NY Rangers Need To Make More of Adam Fox Bargain Contract

The New York Rangers are not taking advantage as much as they could of Adam Fox's contract.

Apr 2, 2026; New York, New York, USA; New York Rangers defenseman Adam Fox (23) skates over to his bench after scoring a goal in the third period against the Montréal Canadiens at Madison Square Garden. Mandatory Credit: Wendell Cruz-Imagn Images / IMAGN IMAGES via Reuters Connect

The New York Rangers have done a great job recently clearing their roster of any albatross contracts.

In a recent update of the NHL contract efficiency rankings, the Rangers moved up a few spots from where they were in the previous edition. Credit needs to be given to Chris Drury for ridding the team of anchors, the kind of contracts that keep a team from making moves.

However, criticisms are fair when it comes to the fact that New York isn’t getting much value the other way either. There are a lot of fair contracts on the roster, which results in some middling results with other franchises maximizing their money efficiently.

However, there is one deal that sticks out for the Rangers. The contract of Adam Fox was a steal at the time he signed, is a steal now and will become an even bigger bargain down the road with salaries booming around the NHL.

Adam Fox has one of the best contracts in NHL

Mar 22, 2026; New York, New York, USA; New York Rangers defenseman Adam Fox (23) during the third period against the Winnipeg Jets at Madison Square Garden. Mandatory Credit: John Jones-Imagn Images / IMAGN IMAGES via Reuters Connect

On Nov. 1, 2021, he signed a seven-year extension with the team that averaged $9.5 million annually. In total money, $66.5 million, that is 18th amongst defensemen. Based on AAV, it is the eighth-highest, with the fifth-highest AAV of the cap.

Fox is going to keep moving down those lists as the salary cap increases and some of the talented youngsters around the league start inking extensions. Bowen Byram reset the market this summer, agreeing to an extension with the Chicago Blackhawks after being traded by the Buffalo Sabres worth $12.5 million annually.

San Jose Sharks star forward Macklin Celebrini signed a deal that made him the highest-paid player in AAV with $18.8 million per year. That surpasses the $18 million Leo Carlsson received on the offer sheet from the Philadelphia Flyers that the Anaheim Ducks matched.

Forwards are going to receive more money than defensemen, but the Byram record will almost assuredly be reset when Cale Makar of the Colorado Avalanche and Matthew Schaefer of the New York Islanders work out new deals.

Rangers not taking advantage of Fox's contract value

Feb 26, 2026; New York, New York, USA; New York Rangers defenseman Adam Fox (23) looks to make a pass in the third period against the Philadelphia Flyers in the third period at Madison Square Garden. Mandatory Credit: Wendell Cruz-Imagn Images / IMAGN IMAGES via Reuters Connect

Based on the model used by Dom Luszczyszyn of The Athletic (subscription required), Fox is worth $17.2 million, giving him a positive value percentage of 99.8% and total surplus value of $23 million, resulting in an A+ grade.

In the midst of his prime, New York is not doing enough to take advantage of having arguably the best contract in the NHL on its books. There are 16 more players in the entire league with a positive value percentage of at least 99.8%. Only 24 players have a higher total surplus value than his $23 million.

Having a relatively clean cap sheet is good, but the Rangers are not making the most of the wiggle room that Fox’s team-friendly deal has provided them.