Ranking the Best Contracts in the NHL Right Now
Operating under a salary cap remains a challenging endeavor for NHL general managers. They must ensure they can ice a competitive team while finding the right balance investing in their best players and surrounding them with a solid supporting cast.
Most general managers try to identify which young players will blossom into stars. They will attempt to sign them to long-term contracts hoping that those deals will turn into bargains when they reach their playing prime.
With the league emerging from the flattened salary-cap era resulting from the two COVID-shortened seasons earlier in the decade, player salaries are rising along with the cap as hockey-related revenue rises. That makes it more difficult for GMs to sign players to long-term, cap-friendly deals.
Nevertheless, several notable NHL stars fall into that category. We'll look at the 10 best, excluding players on entry-level deals, those on expiring contracts, or those with extensions that will begin in 2025-26.
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10. Nick Suzuki, Montreal Canadiens
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The Montreal Canadiens were coming off the glow of their underdog run to the 2021 Stanley Cup Final when then-general manager Marc Bergevin signed Nick Suzuki to an eight-year contract extension. The young center was coming off a 41-point sophomore performance in 56 games and a team-leading 16 points in 22 playoff games.
Suzuki's annual average value of $7.9 million is proving to be good value for the rebuilding Canadiens. Named team captain in Sept. 2022, the 25-year-old center has blossomed into a skillful two-way forward and a foundation player that the current management is building around. His AAV is now the ceiling for players re-signing with the Canadiens.
As the Canadiens' first-line center, Suzuki's production has steadily improved, from 61 points in 2021-22, 66 points in 2022-23 and 77 points last season. He asked the coaching staff to put promising Juraj Slafkovský on his line last season, resulting in the 20-year-old winger's 50-point sophomore campaign.
It will take some time for the Canadiens to return to playoff contention with their young core. If things go as planned with their rebuilding plan, Suzuki could be among the league's elite two-way centers on one of the best cost-effective contracts in the league.
9. Matt Boldy, Minnesota Wild
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Chosen in the first round (12th overall) by the Minnesota Wild in the 2019 NHL Draft, Matt Boldy established himself as an NHL player with a 39-point performance in 47 games in 2021-22. He followed that with a 31-goal, 63-point sophomore campaign, earning a seven-year contract with an average annual value of $7 million.
That was a considerable raise for Boldy after just two NHL seasons. He proved his value in the first season of that deal, netting 29 goals and 69 points in 75 games. He likely would've exceeded 30 goals and 70 points if not for an upper-body injury that sidelined him for seven games early last season.
The 22-year-old Boldy has already blossomed into a core player for the Wild. He finished second in team scoring and game-winning goals (seven) last season. He also plays a smart defensive game and led the Wild with 61 takeaways.
Boldy has picked up where he left off last season with 15 points in 14 games, including four game-winning goals, and eight takeaways as of Nov. 8. With superstar teammate Kirill Kaprizov expected to get an expensive new contract in 2026, Boldy's $7 million annual cap hit ensures he'll be an affordable star for the Wild through 2029-30.
8. Zach Hyman, Edmonton Oilers
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We were skeptical when the Edmonton Oilers signed Zach Hyman to a seven-year contract with an average annual value of $5.5 million on July 28, 2021. While the cap hit was reasonable, we felt the deal was too long for a player who was 29 years old at the time, giving it a "C" grade.
However, Hyman reached offensive heights skating on Connor McDavid's line in Edmonton that he never reached as Auston Matthews' linemate during his six seasons with the Toronto Maple Leafs. He had 27 goals and 54 points in 2021-22, 36 goals and 83 points in 2022-23, and 54 goals and 77 points last season.
Hyman has had terrific chemistry with McDavid, becoming a core player and a leader among the Oilers. His 112 total goals over the past three seasons ranked 12th among all NHL skaters. That's the kind of production one would expect from a winger earning much more than $5.5 million annually.
Time will tell if the 32-year-old Hyman can maintain that scoring pace over the remainder of his contract. It's unlikely he'll reach 50 goals again. Nevertheless, he should remain capable of between 30 and 40 goals per season riding shotgun on McDavid's line.
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7. Josh Morrissey, Winnipeg Jets
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One of the oldest players on our list, Josh Morrissey signed an eight-year contract extension with the Winnipeg Jets on Sept. 12, 2019, with an average annual value of $6.3 million. Five years later, the 29-year-old defenseman's deal has aged well for the Jets.
It took some time for this contract to look like a discount signing. The Jets were trying to adjust to the departures of defensemen Jacob Trouba, Dustin Byfuglien, Tyler Myers, and Ben Chiarot, leaving Morrissey struggling to adapt to bigger minutes and more defensive responsibilities through 2020-21 and 2021-22.
Morrissey broke through in 2022-23, tallying a career-high 76 points and finishing fifth among voters for the James Norris Memorial Trophy. He followed up last season with 69 points and a team-leading 24:11 of time on ice per game. Morrissey tied with Mark Scheifele for the club lead with 45 takeaways and was fifth with 103 blocked shots.
Morrissey is a more complete defenseman than when he signed his current contract. His improvement factored into the Jets' solid regular-season play since last season. They have an elite blueliner at a very affordable price.
6. Miro Heiskanen, Dallas Stars
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The Dallas Stars are among the favorites to win the Stanley Cup this season after coming off back-to-back appearances in the Western Conference Final. Miro Heiskanen is among the reasons behind their rise among the dominant teams.
Heiskanen tends to be overlooked among voters for the James Norris Memorial Trophy, with a seventh-place finish in 2022-23 being the closest he's come thus far. Nevertheless, his value for the Stars cannot be denied.
Since his sophomore season (2020-21) through 2023-24, Heiskanen's average time on ice per game (24:59) was sixth among all NHL skaters. He's exceeded 30 points five times, including a career-best 73 points in 2022-23. The 25-year-old Finn is among the Stars' leaders in total blocked shots (337), takeaways (147) and puck possession (54.2).
A gifted all-around defenseman, Heiskanen is in the fourth season of an eight-year contract with an average annual value of $8.5 million. Given his value and ongoing improvement, this deal is a steal for the Stars.
5. Adam Fox, New York Rangers
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The New York Rangers have been among the NHL's dominant teams over the past three seasons, reaching the Eastern Conference Finals in 2022 and 2024 and winning the Presidents' Trophy in 2023-24. Adam Fox has played a significant role in their success thus far while establishing himself among the league's elite defensemen.
Fox's effect on the Rangers was immediate. A skillful, all-round defenseman who can log big minutes, he had 42 points as a rookie in 2019-20 and 47 points in the COVID-shortened 2020-21 season, earning the James Norris Memorial Trophy as the league's top defenseman. He was the sophomore to do that since Bobby Orr in 1967-68.
The Rangers wasted no time getting Fox signed to a contract extension, inking him to a seven-year deal on Nov. 1, 2021, with an average annual value of $9.5 million. The 5'11, 180-pounder has enjoyed three straight 70-plus point seasons and was a finalist for the Norris in 2022-23.
Now 26, Fox is firmly entrenched as the Rangers' top defenseman and among the league's elite. Signed through 2028-29, his contract will remain a team-friendly deal carrying him through most of his playing prime.
4. Matthew Tkachuk, Florida Panthers
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The Florida Panthers surprised the hockey world on July 22, 2022, when they acquired Matthew Tkachuk from the Calgary Flames in exchange for Jonathan Huberdeau and MacKenzie Weegar. They signed him that day to an eight-year contract worth an average annual value of $9.5 million.
At the time, Tkachuk was coming off a career-best 104-point performance with the Flames, establishing himself as an abrasive high-scoring power forward. Playing for the Panthers immediately agreed with the 6'2', 202-pound left winger as he set a new career high of 109 points in 2022-23 and became a finalist for the Hart Memorial Trophy.
Tkachuk helped lead the Panthers to the 2023 Stanley Cup Final, playing with a broken sternum as they fell to the Vegas Golden Knights in five games. His production was down last season with 88 points in 80 games, but he had 22 postseason points helping the Panthers return to the Final and winning their first Cup.
Now 26, Tkachuk is in his prime. His gritty style of play, clutch offense, and leadership make him an invaluable core player for the Panthers. He played a big role in turning them into a perennial Stanley Cup contender. At his current level of play, his deal should also prove to be a cost-effective one.
3. Jack Hughes, New Jersey Devils
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On Nov. 30, 2021, the New Jersey Devils signed Jack Hughes to an eight-year contract extension worth an average annual value of $8 million. At the time, the young center was in the final season of an entry-level contract. While injuries limited him to 49 games, he finished with 26 goals and 56 points.
It seemed the Devils were taking a chance by investing so much in young Hughes despite his offensive potential. In 2022-23, he rewarded them with a career-best 99-point performance, setting the franchise's single-season points record as the Devils set franchise records with 52 wins and 112 points to reach the playoffs for the first time since 2018.
Last season was a disappointment for Hughes and his club. They were bedeviled by injuries, with Hughes netting 74 points in 62 games as they missed the playoffs. Nevertheless, he put up strong offensive numbers despite missing 20 games and was jockeying for the NHL scoring lead before he was sidelined in November.
Only 23 years old, Hughes' best seasons remain ahead of him. He's a key part of their roster core and among the league's elite stars. His $8 million AAV through 2029-30 already ranks among the league's best contracts and could become one of the best-value deals in league history if he continues to elevate his game.
2. Quinn Hughes, Vancouver Canucks
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On Oct. 1, 2021, the Vancouver Canucks signed Quinn Hughes to a six-year contract with an average annual value of $7.9 million. The young defenseman was coming off his three-year entry-level contract during which he showed considerable promise as a puck-moving blueliner, netting 53 points as a rookie in 2019-20 and 41 points in 56 games in 2020-21.
That turned into a solid investment by the Canucks. Hughes established himself among their core players and top defenseman, netting 68 points in 76 games in 2021-22 and 76 points in 78 games the following season. The 5'10", 180-pounder's offensive skills often overshadowed his improved defensive abilities.
That changed in 2023-24. Named captain of the Canucks before the start of the season, Hughes enjoyed a career-best performance with 92 points to lead all NHL defensemen. That performance earned him his first James Norris Memorial Trophy as the league's top blueliner.
Hughes, 25, is at the vanguard of the rising number of smaller defensemen whose puck-moving skills take on greater importance in today's faster-paced NHL game. His current contract is one of the best team-friendly deals in the league. Given the current trajectory of his career, he could end up doubling his money on his next deal.
1. Cale Makar, Colorado Avalanche
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Colorado Avalanche defenseman Cale Makar has enjoyed plenty of accomplishments in his six-season NHL career. He's considered among the league's elite stars, winning the Calder Memorial Trophy in 2019-20 and the James Norris Memorial Trophy in 2021-22. He also took home the Conn Smythe Trophy in 2022 leading the Colorado Avalanche to the Stanley Cup.
The prototype for smaller defensemen who dominate play with their puck-possession skills, the 6'0", 187-pound Makar is off to a blazing start to this season. He leads all blueliners with 23 points accumulated in a season-opening 13-game point streak and sits among the league's scoring leaders as of Nov.8.
Avalanche management knew what they had in Makar when they signed him on July 24, 2021, to a six-year contract with an average annual value of $9 million. At the time, he was coming off his impressive rookie performance with 50 points in 57 games and his 44-point sophomore effort in 44 games during the COVID-shortened 2020-21 campaign.
It seemed like a hefty price to pay at the time but it's worked out to be a bargain for the Avalanche. Now 26 and in his prime, Makar is an unquestioned NHL superstar. He finished second among all defensemen last season with a career-best 90 points. He could be commanding $18 million annually when his contract expires in 2027.
Stats and individual award info via NHL.com and Hockey-Reference.com. Salary info via PuckPedia.
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