Carlsson’s reign as NHL’s highest-paid player to last just one season before Celebrini takes over

The record for the NHL’s highest cap hit just keeps rising.

Less than a month after Anaheim Ducks centre Leo Carlsson landed a record-setting $18 million average annual value via an offer sheet from the Philadelphia Flyers, Macklin Celebrini raised the bar once again.

The San Jose Sharks star inked a five-year extension at an $18.8 million cap hit on Wednesday. With the deal set to kick in next July, Carlsson will get to enjoy a one-year run as the league’s highest-paid player.

Minnesota Wild winger Kirill Kaprizov reset the market last September when he inked an eight-year extension at a cap hit of $17 million. While the first big-name players to sign after Kaprizov in Connor McDavid and Jack Eichel both elected for more team-friendly deals last fall, the market has adjusted this summer.

McDavid inked a two-year deal at just a $12.5 million cap hit a week after Kaprizov’s deal, while Eichel signed for a cap hit of $13.5 million on an eight-year term two days after that.

While it appeared as of July 1 that Kaprizov may hold the record for a full season as his new deal kicked in, Carlsson signed his jaw-dropping five-year offer sheet on July 3.

In the weeks since, Chicago Blackhawks restricted free agent Connor Bedard signed a five-year deal at a $15 million AAV, likely securing his spot as the league’s third highest-paid player for one season until he is bumped down by Celebrini and perhaps others.

Ducks RFA Cutter Gauthier remains in need of a new deal after a breakout campaign that saw him post 41 goals and 69 points in 76 games last season. The 22-year-old winger is not eligible for an offer sheet and it remains to be seen where his next deal will land after Carlsson moved the Ducks’ internal cap.

Adam Fantilli of the Columbus Blue Jackets is the other big name still on the restricted free agent market. His output stalled last season with 24 goals and 59 points in 82 games after he posted 31 goals and 54 games in 2024-25.

Looking ahead to the potential 2027 unrestricted free agent crop, Dallas Stars forward Jason Robertson will be looking to cash in after settling for a one-year, $12 million to avoid arbitration this month.

Robertson could have already secured a top-five salary, but he turned down a cap hit of roughly $15 million on an eight-year term in a sign-and-trade deal with the Seattle Kraken in June.

Defencemen Quinn Hughes of the Minnesota Wild and Cale Makar of the Colorado Avalanche are also extension eligible this summer with massive paydays expected to be awaiting both former Norris Trophy winners.

Reigning Hart Trophy winner Nikita Kucherov is also 11 months from unrestricted free agency. It remains to be seen how much cap space the Lightning will be willing to commit to the star winger as he approaches his 34th birthday next June.

NHL’s Largest Cap Hits

Deals starting in 2027 are bolded.