On Friday afternoon, the Colorado Avalanche released a video of Cale Makar speaking to fans, where he shared how thrilled he was to be sticking around in Colorado for the next nine years, all but ensuring he has signed an eight-year extension.

“What’s going on, Avalanche faithful?” Makar said in the video on social media. “I couldn’t be more excited to continue my journey here with the Avalanche and this amazing city of Denver, and with all of you guys, the fans. So, here’s to another hopefully amazing nine years.”

Shortly after the video was released, Sportsnet’s Elliotte Friedman shared the dollar figure attached to the eight-year extension, coming in at a record-breaking $20.8 million annually. Makar will earn $163.2 million over the duration of the eight-year deal.

The deal makes Makar the first $20 million player in NHL history.

Makar, 27, has finished as a point-per-game or better player every year outside his rookie season, when he scored 12 goals and 50 points in 57 games. The Calgary, Alberta native’s career-high season came in 2023-24, when he scored 21 goals and 90 points in 77 games. And in 2024-25, Makar scored 30 goals, becoming the ninth defenceman in NHL history to score 30+ goals in a single season.

Just this season, we’ve seen players signing for some never-before-seen dollar figures. First, Leo Carlsson signed a five-year, $18 million AAV offer sheet with the Philadelphia Flyers, which the Anaheim Ducks eventually matched. Then saw Macklin Celebrini top that annual figure when he signed a five-year, $18.8 million AAV deal. Now we see Makar reach new heights at $20.8 million per season.

With the growth of the salary cap, it was only a matter of time before players across the league reached the $20+ million cap hit, and the first player to do so is regarded as the best defenceman in the league: Cale Makar.