufield, who signed an eight-year, $62.8-million extension in 2023. “Right now is probably the biggest five, six years of our careers. What’s more important (than) winning?

“And doing it with the group … would make it that much sweeter.”

This report by The Canadian Press was first published Sept. 23, 2026.