For the third time this summer and the fourth time in the last 365 days, the NHL record for highest contract AAV has changed hands.
Kirill Kaprizov shocked the hockey world last September with an eight-year deal worth $17 million annually; In July, pending restricted free agent Leo Carlsson topped him with an $18 million AAV on a five-year term; Three weeks later, Macklin Celebrini took the lead with $18.8 million a year for five seasons.
On Friday, Colorado Avalanche star Cale Makar blew them all out of the water, signing for $20.4 million yearly for eight years, totaling $163.2 million over the deal’s term.
No player can sign for more than 20% of the salary cap. The cap is currently $104 million, meaning Makar’s salary is just below the maximum of $20.8 million.
According to PuckPedia, the deal is structured as follows:
- 2027-28: $4 million base, $16.8 million signing bonus
- 2028-29: $4 million base, $16.8 million signing bonus
- 2029-30: $4 million base, $16.8 million signing bonus
- 2030-31: $12.8 million base, $8 million signing bonus
- 2031-32: $4 million base, $16.8 million signing bonus
- 2032-33: $3 million base, $16.8 million signing bonus
- 2033-34: $2.8 million base, $16.8 million signing bonus
- 2034-35: $1 million base, $18.8 million signing bonus
It also has a full no-movement clause all eight seasons.
If there’s anyone who deserves that type of money, Makar is near the top of the list. At just age 27, he’s already a two-time Norris Trophy winner as the best defenseman in the NHL and he has been a finalist for the award five of the last six seasons.
Zach Werenski beat him out for the trophy in 2026, though there’s a strong case that Makar should have won it.
Additionally, Makar is a Stanley Cup champion, a Conn Smythe Trophy winner as the playoff MVP, a four-time first-team all-star, a two-time second-team all-star, a Calder Trophy winner as rookie of the year and a champion in multiple international events.
Makar still has a year remaining on his current contract, which “only” pays him $9 million a year.
What does this mean for Quinn Hughes?
There’s a strong possibility that the record is broken again in the near future — and it could be at the hands of Bill Guerin and the Minnesota Wild again.
Wild defenseman Quinn Hughes is eligible to ink an extension at any point. Insider Elliotte Friedman speculated on Tuesday that Hughes and Makar were both likely waiting for the other to sign to set the bar.
If Hughes doesn’t commit before end-of-day Sept. 15, he loses the ability to get an eight-year deal. The new collective bargaining agreement officially kicks in on Sept. 16, and one of several major changes is a reduction in the maximum contract term from eight years to seven.
At the same time, there’s still plenty of speculation that Hughes will sign a shorter-term deal to coincide with that of his brother, New Jersey Devils star Jack Hughes, so they can choose their free agency destination together in 2030.
The salary cap is projected to rise continually in the near future, meaning the maximum allowable salary amount will rise as well. In 2025, the league announced projections for the following three seasons. If those stand, the cap will be $113.5 million when Hughes’ current deal expires next summer, meaning he’d be able to sign for up to $22.7 million annually.
