PAPPY 23 · August 29, 2026

Cale Makar Signs $163.2M Extension, Sets $20.4M AAV Record for NHL

Colorado locks franchise cornerstone through 2033, resets defenseman market above Matthews ceiling.

Source Deadspin ↗

Colorado Avalanche defenseman Cale Makar signed an eight-year extension worth $163.2 million, establishing a $20.4 million annual average value that makes him the highest-paid player in NHL history. The deal, which kicks in for the 2025-26 season after his current $9 million AAV contract expires, surpasses Auston Matthews' $13.25 million Toronto contract by 54 percent.

Makar, 26, has anchored Colorado's blueline since winning the Calder Trophy in 2020 and the Norris Trophy in 2022 and 2023. He logged 25 minutes per night during the Avalanche's 2022 Stanley Cup run, posting 29 points in 20 playoff games. His current deal runs through next season; the extension buys out all remaining unrestricted free agency years through his age-34 season. Colorado now carries $78.6 million in committed salary for 2025-26 against an $88 million projected cap, leaving general manager Chris MacFarland roughly $9.4 million to fill six roster spots.

The number resets the market for elite defensemen and creates immediate pressure on pending extensions. Nashville's Roman Josi earns $9.06 million through 2028. San Jose signed Erik Karlsson to $11.5 million in 2019, a figure that looked untouchable until Wednesday. Quinn Hughes in Vancouver and Adam Fox in New York both sit under $10 million AAV and will point to Makar's structure when their agents call. More urgently, Colorado must now navigate Mikko Rantanen's expiring deal. Rantanen, a 100-point winger, earns $9.25 million and becomes a free agent in July 2025. His camp will argue that elite forwards deserve parity with elite defensemen, particularly after Matthews reset that ceiling at $13.25 million. MacFarland has $9.4 million in space and two franchise players to satisfy.

The contract also signals ownership confidence in Kroenke Sports & Entertainment's NHL investment. The Avalanche generated an estimated $208 million in revenue last season, ranking ninth in the league. Ball Arena hosts 41 home dates and anchors a downtown entertainment district that includes the NBA's Nuggets and the Colorado Mammoth lacrosse franchise. Locking Makar through 2033 protects ticket and sponsorship revenue against the risk of losing a generational talent at age 27 in free agency. His jersey sales rank second in the NHL behind Matthews, and his presence allows Colorado to command premium pricing for suite and club-seat renewals through the next decade.

Watch whether Rantanen signs before his July 2025 expiration or forces a trade-deadline decision in March. Nashville and Vancouver will both begin extension talks with their top defensemen before next season's trade deadline. Colorado's salary structure also suggests a Gabriel Landeskog contract resolution is near; Landeskog has not played since the 2022 Cup run and carries a $7 million cap hit that could move to long-term injured reserve if retirement becomes formal.

The Avalanche now pay one player 26 percent of the salary cap. Matthews takes 16 percent in Toronto. The gap explains why Colorado has $9.4 million to fill six spots while Toronto has $22 million for eight. MacFarland bet that one elite defenseman is worth the squeeze.

The takeaway

Makar's **$20.4M** AAV resets the defenseman market and leaves Colorado **$9.4M** to sign Rantanen and five others next season.

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