The NHL has its first $20 million man. Friday, the Avalanche announced an eight-year, $163.2 million contract extension with Cale Makar. The average annual value comes in at $20.4 million, handing the 27-year-old star defenseman the highest AAV in league history. It’s just below the league maximum at $20.8M, and the total contract, beginning for the 2027–28 season, is the largest in NHL history.
Makar’s landmark agreement comes just a month after Sharks center Macklin Celebrini set a new high-water mark at $18.8 million AAV as part of a five-year, $94 million deal. Though bigger, Makar’s deal similarly contains eye-popping signing bonuses: In the final year, at age 36, Makar will be guaranteed a whopping $18.8 million.
The highest NHL AAV has now been smashed four times throughout the past year—and three times this summer alone.
In September 2025, Wild forward Kirill Kaprizov signed a then-record $136 million, eight-year extension at $17 million AAV, resetting the market for the league’s stars. In June, offer-sheet drama surrounding Leo Carlsson pushed the Ducks to sign the center to a five-year, $90 million deal with an $18 million AAV. But in July, Celebrini agreed to his contract, and Makar knocked him off less than a month later.
