The Minnesota Wild have just made NHL history, and the reverberations are being felt across the league. On September 30, 2025, the Wild and star winger Kirill Kaprizov agreed to an eight-year contract extension worth a jaw-dropping $136 million, setting a new benchmark for player salaries in the NHL. The deal, which carries a $17 million annual average value (AAV), not only secures Kaprizov’s future in Minnesota but also turns the spotlight on the league’s other superstars—most notably, Edmonton Oilers captain Connor McDavid.
For weeks, speculation swirled around Kaprizov’s contract situation. The Russian forward had reportedly turned down a previous offer from the Wild: eight years at $126 million, already the richest in league history. Insiders described the negotiations as tense, with the Wild waiting for Kaprizov’s camp to circle back. According to NHL insider Frank Seravalli, the Wild decided to take one more swing and upped their offer by $10 million. That move proved decisive, as Kaprizov agreed to the record-setting $136 million extension, including massive signing bonuses, as confirmed by analysts Pierre LeBrun, Michael Russo, Kevin Weekes, and Elliotte Friedman.
"He may stay the high bar," wrote one commentator, noting that Kaprizov’s contract could remain the NHL’s richest for some time. As of September 30, the deal had not yet been officially registered with the league, but the news had already sent shockwaves through the hockey world. Kaprizov’s $17 million AAV surpasses the $14 million annual cap hit of Leon Draisaitl’s eight-year, $112 million deal with the Oilers for the 2025-26 season. It also eclipses the previous wealth rankings, with Alex Ovechkin’s $124 million over 13 years with the Capitals and Draisaitl’s contract rounding out the top three.
The timing of Kaprizov’s deal is especially intriguing given the ongoing contract saga involving Connor McDavid. McDavid, widely regarded as the best player in the NHL, is currently in the final years of an eight-year, $100 million contract signed with the Oilers in 2017, which pays him $12.5 million per season. Many expected McDavid’s next contract to set a new league benchmark, but Kaprizov’s extension has now moved that line significantly.
So, what does Kaprizov’s historic deal mean for McDavid—and for the rest of the NHL’s elite? According to insiders like Pierre LeBrun and Elliotte Friedman, the Kaprizov contract sets a high bar for other pending unrestricted free agents (UFAs) such as Jack Eichel, Kyle Connor, Adrian Kempe, Alex Tuch, and Martin Necas. However, McDavid’s situation is described as unique. LeBrun pointedly left McDavid off his list of players directly impacted by the new contract landscape, saying, "He’s a unicorn."
Jeff Marek echoed the sentiment, suggesting the Kaprizov deal establishes a new standard for top-tier talent, but that McDavid is likely to chart his own course. Tyler Yaremchuk of Oilers Nation captured the mood in Edmonton with a succinct reaction: "First domino to fall?" The reality, however, is that McDavid’s priorities differ from most. As one analyst put it, "McDavid isn't looking at an extension with the Edmonton Oilers, or for that matter any team, as a way to get the most money he can. His goal is to win. And, to do that with any NHL club, he'll need to take less."
The intrigue around McDavid’s next move has become one of the league’s hottest storylines. Insiders suggest that the Oilers captain may not be interested in an eight-year max deal, and could even take a lower annual value to help Edmonton remain competitive. Elliotte Friedman, speaking on the 32 Thoughts Podcast, speculated that McDavid’s next contract might surprise many, both in timing and value. "I think there are teams hoping McDavid does sign so they can say hey, if he comes in, say for argument’s sake at $15.5m, nobody’s getting more than Connor McDavid," Friedman said.
For now, the Kaprizov extension is the talk of the league. After a tense negotiation period, the Wild’s willingness to go above and beyond has paid off, locking down their franchise player for the long term. Kaprizov’s deal not only provides him with financial security but also cements his place as the highest-paid player in NHL history—at least for the time being. The ripple effect is already being felt among agents and general managers, who must now navigate a new reality when negotiating contracts for their own stars.
But while Kaprizov’s contract sets a new high-water mark, it’s not expected to send Oilers fans into panic mode. The consensus among analysts is that McDavid’s motivations are different. As one source put it, "McDavid's deal could have reshaped the league’s contract landscape. Instead, Kaprizov got there first." Now, McDavid is in a position where he could re-sign for $15 to $16 million per year and still be seen as a team-first leader, especially if he opts for a shorter term. "For all we know, this is what McDavid was waiting for. Have someone come in higher and for longer term. That way, when McDavid comes just under it and for a term much shorter (which would have upset fans in July), he looks like he did Edmonton a favor," wrote one analyst.
What’s clear is that the Kaprizov deal has shifted expectations and raised the stakes for future negotiations. While the contract is not yet officially registered with the NHL, there’s little doubt it will serve as a new measuring stick for both players and teams. The deal is also expected to impact other pending UFAs, who may now seek higher salaries in light of Kaprizov’s precedent. Still, as LeBrun and others have noted, McDavid’s singular focus on winning—and his willingness to potentially leave money on the table—means his next contract will be watched for reasons far beyond just dollars and cents.
As the 2025-26 NHL season approaches, all eyes remain on Edmonton and Minnesota. The Wild have locked in their superstar, and the Oilers face a crossroads with theirs. Whether McDavid chooses to stay, take less, or surprise the hockey world with a different move altogether, the drama is far from over. For now, though, it’s Kirill Kaprizov who sits atop the NHL’s salary throne, and the league waits to see who—if anyone—will be next to challenge his reign.
