84 million sealed at the death
Washington left it late, but the deal got done. The Capitals have locked up winger Ryan Leonard on an eight-year, $84 million extension, a $10.5 million annual hit against the salary cap.
The timing was no accident. September 15 is the last day an NHL team can sign a player to an eight-year contract. From Wednesday, a change to the collective bargaining agreement cuts the maximum term to seven years for a player re-signing with his current club, and six years for someone switching teams.
Leonard, 21, was entering the final year of his three-season entry-level deal.
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A clear bet on upside
Capitals general manager Chris Patrick made the club’s thinking plain. “Ryan is a young, talented player who is still years away from his prime, and we believe he has huge potential to become an important player in our organization,” he said. “Reaching his full potential will take time, but his work ethic and the way he has developed his game have impressed us.”
The numbers back up the investment, even if they do not guarantee it. As a rookie last season, Leonard scored 20 goals for 45 points in 75 games. He made his NHL debut late in the 2024-25 campaign, fresh out of Boston College, and managed one goal in nine appearances.
Selected eighth overall in the 2023 draft, he built his resume on the international stage with Team USA: back-to-back gold medals at the World Junior Championship in 2024 and 2025, plus an U18 world title in 2023.
A rare day in the league
September 15 was a busy one for long-term deals. Nine players signed eight-year contracts this summer, including Noah Ostlund on Monday in Buffalo for $52.8 million and Cale Makar last month in Colorado, where the deal set an all-time record at $163.8 million with a $20.4 million average annual value.
From Wednesday, that kind of contract disappears from the landscape. Teams will have to lock in their young talent on shorter terms, and that will reshape the way they build a salary cap picture over the long haul.
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