Players say the NHL’s sharply higher salary cap and lucrative new deals are shaping a “cash-heavy” offseason across the league.
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NHL players are reflecting on a summer defined by high-dollar contracts and a rapidly expanding salary cap, with recent agreements prompting talk of where league finances are headed and how long-term deals may play out for teams and players.
The Ducks’ Leo Carlsson said he was surprised by the scale of a restricted free-agent offer sheet proposed by the Philadelphia Flyers—a five-year, US$90-million offer—before his team matched to keep him in California. Carlsson described the moment as a reaction to the numbers and said it felt aligned with the direction the league is moving.
The broader financial backdrop includes a salary cap increase to $104 million for 2026-27, up from $95.5 million last season. That jump follows a COVID-era range when the cap was between $81.5 million and $83.25 million, and it comes as new media and advertising revenues continue to bolster league spending.
Vancouver Canucks forward Brock Boeser, one of the players who signed during the same period, characterized the deals as unusually large. He said he did not see the magnitude coming, but added that the financial outcome has been “awesome.”
Other signings cited by players and league developments include Connor Bedard’s five-year, $75-million extension with the Chicago Blackhawks ($15 million average annual value), Macklin Celebrini’s five-year, $94-million agreement with the San Jose Sharks ($18.8 million AAV), and Cale Makar’s eight-year, $163.2-million deal with the Colorado Avalanche ($20.4 million AAV). Celebrini said the contracts illustrate where the cap is going and where the league is headed.
The scale of the off-season has also extended to players on shorter timelines and, in some cases, to long-term pacts that lock in earnings through multiple seasons. Carlsson and Celebrini were among those who discussed the logic behind their own contract choices, with Carlsson’s new agreement coming after the offer-sheet scenario and Celebrini describing his approach as being tied to how the numbers fit into a larger plan.
In addition to high-profile young stars, the league has seen major extension activity tied to its best-established performers. Vegas Golden Knights centre Jack Eichel signed an eight-year, $108-million extension, while Minnesota Wild forward Kirill Kaprizov agreed to an eight-year, $136-million deal, both in the recent cycle described. Kaprizov said he understood the numbers would continue increasing and called the agreement an “incredible deal” for his family.
The report also points to the evolving pay structure compared with earlier eras. Buffalo Sabres centre Tage Thompson, who agreed to a seven-year, $50-million extension in 2022, said he is still pleased but acknowledged lingering uncertainty about how the cap may continue to move. Thompson said some players might wonder “what if” they had held out longer, even while emphasizing that the amounts involved are still significant.
Boston Bruins winger David Pastrnak suggested that today’s players benefit from a changing economic environment in hockey, noting that hockey’s financial landscape has moved forward over time.
Some veteran voices emphasized stability and trade-offs. Toronto Maple Leafs general manager John Chayka said teams view recent spending as a way to build stability and security, while also recognizing that the risk is that contracts could look regrettable later for some clubs.
Canadian franchises were among those with major off-season deals included in the overview. The Canucks signed defenceman Zeev Buium to an eight-year contract valued at $75.04 million, while Vancouver’s Brock Boeser is listed as signing a seven-year, $50.75-million contract in July 2025.
While contract satisfaction appears widespread, the financial picture is not portrayed as a simple straight line. Sidney Crosby—whose average annual value has stood at $8.7 million since 2008-09—said comparisons to earlier cap levels can be misleading because the league’s ecosystem has shifted, characterizing recent change as sudden and driven by new contracts and broader developments.
As teams plan rosters under a higher ceiling, the cash-heavy offseason described in the player reflections underscores a league-wide reset in expectations: more money at the top, larger deals across the age spectrum, and a growing premium on securing key roles through long-term agreements during a period of rapid cap growth.
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