The NHL is experiencing a surge in player salaries thanks to a significant jump in the salary cap to $104 million this season, up from $83.5 million in 2023-24. This increase is driven by recovering pandemic finances and booming sponsorship revenue, prompting general managers to offer record-breaking contracts. Fourteen of the top 18 NHL contracts by average annual value have been signed in just the last two years. Notably, Leo Carlsson’s five-year, $90 million offer sheet set a record with an average $18 million per year, only to be surpassed by Macklin Celebrini’s $94 million and Cale Makar’s $163 million deals soon after, though those won’t fully activate until the 2027-28 season.

Leo Carlsson currently ranks as the NHL’s highest-paid player, projected to earn $21.2 million this year including endorsements. Close behind is Connor McDavid with $20.8 million, making them just the second and third players in Forbes’ 16-year NHL earnings history to surpass $20 million in annual income. The rising pay scale has brought in six newcomers to the top ten highest-earning NHL players, including standout stars like Kirill Kaprizov, Cutter Gauthier, and Connor Bedard, while Auston Matthews slips out of the top ten with $14.6 million.

In total, the NHL’s ten highest-paid players will collect $186 million pretax in 2026-27, up 11% from last year and significantly higher than a decade ago when the top ten threshold was $10.4 million. Despite this growth, NHL salaries still lag behind those in the NFL, NBA, and MLB due to the league’s revenue structure and a collective bargaining agreement that entitles players to only half the hockey-related revenue. Endorsement earnings for NHL stars also remain modest compared to other sports, with only a handful topping $1 million off the ice.

Looking ahead, NHL player contracts may continue escalating as young stars push closer to the theoretical 20% salary cap limit, previously unseen in the league. With projections showing the salary cap could reach $127.5 million by 2028-29, players’ agents anticipate further growth in salaries. The expansion of NHL broadcast deals and increasing revenues also add to optimism about rising player incomes. The youthfulness of the top earners—four are 22 or younger—signals a bright future where more young players like Carlsson, Gauthier, and Bedard will command record deals in the evolving hockey market.