The stage is set for an offseason defined by massive contracts and big decisions. While trade rumors grab headlines, general managers across the league are laser-focused on locking in star talent for the long haul. There’s a palpable tension in boardrooms and at negotiation tables. The process requires a sharp read of the shifting salary cap and a willingness to go all-in at the right moment—like a high-pressure session of live blackjack, the stakes and potential rewards are both enormous.
Recent contract extensions have already reset the market and are serving as benchmarks as the NHL prepares for another cap increase. The numbers attached to these deals reveal how aggressively teams are about keeping their core intact, while players capitalize on prime years in their careers.
Major Extensions Reshape the Market
Kyle Connor set the pace this fall by agreeing to an eight-year, $96 million deal with the Winnipeg Jets. The contract delivers Connor an annual average value of $12 million, reflecting his role as a consistent goal scorer and centerpiece of Winnipeg’s offense. The Jets wasted no time and no dollars securing one of the most reliable producers in the league.
Adrian Kempe committed to the Los Angeles Kings on an eight-year, $85 million contract, earning him an average annual salary of $10.625 million per year. Kempe’s two-way game, speed, and playoff performance convinced the Kings to make a significant investment in his future. His deal solidifies his status as a pillar of the team’s forward group as they strive for more resounding postseason success, although some feel it may have been an overpayment.
In Colorado, the Avalanche upped the ante by signing Martin Necas to an eight-year, $92 million contract extension. Necas landed an AAV of $11.5 million after his breakout season and versatility up front. Colorado made a decisive move to secure top-line stability and secure their return on the mid-season Mikko Rantanen trade to the Carolina Hurricanes. The Avalanche traded Rantanen because he was a pending unrestricted free agent. Rantanen ultimately signed an eight-year, $96 million contract with the Dallas Stars on March 7, 2025.
The Dallas Stars signed Thomas Harley to an eight-year, $84.6 million contract extension in late October 2025, locking in their emerging defensive anchor with an average annual value just over $10.5 million. Harley’s steady improvement and all-situations ability earned him a prime spot on Dallas’s blue line for the better part of the next decade.
Spotlight Shifts to Unresolved Superstars
Amidst a flurry of extensions, two names dominate the conversation headed into 2026: Jason Robertson and Artemi Panarin. Robertson remains unsigned, with expectations that his new contract could rival or exceed the recent benchmarks set by Connor, Necas, Kempe, and Harley. Dallas has made it clear that retaining Robertson is a top priority. Given his back-to-back 40-goal campaigns and status as a game-breaking winger, an eight-year deal well north of $90 million looks all but guaranteed.
Panarin is set to test his leverage in New York. As the Rangers’ offensive engine and a perennial All-Star, Panarin finds himself in a position for one of the richest contracts in league history. His next extension could comfortably reach $95 million or more over eight years, with an annual value at the very top of the winger market for prime-age production.
Cap Space Drives the New Normal
Salary cap growth continues, giving teams more room and flexibility than ever before. A projected $10–$15 million cap increase by 2026 has made front offices more aggressive. These moves are less about risk and more about capitalizing on today’s opportunity—locking up superstars before the market jumps again and other teams start hunting for elite talent that rarely hits free agency.
This era is defined by blockbuster deals for franchise players, not short-term “bridge” contracts or friendly bargains. Negotiations hinge on production, peak years, and the ability to lift a team’s entire playoff trajectory. Clubs are investing in their futures, prepared to absorb higher average annual values, and shifting their approach toward longer-term commitments to ensure roster stability.
The Risks That Remain
Even as massive extensions become the new standard, they aren’t without risk. Teams know the dangers of cap recapture penalties—which can hit if a player retires before a front-loaded contract ends—and the late-career decline that often hits before an eight-year deal is up. The front office calculus has shifted: betting on prime-years value is now weighed against the likelihood that late-term seasons carry diminished returns.
Bad contracts can drag a cap for years, but failing to sign a franchise cornerstone poses just as significant a threat to staying competitive. Teams are calculating precisely, while agents push for maximum guarantees and terms in negotiations that have league-wide ripple effects.
Looking Ahead to 2026 Negotiations
Connor, Necas, Kempe, and Harley have set a new benchmark for elite extensions. Next, all eyes will turn to Robertson and Panarin as the clubs and players finalize an offseason that could redefine the upper echelon of NHL contracts. The stakes are high, the terms and dollars are escalating, and the landscape now favors bold, forward-looking commitments. If the salary cap continues growing and players keep producing, $90–$100 million deals will increasingly become the expectation—not the exception—in hockey’s evolving market.