Kirill Kaprizov’s $17M AAV as the NHL’s highest-paid player lasted exactly two days before Leo Carlsson’s $18M offer sheet made him obsolete. The Minnesota Wild’s superstar forward, who signed an eight-year, $136 million deal last September, now finds himself in a league where his record is already being challenged by a rising cap and aggressive spending.

What just happened? On July 3, 2026, the Anaheim Ducks matched an offer sheet for **Leo Carlsson**, locking him to a five-year, $90 million contract with an **$18 million AAV**—$1 million more than Kaprizov’s. The Ducks will pay the league’s **$20.8 million maximum** in Year 1. While Carlsson is a promising young winger, his deal dwarfs Kaprizov’s in relative value: the Wild bought out eight unrestricted free agent years to secure their star, while Anaheim committed only one.

Why Kaprizov’s deal now looks like old money Kaprizov’s contract was historic when signed—**$136 million**, the largest in NHL history, eclipsing Alex Ovechkin’s 2008 deal. But the league’s **rising salary cap** has accelerated inflation. **Alex Tuch**, a 30-year-old winger, signed a **$10.5 million AAV**—placing him above stars like **Nikita Kucherov** and **Mark Stone**—despite delivering less than half Kaprizov’s **Standings Points Above Replacement** over three seasons.

Pavel Dorofeyev followed, inking a $77 million, seven-year deal with the New York Rangers. At 24, Dorofeyev has two fewer 40-goal seasons than Kaprizov had at his age. Meanwhile, the Seattle Kraken reportedly offered Jason Robertson a $15 million AAV, signaling teams are willing to pay Kaprizov-level money for elite wingers.

The bigger picture: a new economic era Kaprizov’s contract was supposed to set the standard. Instead, it became a **benchmark quickly surpassed**. The Wild’s move to retain their star—**buying out eight UFA years**—contrasts with Anaheim’s gamble on Carlsson, who hasn’t yet hit 30 goals or 70 points in a season. The cap’s surge means teams are no longer just matching offers; they’re **outbidding each other** for top talent.

What’s next for Kaprizov? The Wild’s strategy—**securing Kaprizov long-term**—remains sound. But the cap’s inflation means his $17M AAV could soon look modest. With **Connor McDavid, Jack Eichel, and Kyle Connor** still unsigned, the league’s salary arms race isn’t slowing. Kaprizov’s deal was revolutionary; now, it’s just the starting point.