Hockey is a weird business. For years, the NHL's salary cap barely moved, frozen by the pandemic and a massive debt players owed to the league. But honestly, those days are over. If you haven't checked the books lately, the numbers for the highest paid NHL player just went through the roof.
We aren't talking about the $8 million "bargains" of the Sidney Crosby era anymore. We’re in the era of the $14 million man. And soon, even that will look like pocket change.
Leon Draisaitl and the $112 Million Shift
Right now, if you're looking for the guy with the biggest target on his back and the heaviest wallet, it's Leon Draisaitl. The Edmonton Oilers forward signed an eight-year, $112 million extension that officially kicked in for the 2025-26 season. That gives him a cap hit of $14 million.
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It’s a massive jump. He basically blew past Auston Matthews’ $13.25 million mark like he was standing still.
But here’s the funny thing about hockey contracts: the "highest paid" title depends on how you look at the money. Is it the cap hit (AAV)? Or is it the actual cash hitting the bank account this year?
If you look at raw cash for the 2025-26 season, Draisaitl is raking in roughly $16.5 million. Most of that—a staggering $104 million over the life of the deal—is paid out in signing bonuses. Why? Because signing bonuses are buyout-proof and lockout-proof. In the NHL, agents are obsessed with protecting their clients from work stoppages.
The Short Reign of Auston Matthews
Before Draisaitl took the crown, Auston Matthews was the highest paid NHL player by annual average. He signed a four-year, $53 million deal that many fans thought was a bit short.
You've gotta wonder why a superstar wouldn't want the security of an eight-year max deal. Well, Matthews is smart. He’s betting on himself. By signing a shorter deal, he hits free agency again while he’s still in his prime, just as the salary cap is expected to skyrocket toward $100 million.
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For the 2025-26 season, Matthews carries a $13.25 million cap hit. He’s earning $14.425 million in signing bonuses this year alone, with a base salary of just $775,000. It’s a common trend now. Teams pay the league minimum in base salary so the player gets a giant check on July 1st.
The McDavid "Discount" That Shocked Everyone
Everyone expected Connor McDavid to become the first $16 million or $17 million player. He's the best in the world. No question. He could have asked for 20% of the cap and the Oilers would have said "where do we sign?"
Instead, in October 2025, McDavid signed a two-year extension worth $25 million.
That puts his cap hit at $12.5 million starting in 2026. He actually took less than his teammate Draisaitl. He took less than Matthews. He basically looked at the front office and said, "Keep the change so we can buy a defense."
It's a legacy move. Kinda like what Tom Brady used to do in the NFL. But don't feel too bad for his bank account—McDavid’s career earnings are already crossing the $105 million mark, and he’s only 29.
The Goalies are Joining the Party
For a long time, teams were terrified of paying goalies. They’re "voodoo," as the saying goes. One year they’re winning the Vezina, the next they can’t stop a beach ball.
But Igor Shesterkin changed the math. The New York Rangers netminder reset the market with a deal that carries an $11.5 million cap hit. For 2025-26, he’s actually taking home over $15.8 million in total cash. That makes him the highest-paid goalie in the history of the sport, eclipsing Carey Price’s old $10.5 million record.
Who Else is in the $11M+ Club?
The list of players making eight figures is growing every season. It used to be a prestigious club; now, it’s basically the entry fee for a franchise cornerstone.
- Nathan MacKinnon (Colorado Avalanche): $12.6 million AAV. He held the top spot for a minute after leading the Avs to a Cup.
- Mitchell Marner: Now with the Vegas Golden Knights, Marner’s $12 million cap hit is a huge part of the "Golden Misfits" payroll.
- Artemi Panarin (NY Rangers): $11.64 million. Still one of the best passers in the game and worth every penny of that "Breadman" money.
- Erik Karlsson (Pittsburgh Penguins): $11.5 million. Even as a veteran defenseman, his contract remains one of the heaviest on any blue line.
What Most People Get Wrong About NHL Salaries
When you hear a guy is the highest paid NHL player, you probably think he keeps all that money. He doesn't. Not even close.
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First, there’s escrow. A percentage of every player's check is withheld to ensure the 50/50 revenue split between owners and players. Then there are agent fees (usually 3% to 5%) and the massive tax bills. A player in Toronto or Montreal loses way more to the government than a guy playing in Florida or Nevada where there's no state income tax.
This is why players like Marner or Eichel often look for trades to "tax-friendly" states. A $10 million salary in Vegas is worth nearly $1 million more in take-home pay than the same salary in Ontario.
The Future: The $17 Million Ceiling
We’ve already seen the next ceiling. Kirill Kaprizov and the Minnesota Wild reportedly agreed to a massive $136 million extension ($17 million AAV) that kicks in for the 2026-27 season.
The cap is rising because the league is finally healthy again. New TV deals, jersey sponsorships, and the addition of the Utah Hockey Club have pumped fresh revenue into the system. We are rapidly approaching a world where the league's top stars will be making NBA-style money.
Well, maybe not NBA money—those guys make $60 million—but for hockey, $17 million is astronomical.
Actionable Insights for Fans and Bettors
If you’re following the money to understand how the league is shifting, keep these things in mind:
- Watch the July 1st Bonus Dates: Most of the "highest paid" players get their money in a lump sum on July 1st. If a team is going to trade a star, they usually do it after they've paid that bonus to make the player more attractive to the receiving team.
- The "Cap Hit" vs. "Real Cash" Gap: When evaluating a team's trade deadline moves, remember that the cap hit is what matters for the playoffs, but real cash is what matters to the owners' bottom line.
- The 15% Rule: Historically, no team has won a Stanley Cup with one player taking up more than roughly 15% of the total salary cap. As Draisaitl and Kaprizov push toward $14M and $17M, they are testing the limits of how much you can pay one person and still build a championship roster.
The era of the $10 million superstar is dead. We are now firmly in the era of the $15 million-plus mega-contract. Whether that actually leads to more Stanley Cups for these players remains the biggest question in the sport.