When Kirill Kaprizov signed his monster extension for $17 million per year, it felt like a seismic shift in the NHL’s salary landscape. Many assumed it would spark a domino effect - that other stars would quickly follow suit with equally massive deals.
But so far? That wave hasn’t come.
Connor McDavid - the undisputed best player on the planet - re-upped with Edmonton on a short-term deal worth $12.5 million annually. Not a raise.
Not even a cost-of-living adjustment. Just a flat-line number that, in today’s cap-inflated world, actually amounts to a discount.
Jack Eichel and Kyle Connor landed new deals too, but with cap hits of $13.5 million and $12 million, respectively, they didn’t exactly blow the doors off the market.
So for now, Kaprizov’s deal remains the high-water mark. But if there’s one player who looks ready to challenge - and potentially leapfrog - that number, it’s Quinn Hughes.
Minnesota made a bold move in December, going all-in by acquiring Hughes without any guarantee he’d stick around beyond this season. It was a gamble, no doubt.
But so far, it’s looking like a masterstroke. Hughes has been nothing short of sensational - a legitimate MVP-level force since arriving in St.
Paul. Through 24 games with the Wild, he’s racked up 29 points, outproducing even Kaprizov.
And it’s not just the numbers - it’s the impact. Hughes has elevated the entire team.
Bill Guerin, Minnesota’s GM, saw what others didn’t: secure the elite talent first, figure out the rest later. Now comes the “rest.” Because if Hughes is open to signing an extension when he becomes eligible on July 1, the Wild are going to have to back up the Brinks truck.
And we’re not talking about just making him the highest-paid defenseman in the league. We’re talking about a potential market-resetting deal - one that could push past the $17 million mark and into uncharted territory.
To understand how rare this situation is, let’s rewind a bit. Back in 2018, Drew Doughty signed an $11 million per year deal with the Kings.
Erik Karlsson followed in 2019 with an $11.5 million AAV extension in San Jose. Those contracts were supposed to open the floodgates for top-tier defensemen to start commanding forward-type money.
But since then? Crickets.
Rasmus Dahlin recently matched Doughty’s $11 million number. Evan Bouchard came close at $10.5 million.
But no one - not Cale Makar, not Adam Fox, not Charlie McAvoy - has cracked that Karlsson ceiling.
That could change this summer. Makar will also be eligible for an extension, and there’s no question he’s worth elite money.
But Hughes might be the one who actually breaks the barrier. He’s in the perfect position - playing the best hockey of his career, anchoring a team that desperately needs him, and carrying the kind of leverage that comes with being acquired in an all-in trade.
Let’s talk value. According to Evolving-Hockey, Hughes ranks third in the NHL in Standings Points Above Replacement (SPAR) with 5.9 - trailing only McDavid (6.5) and rookie sensation Macklin Celebrini (6.0).
Just his 24 games in Minnesota have been worth 4.6 standings points. That’s top-10 defenseman, top-20 player territory - and we’re only talking about a third of a season.
To put that in perspective, Kaprizov posted a 4.0 SPAR in 41 games last season before injury derailed his Hart Trophy campaign. Hughes is outpacing that - and doing it from the blue line.
So if Hughes’ agent walks into Guerin’s office this summer and says, “We want $17.5 million,” how do you say no?
Minnesota’s in a tough spot. Unlike Colorado - where Nathan MacKinnon’s $12.6 million deal serves as the internal ceiling - the Wild already set a new benchmark with Kaprizov.
They’ve shown they’re willing to pay elite talent elite money. And they’re not exactly in a position to play hardball with Hughes.
Guerin gave up a haul to get him - including top-10 prospect Zeev Buium. That’s not the kind of move you make unless you’re planning to build around the guy long-term. Letting Hughes walk, or even entertaining a trade, would be a massive step backward in a Central Division arms race that already features the Avalanche and Stars as perennial contenders.
The good news? Hughes is worth it.
His next contract will kick in at age 28, meaning Minnesota should get at least four or five years of Norris-caliber play before age-related decline becomes a concern. That’s a window you can work with.
And while money always talks, Hughes has been through the wringer in Vancouver. He knows what a dysfunctional situation looks like. That could make him more inclined to stick with a team that’s building the right way - even if it means leaving a little money on the table.
Then again, he might not leave anything on the table at all. And that’s fine.
The Wild are in a position where they have to pay up. They’ve already shown their hand.
Now it’s about finding a way to make it work - even if it means living in a world where two players are eating up a massive chunk of the salary cap.
Minnesota fans should buckle up. Last summer, Kaprizov’s extension raised eyebrows across the league.
This summer, Hughes might raise the ceiling. Again.
The rest of the NHL will catch up eventually. But for now, the Wild are charting their own course - one mega-contract at a time.