What happened: Cale Makar signed an eight-year, $163.2 million extension that begins in 2027-28 and runs through 2034-35. Quinn Hughes is entering the final season of a six-year, $47.1 million contract carrying a $7.85 million annual cap hit.

Why it matters: The NHL’s first contract above $20 million annually gives Hughes a new comparable as the Minnesota Wild weigh their long-term payroll. Hughes can become an unrestricted free agent on July 1, 2027, adding urgency before the upcoming season.

What to watch: Watch for negotiations to accelerate before training camp and whether term length becomes as consequential as annual salary.