Maple Leafs GM Warns Teams Will Regret Some Of NHL's Massive Contracts
Speaking to The Canadian Press, Chayka offered a candid read on the spending spree that's defined this offseason.
"GMs are viewing this as an opportunity to create some stability and security," Chayka said. "The trade-off of that is the risk. You'll look back and some teams are going to be really happy, some of them will be OK, and then probably some contracts you regret."
A Summer Unlike Any Other
The salary cap is jumping to $104 million for 2026-27, up from $95.5 million last season and a world away from the flat $81.5 million to $83.25 million range that lingered for years after the pandemic.
The spending followed almost immediately.
Chicago's Connor Bedard signed for five years and $75 million, a $15 million average annual value. San Jose's Macklin Celebrini landed $94 million over the same term, an $18.8 million AAV. Colorado's Cale Makar topped them both, locking in eight years and $163.2 million at $20.4 million annually.
BREAKING: Macklin Celebrini signs a five-year deal with the San Jose Sharks and dethrones Leo Carlsson for highest AAV in the NHL ($18.8M) pic.twitter.com/Txw8UFTmvv
— PuckEmpire (@puckempire) July 29, 2026
Anaheim's Leo Carlsson experienced the shift firsthand. He was reportedly in the car with his father when his agent called with news of Philadelphia's offer sheet, a five-year, $90 million proposal that briefly set the league's AAV record at $18 million before Anaheim matched it.
"I was surprised," Carlsson said at the NHL/NHLPA player media tour in Las Vegas. "A weird feeling, but it's where the league is heading."
Why Chayka's Warning Carries Extra Weight
Chayka inherited a Toronto team that's spent years wrestling with its own cap-management headaches under previous management, and he has his own significant contract decisions still ahead of him as Toronto tries to build sustainably around its core rather than getting caught overpaying in a suddenly inflated market.
Montreal has positioned itself as an example of what disciplined planning looks like heading into this new spending environment, having locked up its young core on team-friendly, long-term deals before the market took off.
BREAKING: Cale Makar has signed the largest contract in NHL history to remain with the Colorado Avalanche on an 8 year deal💸 pic.twitter.com/126FyHvsDd
— PuckEmpire (@puckempire) August 28, 2026
Canadiens winger Cole Caufield, who signed an eight-year, $62.8 million extension back in 2023, framed his own timing as fortunate. "We get paid a lot," Caufield said. "Right now is probably the biggest five, six years of our careers. What's more important than winning? And doing it with the group would make it that much sweeter."
