Cale Makar Signs $163.2 Million Deal, Becomes NHL's First $20 Million Player

Cale Makar just became the highest-paid player in NHL history. The Colorado Avalanche announced Friday, August 28, that the two-time Norris Trophy winner signed an eight-year extension worth $163.2 million, according to AP News. His agency, Bartlett Hockey, confirmed the terms.

The deal carries a $20.4 million annual average value, making Makar the first player in league history to clear the $20 million mark, according to NHL.com. It kicks in for the 2027-28 season, once his current six-year, $54 million contract expires, and runs through 2034-35.

Makar earned this on the ice. He's won the Calder Trophy as rookie of the year, two Norris Trophies as the league's top defenseman, a Stanley Cup in 2022, and the Conn Smythe as playoff MVP that same postseason, according to the New York Times. He's been a Norris finalist six straight years, a feat matched in NHL history only by Bobby Orr.

Last season, Makar put up 20 goals and 59 assists in 75 games, finishing second to Columbus's Zach Werenski in Norris voting, per USA Today. He's now four-for-four in 20-goal seasons among defensemen, a group of just 12 blueliners ever to do that at least four times.

A Record That Didn't Last a Month

Minnesota's Kirill Kaprizov set the previous high-water mark at $136 million over eight years back in September 2025. San Jose's Macklin Celebrini broke the AAV record in late July 2026 with an $18.8 million average on a five-year, $94 million deal. Makar blew past both in under a month, according to Front Office Sports.

That's four record-setting contracts in 11 months across the league, counting Anaheim center Leo Carlsson's five-year, $90 million deal signed in June amid offer-sheet drama. Makar is the only defenseman in that group, and his $20.4 million AAV sits just under the current individual player max of $20.8 million, which is capped at 20% of the league's $104 million salary ceiling.

The timing matters. Colorado general manager Joe Sakic got this deal done under the wire. Starting September 16, a new collective bargaining agreement shortens max contract length: seven years for a player re-signing with his own team, six for free agents. Makar's eight-year term wouldn't be legal under the new rules. The Avalanche got the last version of the old system in before it closed.

How Colorado Paid For It

Sakic didn't just write a check. He restructured the roster to make room. Colorado sent winger Valeri Nichushkin to the Columbus Blue Jackets for draft picks, freeing up cap space specifically to negotiate Makar's extension, according to the Durango Herald. Sakic also stepped back into the GM chair after Chris MacFarland left to run Nashville's front office.

The math still isn't simple. When Makar's deal starts in 2027-28, the salary cap is projected to hit $113.5 million, meaning his cap hit eats roughly 18% of Colorado's total room. That's a serious commitment for a team trying to keep its championship window open around captain-caliber talent like Nathan MacKinnon.

Colorado has real needs coming. Winger Artturi Lehkonen, center Nicolas Roy, and goaltender Scott Wedgewood are all set for free agency after this season. Locking up Makar first tells you where the front office's priorities sit.

The Market Keeps Moving

Makar's deal doesn't just set a new ceiling, it drags every other elite defenseman's next contract up with it. Quinn Hughes, traded to Minnesota last season, and Matthew Schaefer, the Islanders' Calder-winning rookie, are both now negotiating in Makar's shadow, according to Front Office Sports. Werenski, who beat Makar for last year's Norris, is in the same boat.

Bigger names loom too. Edmonton's Connor McDavid and Toronto's Auston Matthews both become extension-eligible next summer, and if either signs before further cap growth, Makar's number could be a floor, not a ceiling, according to the Durango Herald.

One open question the league will have to answer soon: with max contract terms shrinking under the new CBA starting September 16, will future superstar deals get shorter but even richer per year, front-loading the kind of AAV explosion the NHL has now seen four times in less than a year?