Cale Makar’s Record Contract Marks Fourth Landmark NHL Deal in 11 Months

Cale Makar has inked an eight-year, $163.2 million contract extension with the Avalanche, making him the NHL's first $20 million player. The average annual value of $20.4 million surpasses the league maximum of $20.8 million, and the total contract value is the largest in NHL history. This landmark contract follows closely on the heels of a new record set just a month prior by Sharks center Macklin Celebrini, who signed a five-year, $94 million deal with an average annual value of $18.8 million.

Makar's contract also features an unprecedented $18.8 million signing bonus in the final year at age 36. Four times in the past year, the NHL has witnessed new high-water marks for average annual value: Kirill Kaprizov's $136 million, eight-year extension in September 2025, Leo Carlsson's $18 million AAV deal in June, and now Makar's contract.

The deal also sets a new standard for the market of the NHL's top defensemen, including Quinn Hughes and Matthew Schaefer. The new collective bargaining agreement, which starts September 16, will reduce the maximum contract length to seven years for current players and six years for free agents. This change, combined with the potential for bigger paydays down the line, may make max-term deals like Makar's increasingly unusual in the future.