Inside Cale Makar's Record-Shattering Contract With the Avalanche
The Colorado Avalanche just made Cale Makar the highest-paid player in NHL history. At first glance, the numbers are almost impossible to comprehend, eight years, $163.2 million with a $20.4 million average annual value.
That is a massive commitment for any NHL player, let alone a defenseman. But for the Avalanche, Makar's contract isn't only about paying one of the best players in the world, it's about making sure the most important piece of their roster remains in Colorado through the heart of the franchise's current Stanley Cup window.
That is why, despite the sticker shock, this is a contract the Avalanche had to get done.
Makar Is Worth the Price
There's no denying that the $20.4 million AAV is an enormous number. Makar's new AAV makes him the first player in league history to surpass the $20 million mark, eclipsing Macklin Celebrini's recent $18.8 million AAV. The contract begins in the 2027-28 season and will keep Makar under contract through 2034-35.
Makar isn't necessarily a player that Colorado could ever replace. The Avalanche drafted him fourth overall in 2017, and he has since developed into arguably the most dominant defensemen of his generation. He has won two Norris Trophies, a Calder Trophy and the Conn Smythe Trophy, while being a key part of Colorado winning the Stanley Cup in 2022.
He has also been remarkably productive from the back end. Makar enters the 2026-27 season with 507 points in 470 career regular-season games, all with the Avalanche.
The Salary Cap Changes the Equation
The biggest mistake when evaluating a contract like this is only looking at the dollar amount, but the overall salary cap matters as well. When Makar signed his previous six-year, $54 million contract in 2021, his $9 million AAV represented only 11.04% of the salary cap.
His new contract will obviously represent a much larger dollar figure, but the NHL salary cap has also grown substantially since that previous deal was signed. The reason this is important is that Colorado isn't committing today's percentage of its cap to Makar for the next eight seasons. If the salary cap reaches the projected $113.5 million for 2027-28, Makar's cap hit would account for roughly 18% of Colorado's available cap space, while this is an increase, it can be stomached by the rising cap.
When you break down the structure of the entire contract, it looks like less of a sticker shock as well. The bulk of the base salary comes in year four with a hit of $12.8 million, while the largest of the signing bonuses happens in year eight. Makar will also have a full no-move clause throughout the duration of the contract.
The #GoAvsGo Cale Makar 8 year $20.4M Cap Hit Extension
— PuckPedia (@PuckPedia) August 28, 2026
Yr 1-3 $4M Base & 16.8M Signing Bonus
Yr 4 $12.8M & $8M SB
Yr 5 $4M & $16.8M SB
Yr 6 $3M & $16.8M SB
Yr 7 $2.8M & $16.8M SB
Yr 8 $1M & $18.8M SB
No Move Clause
Rep'd by @BartlettHockey
The $20.4M Cap Hit is just short…
The Real Challenge Is Building Around Makar
The contract isn’t without risk; paying one player $20.4 million annually inevitably creates challenges elsewhere on the roster. Colorado will have to make difficult decisions when it comes to retaining other core players, filling out its depth, and maintaining enough flexibility to address weaknesses.
That’s the trade-off: Makar’s contract could make it harder for the Avalanche to build a perfectly balanced roster, but there is no such thing as a perfectly balanced roster when you have a player capable of changing the game every time he steps on the ice.
This Could Eventually Look Like a Bargain
This is the part of the contract that Avalanche fans should keep an eye on, a $20.4 million AAV sounds absurd today. In a few years, it might not. The NHL has repeatedly reset its benchmark for the league’s highest-paid player.
Kirill Kaprizov’s $17 million AAV pushed the record higher in 2025, Leo Carlsson moved it to $18 million, and Celebrini then raised it to $18.8 million before Makar shattered the mark.
If that trend continues, Makar’s contract could eventually stop looking like an outlier, it could become the new normal. If Makar continues performing at an elite level while the cap rises around him, the Avalanche could eventually look back at this contract and feel pretty good about it.
Colorado isn’t paying Makar $20.4 million because he’s worth that much compared to every other player in the NHL today. They’re paying him because they believe he will remain one of the league’s most valuable players while the economics of the NHL continue to change.
