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Cale Makar just became the highest-paid player in NHL history

The Colorado Avalanche locked up their franchise defenseman Friday on an eight-year, $163.2 million deal - $20.4 million a year - making Makar the first player in league history to crack the $20 million barrier.

Cale Makar just became the highest-paid player in NHL history

Friday morning, the Colorado Avalanche ended any lingering uncertainty about their franchise cornerstone. The team announced that defenseman Cale Makar had signed an eight-year contract extension worth $163.2 million - $20.4 million per season. He is now, by a wide margin, the highest-paid player in the history of the NHL.

No player in league history had ever touched $20 million a year. Makar didn't just touch it - he landed $400,000 below the legal maximum a player can earn under the current collective bargaining agreement.

The Avalanche announced Friday that Makar signed an eight-year extension worth $163.2 million. The contract is the richest in league history both in total value and annual value at $20.4 million per year.

The max a player could make, per percentage of the salary cap, is $20.8 million. Makar got as close to that ceiling as his agent could reasonably push, and the Avalanche handed it over without much visible drama.

A summer that kept rewriting the record book

This deal didn't come out of nowhere. The entire 2026 NHL offseason has been a cascading series of contract records, each one toppling the last. 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, 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.

Then Makar blew all of them away.

Makar's $11.4 million raise kicks in at the start of the 2026-27 season, and it will make things significantly tighter for the Avalanche as they navigate the salary cap. But the bright side for Colorado - and the key in getting this deal done - is that the team now has each of its core players signed through at least 2031.

Per PuckPedia, the deal is heavily back-weighted with signing bonuses, including a $1 million base salary and $18.8 million signing bonus in the final year. That structure, familiar to any cap-conscious NHL team, helps smooth the accounting burden across years but commits the Avalanche to Makar deep into the next decade.

Why Makar is worth every dollar

Makar, 27, has been a finalist for the Norris Trophy as the league's top defenseman for six consecutive seasons. He is one of only 14 players to win multiple Norris Trophies, winning the award twice - most recently in 2025.

Makar has already won the Norris Trophy twice, and he was a key factor in Colorado's Stanley Cup run, which ended with him winning the Conn Smythe Trophy. This past season, Makar posted 20 goals and 59 assists in 75 games.

Those numbers from the blue line are almost impossible to contextualize. Makar collected an assist this past season to reach 500 career points (137-364-500 in 467 GP). He required the fourth-fewest games by a defenseman in NHL history to reach the mark, behind Bobby Orr (396 GP), Paul Coffey (422 GP), and Denis Potvin (465 GP).

General manager Joe Sakic didn't exactly hide his relief at getting this finished. "Today is an exciting day for the Avalanche organization and our wonderful fans," Sakic said. "Cale is a generational defenseman and his accomplishments speak for themselves. He is obviously a tremendous competitor and player but even more so a great person, teammate and ambassador for the Avalanche and the Rocky Mountain region. We are beyond thrilled to get this deal done and have Cale in an Avalanche sweater for the next decade."

Makar kept it brief but warm. "I am so excited and humbled to continue to wear the Avalanche sweater and represent this incredible organization and community," Makar said. "I would like to thank the Kroenke family, Joe Sakic and the entire Avalanche organization for their commitment, trust and belief in me."

The Hellebuyck chaos in the background

Colorado's announcement landed against a backdrop of genuine turmoil across the NHL. Two days earlier, the league's other signature goaltending story turned ugly fast. Connor Hellebuyck, the three-time Vezina Trophy winner, said in a statement Thursday that he privately requested a trade from Winnipeg "several months ago" but is now making it public with NHL training camps set to open on Sept. 16.

At the 2026 Winter Olympics, Hellebuyck backstopped Team USA to the gold medal after going 5-0-0 with a .956 save percentage and 1.18 goals-against average. He came back from Milan a gold medalist and still wants out of Winnipeg. The Jets finished eight points behind the Los Angeles Kings for the second wild card into the Stanley Cup Playoffs from the Western Conference. That missed playoff berth appears to be the breaking point.

There has been strong speculation of Hellebuyck going to Buffalo around the NHL Draft in June, though whatever leverage Jets GM Kevin Cheveldayoff may have had to get a trade done took a substantial hit once the goalie went public. With training camps opening in a matter of weeks, either a trade happens or things could get really awkward.

Cheveldayoff's response was measured: "Connor has been open with us about his desire for a change," he said. "He has been an important part of the Winnipeg Jets organization for many years, and we have tremendous respect for what he has accomplished here. While we will continue to work through the situation in a thoughtful manner, there is no update at this time."

What it all means for the salary cap era

Put the two stories side by side and they tell the same story about where professional hockey stands in the summer of 2026. There may be some sticker shock upon seeing the $20.4 million average annual value, but that's the new reality in the NHL as the cap rises exponentially. Colorado's cap sits at $104 million this season. Makar alone consumes nearly 20 percent of it.

For the Avalanche, the math gets complicated fast. The next domino to fall will be an extension for Minnesota Wild defenseman Quinn Hughes, who is neck-and-neck with Makar as the best defenseman in the world. Hughes' camp will use every dollar of Makar's deal as their opening argument.

For now, though, this is Colorado's moment. Makar is locked in through the 2034-35 season. He'll be 36 when that contract expires - if he plays all eight years - and the Avalanche are betting he'll still be worth it. Sakic has made bigger bets before and won a Cup. That last year of the deal pays Makar a $1 million base salary and an $18.8 million signing bonus, all due in the summer of 2034.

Sources