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.
By the numbers: Since the NHL and NHLPA agreed to the CBA in June 2025, 33 players have signed eight-year contracts, with 12 of those deals coming in the past three months. Batherson's $86 million pact broke Ottawa's previous contract record set by Tim Stutzle at $66.8 million, while Leonard's $10.5 million average annual value matches Alex Tuch for Washington's top salary when it begins. The salary cap is set to rise from $95.5 million last season to $104 million this season and $113.5 million in 2027-28, and Cale Makar pushed the top end of the market to $163.2 million.
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.