What happened: The five-year deal carries an $18.8 million annual cap hit. San Jose secured five added seasons before Celebrini entered the final year of his entry-level contract.

Why it matters: Celebrini will become the NHL's highest-paid player annually when the extension takes effect. Its five-year term gives the Sharks less cost certainty than a maximum-length deal while preserving his path to another contract in his prime.

What to watch: San Jose now must build a competitive roster around its record cap commitment before the extension begins.