Kaprizov's 8-year, $136 million contract shows financial stability in NHL

The numbers are staggering: Eight years, $136 million, a $17 million average annual value.

The Minnesota Wild signed star forward Kirill Kaprizov on Tuesday, a deal that begins with the 2026-27 season. It was a major statement from the Wild, about where they see their team going, the value the 28-year-old brings and his place in the hockey landscape.

Asked if it was the most important deal in Wild history, general manager Bill Guerin said, "Yes, very much so."

"Listen," he added, "all of our players are important. All the contracts are important. Hockey is very much a team sport. We have 20 guys out there battling every night. You can't play the whole game, so they need each other and they're all important.

"This one is, it's big because Kirill is our franchise player and keeping him was extremely important. There's a lot more to it than maybe some of the other ones, but it doesn't mean they're not important. But, yeah, this was a big one. This is the biggest one in franchise history, for sure."

But this contract is ultimately not just about Kaprizov and the Wild. It's about where the game is going, the financial stability in a League when the salary cap is about to be on the rise, at $95.5 million this season, $104 million in 2026-27 and $113.5 million in 2027-28, and about what it portends for the upcoming free agent class, which includes some seriously big names.

Connor McDavid (Edmonton Oilers) stands alone as the best player in the NHL, having won the Hart Trophy voted as the League's MVP in three of his 10 seasons, playing the past two Stanley Cup Finals and winning the Conn Smythe Trophy in 2024 despite not winning the Cup. He is set to become a free agent at the end of this season.

He's not the only one, either.

Jack Eichel (Vegas Golden Knights), Artemi Panarin (New York Rangers), Kyle Connor (Winnipeg Jets) and Adrian Kempe (Los Angeles Kings) are all high-end players whose contracts are about to run out.

"These are big deals that are sitting there," ESPN analyst Ray Ferraro said Tuesday.

And the market has now been established.

What may be especially notable -- and instructive -- for the players who have contracts expiring in the near future is the way the Wild and Kaprizov got to this point.

According to multiple reports, Kaprizov previously turned down an eight-year, $128 million contract with the Wild.

He believed he could get more. He did.

"I think what's different this season is we're truly entering this player empowerment era," said ESPN NHL Insider Emily Kaplan. "Part of it's due to shifting attitudes, culturally, part of it is just the fact that the salary cap is seeing a significant increase. … But because of that, we have guys that are saying I know what I'm worth and I know where I want to go and I'm not afraid to stand my ground and I think that aligns with a lot of the other sports.

"We saw Kaprizov, he turned down what was the biggest contract in NHL history because he's like, no, I'm worth more than that, and then he got it."

Kaprizov's situation isn't entirely analogous to any of the other stars. Eichel, for instance, doesn't have the same hold on the Golden Knights, who have had a parade of stars through their rosters, like the homegrown Kaprizov does on the Wild. And McDavid is his own case entirely.

But, still, there's no question that the numbers are going to have an impact.

"The market is changing so fast," Ferraro said. "Mikko Rantanen signed for $12 million (AAV) in Dallas [on March 7]. You mean to tell me Kirill Kaprizov is $5 million a year more valuable than Mikko Rantanen? No chance. But that's how fast this market has moved and what a challenge it is for teams to try and piece it all together."

If this deal is an indication, there's no telling how much McDavid could be worth, for his star power, for his on-ice prowess, for the leadership and cache he brings to the Oilers.

Which is why Kaprizov's number may be least instructive when it comes to McDavid.

"He knows to be on a winning team, sometimes you do have to take a little less money, especially when you've got Leon Draisaitl making now the second-most money in the NHL ($14 million AAV) to get a competitive roster around him," Kaplan said. "So, sure, this is now setting the new market for this new salary cap, but I don't think Connor McDavid was waiting for Kirill Kaprizov's number waiting to sign. I think he was waiting for other things, and I expect him to take less money than we all believe Connor McDavid deserves."

Said Ferraro: "If [McDavid] wanted to sign, it would be done. If he wanted a two-year deal, do you think there's a negotiation to this? It's an open piece of paper I would assume with just different years on it, and he fills in both columns, if he wanted two years, three years, six years, wouldn't it be done? That's my gut sense of where they're at right now."

In that sense, McDavid represents merely the most extreme example of players gaining a bit more control to decide their value, where they want to be, what team fits them best and where they have the best chance to win.

"In the past, the teams dictated because of the rules and maybe the way that we all thought as players where players are going to play," Ferraro said. "I don't think that's the case anymore. I think we're just tiptoeing into it and when Kaprizov turns down the highest contract in NHL history, I think that's a really good example of it. He's like, hey, I'm worth more."

He was right. The Wild needed Kaprizov.

So they upped their offer. They made it work.

"We never wanted to even entertain Kirill not being here," Guerin said. "And honestly, we've worked, everybody in this organization has worked extremely hard the last bunch of years to get to where we are today. And Kirill has been a big part of growing and building this team. If it went the other way it would've been devastating if it didn't happen."

They made it work and now eyes will turn in other directions.

McDavid? Eichel? Panarin? Connor? You're on the clock.