Navigating the salary cap is one of the most important tasks for a front office. Teams that can avoid total cap chaos by walking the tightrope of inking players to deals that match their value (or compensate for future value without breaking the bank) remain successful. Those who don’t often see struggles and front office changes.
PHR will look at every NHL team and give a thorough look at their cap situation for the 2025-26 season. This will focus more on players who are regulars on the roster versus those who may find themselves shuttling between the AHL and NHL. All cap figures are courtesy of PuckPedia. We’re currently covering the Central Division, next up are the Avalanche.
Colorado Avalanche
Current Cap Hit: $94,170,000 (below the $95.5MM Upper Limit)
Entry-Level Contracts
F Ivan Ivan (one year, $835K)
There was no shortage of entry-level players trotted out on the fourth line at times last season and chances are that some of them will be back and forth once again. But Ivan got into 40 games with the Avs in 2024-25 and projects to have a similar role this season. Given his limited output, he’s someone who shouldn’t be able to command much more than this on his next deal, especially if he lands a one-way pact.
Signed Through 2025-26, Non-Entry-Level
D Brent Burns ($1MM, UFA)
F Jack Drury ($1.725MM, RFA)
F Daniil Gushchin ($775K, RFA)
F Joel Kiviranta ($1.25MM, UFA)
D Sam Malinski ($1.4MM, UFA)
F Martin Necas ($6.5MM, UFA)
F Victor Olofsson ($1.575MM, UFA)
G Scott Wedgewood ($1.5MM, UFA)
Potential Bonuses
Burns: $4MM
After being unable to agree to terms with Mikko Rantanen on an extension and not wanting to run the risk of losing him for nothing in free agency, GM Chris MacFarland opted to move him for Necas (and Drury). A year later, they might be in the same situation. Necas is coming off a career year and couldn’t agree to terms on a long-term pact last summer in Carolina with the belief that he wanted to test the open market. Now, that price tag has only gone higher given the year he had and the pending changes to the cap. It wouldn’t be shocking to see a long-term contract creep close to the $10MM mark now and if Colorado doesn’t want to pay that, they might have to look into moving him during the season.
Drury wasn’t as impactful of an acquisition as Necas but he certainly gave them some needed extra depth down the middle. He wasn’t able to repeat his 2023-24 performance offensively, however, which could limit his earnings upside. His qualifying offer checks in at $1.675MM with arbitration rights and while he should be able to beat that on another short-term deal, it won’t be a significant increase barring a breakout year. Olofsson had a decent season with Vegas in a supporting role and should have a similar type of role this season. He has had to settle for one-year deals in his first two trips through unrestricted free agency. Barring an uptick in production, he’ll either stay on that path or have to settle for a multi-year pact at a lower price tag than the $4.75MM he was making at the end of his time with Buffalo.
Kiviranta had a career year last season, notching 16 goals. By comparison, his previous personal best in points was 11. Not surprisingly, teams weren’t willing to pay him much more than his usual contract, being unconvinced that this improvement is repeatable. If he can match that this season, he might be able to land closer to $2MM. If he goes back to normal, he’ll be back in league minimum territory for 2026-27. Gushchin is one of many players who will be fighting for a back-of-the-lineup spot but given his production in the minors last year with AHL San Jose and the fact he’s now waiver-eligible, he might have a small leg up on the competition for a spot. Given his limited NHL opportunities so far and the likelihood of limited playing time given how Jared Bednar deploys his fourth line, Gushchin should stay around the minimum salary for next season even if he locks down a roster spot.
Burns comes over from Carolina in a deal that was set up to work within Colorado’s limited cap flexibility. Of the $4MM in bonuses, he’ll each $3MM with his tenth game of the season while the other million will be harder to reach (70 GP with over 23 minutes per contest). While he’s 40, he has shown himself to be capable of still playing in the top four which should make his base salary quite a bargain; they’ll be paying off the bonuses next season though. This type of contract structure could come his way again if he plays beyond this season. Malinski held his own in his first taste of full-time NHL action last season on the third pairing. If he has that same role this year, he should push past the $2MM mark if he remains as effective as he was in 2024-25.
Wedgewood signed this contract with Nashville last summer but he wasn’t there for long, being moved to Colorado not even two months into the season. He thrived in limited action with the Avs and while that probably isn’t repeatable, he’s establishing himself as a late-bloomer in terms of being a legitimate backup option. That should be enough to push him past $2MM per season on his next deal if he can give them even an adequate level of goaltending this year.
Signed Through 2026-27
F Ross Colton ($4MM, UFA)
D Samuel Girard ($5MM, UFA)
F Artturi Lehkonen ($4.5MM, UFA)
D Cale Makar ($9MM, UFA)
D Keaton Middleton ($775K, UFA)
Lehkonen has found another level offensively since being acquired from Montreal while still being a strong defensive player. Now producing as a top-six forward (and playing top-line minutes), his price tag should shoot up on his next deal. Given his quality of linemates though (a quality that few teams can match), that could be a limiter on a new contract, especially if he makes it to the open market. If Colorado re-signs him, a cap charge starting with a six should be doable. Colton wasn’t able to sustain the hot start he had last season but stayed within a similar goal and point-per-game range as he had the previous three years. At this point, that starts to become the trend, not the outlier. He didn’t play much at center last season but his ability to do so will also be a boost to his value. As long as he stays around the half-point-per-game range, Colton should be able to land closer to $5MM on his next contract knowing the demand that will be out there for help down the middle.
It’s hard for a $9MM contract to be a bargain but Makar more than fits the bill. At a time when older top blueliners landed $11MM or more several years ago, Makar has outproduced them since then and has a couple of Norris Trophies under his belt, putting his contract several million below market value already. He will be in line to sign a record-setting contract for a defenseman and while the Avs might prefer to operate on an internal cap and not have him make more than their top forward, that could be a tough sell knowing where the Upper Limit of the cap will be in 2027 (around $113.5MM). $14MM or $15MM on a max-term agreement certainly feels achievable at this point, especially as new benchmarks get set over the next couple of years.
Girard has been a steady second-pairing defender for the bulk of his eight-year career at a time when consistency is highly valued. However, given that he is one of the smallest blueliners in the NHL, his name has been speculated as a possible trade candidate for a while now. Meanwhile, with a lot of teams currently aiming for their back ends to get bigger, that could limit Girard’s earnings potential. Based on his performance, a raise past $6MM should be doable but if his market cools because of his size, that could make reaching that a challenge. Middleton is a depth defender who projects to be the seventh option more often than not. Those players tend to stay close to the minimum salary and that should be the case for him as well on his next contract.
Signed Through 2027-28
D Josh Manson ($4.5MM in 2025-26, $3.95MM in 2026-27 and 2027-28)
F Brock Nelson ($7.5MM, UFA)
Nelson didn’t exactly play great after being acquired but with the Avalanche looking to shore up a second center position that has been in flux as of late, they paid a high price to keep him from hitting the open market. Frankly, given the dearth of impact centers in this year’s class, he likely would have received this or more had he tested free agency. He’ll be 36 (nearing 37) when this deal is up and assuming his production starts to decline by then, he might be more in the $4MM to $5MM range on his next contract which could still be a multi-year pact.
Manson is still a capable physical defensive defender when healthy. But staying healthy has been an issue as he hasn’t made it to 70 games in a season since 2018-19 and that’s factored into the cost of the extension, a small pay cut. It’s on the high side for someone who should be more of a fifth option by then but if they can afford it, it’s not a bad luxury to have.
Signed Through 2028-29
F Gabriel Landeskog ($7MM, UFA)
After missing the better part of three years with continued knee problems, Landeskog returned to the lineup in the playoffs and was pretty impactful considering the layoff. It remains to be seen how he can hold up over a full season and in turn how much value he can still provide relative to his price tag. If he can get back to playing at the level he was before, this should hold up just fine but it’s a big if. And if the knee issues return, he’s a candidate to land back on LTIR.
Signed Through 2029-30 Or Longer
G Mackenzie Blackwood ($5.25MM through 2029-30)
F Parker Kelly ($825K in 2025-26, $1.7MM from 2026-27 through 2030-31)
F Nathan MacKinnon ($12.6MM through 2030-31)
F Valeri Nichushkin ($6.125MM through 2029-30)
F Logan O’Connor ($2.5MM through 2030-31)
D Devon Toews ($7.25MM through 2030-31)
MacKinnon signed this record-setting deal back in 2022 and the record didn’t last for long. Nevertheless, he remains one of the NHL’s premier players, a title he should be able to hold for several more years. Like Makar, despite the high price tag, this is already a below-market contract and should be for a while yet. When Nichushkin has been available to play, he has provided a strong return on this contract, producing at a top-line level. However, between injuries and time away in the Player Assistance Program, he hasn’t been available often enough. If he can be in the lineup more often, this will be a team-friendly deal.
O’Connor has been a reliable checker throughout his career and over the past few seasons, he has produced more than 20 points which helped him secure this contract. He plays third-line minutes overall so as long as he can hold down that role and this type of production, this deal should hold up well for Colorado, especially in an inflationary cap environment. Kelly did well in his first season with Colorado, giving the fourth line some grit and a bit of offensive production, earning this extension. For a fourth liner who can play center, this is a more than reasonable price tag with the cap increasing.
Toews doesn’t get a ton of attention with Makar also in the fold but he has turned into a legitimate top-pairing blueliner, capable of playing in all situations. Like Makar, he’s already several million below market value, a gap that will only increase in the coming years. There’s a good chance he’ll be their best value contract before too much longer.
Blackwood got off to a decent start, relatively speaking, for San Jose before being moved to Colorado where a solid early stretch with them earned him this extension. It seemed a bit too early and a little risky given that he hasn’t had a lot of success as a starter in his career thus far. On the other hand, we’ve seen less-proven netminders crack the $5MM mark in recent years so based on the market, this one was fair, but still surprising.
Still To Sign
None
Buyouts
None
Retained Salary Transactions
None
Carryover Bonus Overage Penalty
None
Best Value: (non-entry-level) Makar
Worst Value: Manson
Looking Ahead
After years of operating in LTIR, Colorado has a pathway toward avoiding that although a carryover injury for O’Connor could make that tricky in the short term. But assuming they stay relatively healthy, MacFarland should be able to bank a bit cap room before the trade deadline, either to use on late-season additions or simply to absorb some of the bonuses that Burns will reach within the first few weeks of the season. They’re not in a spot where they’ll be able to afford a splashy pickup but they should be in better shape than they have been at times when Landeskog was on LTIR.
They’re not in a spot where they’re going to be able to bank a lot of extra space, however. Necas will be a big-ticket signing (or they’ll need a similar replacement), eating likely more than one-third of their current 2026-27 space with at least half a dozen players to sign beyond that. One year later, Makar’s extremely expensive contract will hit the books, putting them well past $65MM in spending on 10 players (more if Necas is ultimately re-signed or replaced) and that’s with Lehkonen and Girard also eyeing new, more expensive deals as well. There’s a way to keep the core together but augmenting that group will be hard over the next few years.
Photos courtesy of Perry Nelson and Ron Chenoy-Imagn Images.