What happened: Leo Carlsson has surpassed Kirill Kaprizov to become the highest-paid player in the NHL by average annual value. The milestone follows the Ducks matching a five-year offer sheet to retain the center.

Why it matters: The historic agreement redefines the market ceiling for franchise cornerstones entering the 2026-27 campaign. It also fundamentally shifts the financial landscape for other restricted free agents approaching their second contracts.

What to watch: Front offices will face heightened pressure as the new compensation standard sets a higher floor for elite extensions.