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It only took 26 days for Anaheim Ducks center Leo Carlsson to know he’d be relinquishing the title of highest paid player.
That’s thanks to the new $94 million mega contract signed by San Jose Sharks center Macklin Celebrini. The 2024 first overall pick blew expectations out of the water this season, becoming just the sixth teenager in NHL history with a 100-point season (45 goals, 70 assists).
The Sharks announced the signing Wednesday morning. The new five-year contract is worth $18.8 million per season. You can read the full details of the contract structure at PuckPedia.
Now, technically, Carlsson will hold the title of highest paid player for one full season. Celebrini is entering the final year of his entry-level contract. He only became eligible for a contract extension on July 1. Carlsson was a restricted free agent, so his new deal kicks in immediately. For one year, he’ll be the highest paid player in the league. And then he’ll cede it, rightfully, to Celebrini.
San Jose Sharks reward Macklin Celebrini’s brilliance
Considering Celebrini made NHL history multiple times over this season while nearly dragging an inferior Sharks team into the playoffs far earlier than anyone expected, this is still probably a discount. Celebrini could have asked for a maximum 20 percent deal. At that cap percentage, he’d have earned $22.7 million per season.
For the next six years (this season plus the five of the extension), the Sharks will still receive some level of value back if Celebrini continues to be among the very best in the NHL.
The NHL landscape changes with three contracts
In the span of four weeks, the NHL landscape appears unrecognizable. Leo Carlsson, Connor Bedard and Macklin Celebrini all showed moments of brilliance last season, though Carlsson and Bedard didn’t show it for the same stretch as Celebrini. Still, all three earned big contract extensions on their second contract.
Yet, the curious part is how those deals are structured. All three players signed five-year contracts that only buy one year of unrestricted free agency.
Now, that doesn’t mean that any of these players will be ready to up and walk to a new team in five years (or six in Celebrini’s case). It means that the players recognize in this rising cap environment, there’s less reason to sign max-length contracts and leave future money on the table.
These deals and the end of the eight-year extension are ushering in a new era of player empowerment. Players know that their value is at its highest in their prime years, which is when these second contracts are ending.
NHL teams’ silver lining
There is a hidden value for NHL teams. Under this new landscape, NHL teams are looking at ways to recoup value. One of those will come from these types of contracts.
When former Calgary winger Matthew Tkachuk saw his three-year bridge deal expire in 2022, he had an enormous amount of leverage over Calgary, ultimately forcing a trade. Similarly, Jason Robertson was able to veto a trade this summer because he wouldn’t sign with the acquiring team.
For the first four years of these contracts, Anaheim, Chicago and San Jose won’t have to contend with onerous trade restrictions. Should the scenario arise where a trade becomes necessary, the teams have flexibility.
That may seem unlikely, but the ongoing Dylan Larkin trade dispute in Detroit is precisely why teams are more likely than ever to crave flexibility where it can be found.
Needless to say, the odds of any of these three players getting dealt are slim.
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