Analysis of Colorado Avalanche defenseman Cale Makar's potential contract extension, set against the backdrop of a rising salary cap and a changing NHL free-agent landscape. The piece explores Makar's elite credentials, compares him to other top earners like Kirill Kaprizov and Nathan MacKinnon, and suggests he could become the league's highest-paid player following the 2027-28 season cap spike. The article also notes that the 'Class of 2027' free-agent class is expected to dwindle significantly due to early extensions.
Updated: Jul 3, 2026, 11:38 EDT Credit: May 3, 2026; Denver, Colorado, USA; Colorado Avalanche defenseman Cale Makar celebrates his goal scored against the Minnesota Wild during the third period in game one of the second round of the 2026 Stanley Cup Playoffs at Ball Arena.
Mandatory Credit: Ron Chenoy-Imagn Images. Only two of those players made it to market by the time July 1, 2026 arrived, and one, Rasmus Andersson, re-signed with his team, so it was really just Sergei Bobrovsky who became a true UFA. The NHL free-agent landscape is changed in the rising-cap era, which has seen increases from $88 million to $95.5 million to $104 million in consecutive seasons, with a spike to $113.5 million coming in 2027-28.
It’s easier for teams to retain their core players, and it’s thus less common now that they make it to market. When looking ahead to the ‘Class of 2027,’ then, we now know to do so with a grain of salt.
It’s probable that three quarters of these guys sign extensions in the next 11 and a half months, and some in the coming days or weeks, as Bowen Byram and Nico Hischier did July 1, but here’s a look at who could be available in theory a year from now. We can throw around terms like “generational” for Makar.
He’s a two-time Norris Trophy winner, a Conn Smythe Trophy winner, a four-time first-team All-Star, and only Bobby Orr and Paul Coffey average more points per game for their careers among defensemen. In a world where Bowen Byram gets $12.5 million annually, Makar is a $20-million player if he demands to be. Or if he wants to match Kaprizov’s league-high 16.35 percent of the cap, that would mean $18.56 million of a $113.5-million cap beginning in 2027-28.
The Avs need to learn from the “no one can make more than Nathan MacKinnon” blunder they made with Mikko Rantanen. A year before Connor McDavid’s next contract begins, Makar deserves to become the NHL’s highest-paid player. The lack of income tax in Florida could keep Kucherov’s cap below what his true market value is, assuming he re-signs. That’s the good news.
The bad: over the course of his current deal, which commenced in 2019-20, he won his second Hart Trophy, his second and third Art Ross Trophies and two Stanley Cups and led the playoffs in scoring on both of those title runs. Kucherov, one of the century’s greatest pure scorers, is entitled to whatever he wants, despite the fact he’s been quite a playoff disappointment the past few seasons.
It’s a matter of whether he prioritizes a monster payday or trying to keep winning in Tampa. General manager Julien BriseBoisThis one should be interesting. The Wild are already the standard-setter for gargantuan contracts, and Hughes’ overall impact as a player arguably trumps Kaprizov’s, so it wouldn’t be a surprise to see Hughes leapfrog Kaprizov on the next AAV. How long will the contract be, though?
The prediction here is three years, as that would walk Hughes to 2030 and make him a UFA at the same time as his brother Jack. Hint, hint. Stone was a perfect acquisition for the Golden Knights at the 2018-19 Trade Deadline. He’s been one of the NHL’s best two-way forwards over that span, he’s the only captain in Golden Knights franchise history, and he led them to a Stanley Cup win in 2022-23 and another Final berth in 2025-26.
Stone’s body has begun to betray him as he’s battled chronic back issues and other maladies in his mid-30s, however. The Golden Knights are also famous for their lack of sentimentality, even when it comes to their top players. Are we positive they’ll reinvest in Stone, a player already lacking in foot speed and likely to decline rapidly in the next few years?
There was a lot of handwringing leading up to Crosby’s previous extension, largely because the Penguins were bottoming out as a franchise at the time, and some questioned whether he’d want to play out the remainder of his career with no chance at chasing a Stanley Cup. .
But the Pens are trending upward again, having broken a three-season playoff drought while modestly restocking their prospect pool, so one could argue the decision to re-sign will be easier for Sid this time around. He’s taking things year to year at this stage of his career but, as, Crosby doesn’t like to play with contract noise hanging over him, so it would make sense if he signed a one-year extension before the season.
We can take a wild guess that the ultra-superstitious Crosby will sign for an $8.7-million AAV once more. It sometimes feels like DeBrincat toils in obscurity given he never gets to play postseason games, with his lone taste coming in the 2019-20 COVID bubble tournament. But he’s a valuable sniper, quietly a three-time 40-goal scorer, ranking 11th in the NHL in goals since his career began in 2017-18.
On one hand, he’s a Michigan native who grew up a Red Wings fan and thus might never want to leave his hometown team. On the other hand? The Wings are rudderless, mired in a league-high 10-year playoff drought, with captain Dylan Larkin’s trade request looming over them like a storm cloud.
Childhood dream or not, DeBrincat wants to win a Stanley Cup or at least play in the postseason, and the fallout of the Larkin situation could affect DeBrincat’s long-term loyalty to Detroit, a sentiment echoed by my colleague,If the Senators want to boost their fans’ morale after captain Brady Tkachuk knifed them in the back: get Batherson extended and send a message that at least some of Ottawa’s marquee players want to stay there. After the season, Batherson, fresh off setting career highs with 33 goals and 71 points, expressed interest in re-signing and that OttawaKarlsson turned back the clock for an outstanding age-37 season with the Pens, finishing ninth in Norris voting.
He’s still a minutes eater and excellent offensive weapon at his relatively advanced age. Will he still make sense in Pittsburgh after this season, though? That’s debatable. The Pens need to get younger, and we’ve heard whispers of a Karlsson & Ottawa homecoming for years, which makes sense given his wife is from there.
After racking up coin across his eight-year deal at an $11.5-million AAV, might Karlsson return to Canada’s capital on a team-friendly cap hit next summer? That’s the prediction here. There will always be a robust market for high-end offensive defensemen, so Dunn should get a raise over his current AAV as long as he maintains his strong standard of play in 2026-27.
Even in a down 2025-26 for his surface numbers, he was a good play driver, and he averages 53 points per 82 games since joining the Kraken for their inaugural season in 2021-22, so he’ll attract a significant bidding war if he goes to market. With the Kraken mired in mediocrity, Dunn might also become a popular in-season trade candidate during his walk year.
O’Reilly remains a strong shutdown center who is elite on faceoffs, and he’s coming off the second-best offensive season of his career, too, so he’s as valuable as ever and should command a higher AAV on this next deal after the no-state-tax Preds landed him for a relative bargain three years ago. They seem to be determined to compete in the present, judging by the flurry of moves made by new GM Chris MacFarland, but O’Reilly will be an extremely popular Trade Deadline rental target should the Preds disappoint again.
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