A proposed five-year, US$90-million offer sheet for Anaheim Ducks centre Leo Carlsson captured the pace of the NHL’s cash-heavy off-season, as teams and players negotiated a series of major contracts ahead of a planned salary-cap increase. The Philadelphia Flyers made the offer in restricted free agency, setting an average annual value of US$18 million that stood as a record for a few weeks. Carlsson signed, and Anaheim matched the offer to keep the 21-year-old with the club.

Carlsson was riding in a car with his father when his agent called and read out the figures. “I was surprised,” he said at the NHL/NHLPA player media tour in Las Vegas earlier this month. “A weird feeling, (but it’s) where the league is heading.”

The league’s salary cap is set to rise to US$104 million in 2026-27, following a US$95.5-million cap last season. That marks a substantial move from the flat range of US$81.5 million to US$83.25 million that followed the COVID-19 pandemic. Big national television contracts and increased advertising revenue have helped replenish league finances, while players are signing agreements that reflect the changing market.

“These deals are crazy,” Vancouver Canucks forward Brock Boeser said. “Definitely didn’t see that coming, but it’s awesome.” Among the largest contracts, Chicago Blackhawks centre Connor Bedard secured a five-year extension worth US$75 million, with a US$15-million average annual value. San Jose Sharks centre Macklin Celebrini agreed to five years and US$94 million, or US$18.8 million annually, while Colorado Avalanche defenceman Cale Makar signed an eight-year, US$163.2-million deal with a US$20.4-million annual average.

“It shows where the cap’s going and where the league’s going,” Celebrini said. “An amazing thing.” The NHL has historically lagged behind the NFL, NBA and MLB in player compensation. The difference remains wide, but the gap has narrowed somewhat in recent years.

The spending reached players with relatively short professional records, too. Anaheim signed winger Cutter Gauthier to six years and US$81 million. Vancouver signed defenceman Zeev Buium to an eight-year, US$75.04-million agreement, and the Washington Capitals committed eight years and US$50.8 million to centre Justin Sourdif.

The changing cap outlook also puts recent decisions by established stars in context. Edmonton Oilers captain Connor McDavid was the league’s highest-paid player from 2019 through 2023, with an annual average of US$12.5 million. He signed for that same annual amount last October for this season and next, leaving money available for the rest of the roster as the Oilers pursue the Stanley Cup that has eluded him.

Celebrini said the prospect of helping the Sharks build a winning team figured into his own negotiations. “Trying to find that balance,” he said, before adding with a grin: “Sounds dumb because at the time it was the highest AAV ever, but it really was just a number that made sense.”

Pittsburgh Penguins captain Sidney Crosby has earned an annual average of US$8.7 million since the 2008-09 season, when the cap ceiling was US$56.7 million. The figure reflects his No. 87 jersey and has been below market value for at least a decade. The three-time Stanley Cup winner has repeatedly accepted less to leave more salary space for teammates.

“It just evolves,” Crosby said of the NHL’s financial system. “I don’t try to compare because now is different than then. It’s been a pretty sudden change with the last few contracts, with the offer sheet. “The reality of where everything’s at.”

Some players chose longer contracts during the recent flat-cap period, and several of those deals now appear inexpensive against the league’s new spending levels. Vegas Golden Knights centre Jack Eichel signed an eight-year, US$108-million extension around the time McDavid signed last fall. Minnesota Wild forward Kirill Kaprizov agreed to the same term for US$136 million shortly afterward.

“We understood the numbers would continue to increase,” Eichel said. “It’s an incredible deal for me and my family.” Boeser, who signed a seven-year, US$50.75-million contract in July 2025, said he is satisfied with his agreement. “I’m not going to sit here and whine,” he said. “Very grateful.”

Ottawa Senators defenceman Jake Sanderson agreed to an eight-year, US$64-million extension in 2023. “You love to see guys sign those deals for themselves, but maybe for your future self as well,” he said. “I’m still very happy.” Buffalo Sabres centre Tage Thompson also remains pleased with the seven-year, US$50-million extension he signed in 2022, though he said the present market prompts some reflection.

“Tough to gauge where the cap’s going to go and, honestly, where your career is going,” Thompson said. “Do I think there’s guys that wish they would have held out a little bit? And am I one of those guys? “Obviously you would have liked to sign a big ticket and get as much money as humanly possible. But at the end of the day, you’re still talking about (lots of money).”

Boston Bruins winger David Pastrnak signed an eight-year, US$90-million extension in 2023 and credited earlier generations for helping pave the way for current salaries. “Bobby Orr was not making same money I’m making,” he said. “The world overall is just moving forward … so is hockey.”

Toronto Maple Leafs general manager John Chayka watched the summer’s negotiations as teams weighed the chance to secure players before the cap rises. “(GMs are) viewing this as an opportunity to create some stability and security,” he said. “The trade-off of that is the risk … you’ll look back and some teams are going to be really happy, some of them will be OK, and then probably some (contracts) you regret.”

Teams that planned ahead of the cap increase appear well positioned. The Montreal Canadiens have secured their young core on long-term, team-friendly agreements. Canadiens winger Cole Caufield signed an eight-year, US$62.8-million extension in 2023 and said winning is the priority for the group.

“We get paid a lot,” Caufield said. “Right now is probably the biggest five, six years of our careers. What’s more important (than) winning? “And doing it with the group … would make it that much sweeter.” The report was first published by The Canadian Press on Sept. 23, 2026.

Based on reporting by Global News Edmonton.