Cale Makar’s new deal has reset the market in a way that should make Edmonton Oilers fans feel very good about Evan Bouchard - at least for now.
On Friday, the Colorado Avalanche signed their two-time Norris Trophy-winning defenseman to an eight-year contract with an annual average value of $20.4 million. That makes Makar the highest-paid player in NHL history and pushes the league past the $20 million AAV line, with the maximum sitting at $20.8 million.
The jump is massive for Makar, who is slated to earn just $9 million this season while playing out the final year of his six-year contract. It also fits a broader pattern around the league, where player salaries keep climbing as the cap rises and star players press their leverage harder than ever.
From Edmonton’s point of view, though, the biggest takeaway is what this means for Bouchard. His current deal carries a $10.5 million AAV, and in the wake of Makar’s extension, that number suddenly looks like a bargain.
Bouchard didn’t add any hardware to his trophy case last season, but his numbers made a loud enough case on their own. He finished with 74 assists and 95 points, leading all defensemen in both categories.
That kind of production should have put him in the Norris conversation. Even so, he was only the fourth-highest paid defenseman, behind Erik Karlsson, Drew Doughty and Rasmus Dahlin.
That relative value won’t last forever. With Thomas Harley’s new contract with the Dallas Stars now in place, Bouchard is projected to sit fifth in cap hit this upcoming season.
And by the following season, once Makar’s extension kicks in, he’s projected to be fifth again before eventually moving to first. Bowen Byram’s big deal with the Chicago Blackhawks earlier this summer also puts him ahead of Bouchard.
The one catch in Edmonton is the length of the contract. The Oilers only got Bouchard locked in for four years, with the deal set to run out in 2029. Even so, there’s a window here where his $10.5 million hit could look like a steal because so many bigger contracts are still waiting to be signed.
Quinn Hughes and Zach Werenski, both recent Norris winners, are set to have their contracts expire before Bouchard’s does, in 2027 and 2028, respectively. Matthew Schaefer, the star rookie and 2026 Calder Trophy winner, is also due for a new deal in 2028, and his next contract is expected to bring a huge raise that could challenge Makar’s number. Macklin Celebrini is another rising name whose next deal could add even more pressure to the top of the market.
For the next three seasons, the Oilers have Bouchard playing Norris-level hockey at $10.5 million per year. In a cap environment like this, that’s the kind of contract that can look like a gift - until the next extension comes due. If he keeps producing at this level, or finally lands that elusive Norris Trophy, the price tag on his next deal is going to be very different.
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