What happened: The NHL's new collective bargaining agreement takes effect at midnight, cutting the longest contract term to seven years for a player's own team and six in free agency. That triggered a deadline-day push for final eight-year deals, including Washington's $84 million extension for Ryan Leonard and Ottawa's $86 million contract for Drake Batherson. Vegas had already locked up Jack Eichel in the run-up, and Anaheim matched an offer sheet to keep Leo Carlsson.

Why it matters: The deadline compressed negotiations because any player who waited lost a full year of term. The rush also lands as the salary cap keeps climbing, giving clubs more room to pay core players on deals that begin in 2027-28. For Washington, Leonard's extension helps define the post-Alex Ovechkin core alongside Aliaksei Protas.

What to watch: Once the deadline passes, seven years becomes the ceiling on extensions with a current team and six in free agency. The next round of negotiations will show whether teams keep paying at this summer's pace without the extra year to offer.