Bob Frid-Imagn Photos
NHL payroll is expected to rise to nearly $92.5 million for the 2025-26 season amid record-breaking revenues. Naturally, as the cap goes up, player salaries do, too.
The NHL operates in a hard-cap environment, which means every penny counts. But the uncertainty of future increases and the expiration of the current collective bargaining agreement following the 2025-26 season means all sides must tread carefully.
Here’s the latest on the NHL’s biggest pending UFAs in the Western Conference heading into the summer of 2025. Salary information is according to PuckPedia.
Mikko Rantanen, RW, Colorado Avalanche
Current estimate: $9.25 million
The longer it takes for the Avalanche to re-sign Rantanen, the more dire the situation becomes.
Rantanen has been key to the Avalanche’s success in recent seasons. The word that appears Pierre LeBrun of TSN does Rantanen want a contract worth around $14 million per season. That would tie him with Edmonton Oilers center Leon Draisaitl as the most valuable player in the NHL based on cap hit.
When Auston Matthews signed his current deal with the Maple Leafs, it represented just over 15.06 percent of the total cap. If Rantanen gets his asking price, if it takes the $92.5-million cap, it will be equal to 15.14 percent of the cap.
For the Avs, the cost might be worth it. The Avalanche are investing heavily in their top six forwards and top four defensemen — none of whom have a cap hit of less than $4 million. Trainer Jared Bednar also rides his best horses. Nathan MacKinnon and Rantanen rank first and third, respectively, in ice time per game among NHL forwards.
The Avalanche can offer more money than anyone because they can offer one more year, but allocating more cap space to a smaller group of players is the same philosophical argument the Leafs had (and continue to have) with their ‘Core Four’. The difference is that the Avs have shown that they can win with this group of players.
There is no word on an extension between Rantanen and the Avalanche, and if he changes teams – which still seems unlikely at the moment – it will introduce seismic changes throughout the league. For now, the Avs’ focus is on the playoffs.
Related: Will Avalanche Be Able To Re-Sign Rantanen While Keeping Their Core Intact?
Brock Boeser, RW, Vancouver Canucks
Current cap hit: $6.65 million
Goalies get paid, and Boeser has a 40-goal season under his belt, one of only 35 players to accomplish the feat in the last five seasons. Boeser has expressed his desire to stay, though management doesn’t seem enthusiastic, at least not publicly.
Nick Kypreos of Sportsnet it was assumed that Boeser wanted a maximum contract worth $8 million per season, not the same as the eight-year, $70 million contract that Travis Konecny signed this past summer, and Konecny has never scored 40 goals.
There is debate as to whether Boeser is a perennial 40-goal scorer or if he only hits 40 occasionally when he can stay healthy and get more lucky. While his two-way game has improved, it’s hard to justify Boeser’s $8-million price tag if he doesn’t score goals because he doesn’t impact the game with his other skills at nearly the same level. He is on pace for 30 goals this season.
The Canucks have been winning games, but at the top of their lineup they are very thin. They’re already looking for another top-six pitcher, and losing someone of Boeser’s stature poses a problem. The Canucks have a strong chance of making the playoffs, and they will need Boeser’s scoring ability.
Canucks hockey president Jim Rutherford has shown no mercy in shipping players if he doesn’t see their long-term value with the team, but there aren’t many players available right now who can provide what Boeser provides.
The Canucks are having an up-and-down season, and Boeser’s extension seems less about figuring out how Elias Petterson and JT Miller can work together.
Related: Could The Split Between Canucks’ JT Miller And Elias Pettersson Lead To A Trade?
Mikael Granlund, C, San Jose Sharks
Current cap hit: $5 million
Granlund has aged like fine wine. He’s become a reliable center when the Wild or Predators can’t decide if he’s better on the wing or at center, and he’s on pace for a career season at age 32.
His strong performance put him in a position to earn the big money one last time. So far, he has never signed a contract longer than his current four-year deal.
There are good reasons for that Sharks keep or trade Granlundwho has no trade restrictions in his contract. There is no news about a possible extension, and there is no doubt that the worst move for the Sharks would have been to cut him loose. Or, by some Sharknado-level force of nature, the Sharks find themselves in a playoff spot, this one not time to sacrifice long-term strategy for risky, short-term gains.
Keeping Granlund ensures they have a veteran center that can continue to shelter and guide Macklin Celebrini. We’ve seen firsthand with Connor Bedard and the Blackhawks how difficult this league can be for young centers if they’re not covered well, and Granlund’s ability to play the wing adds a lot of flexibility to the scheme.
Trading Granlund, however, would keep the Sharks on track in their rebuild. They’ve improved in leaps and bounds, but this team will be led by Celebrini and Will Smith (and possibly Thomas Bordeleau) down the stretch in the coming seasons, not Granlund.
Related: NHL Calder Trophy Tracker: Celebrini, Michkov and Hutson Start Splitting Up
Jamie Benn, LW, And Matt Duchene, RW, Dallas Stars
Current leading: $9.5 million for Benn, $3 million for Duchene
Benn set a new franchise record with 1,143 games as a starter on Dec. 18. Benn is Mr. Dallas Star, and not only is he 72 points from becoming the 49th player to score 1,000 points with a single franchise, but he is also the fourth longest-serving captain behind Sidney Crosby, Alex Ovechkin and Gabriel Landeskog.
Back in OctoberIt is reported that Benn refused the talks to discuss the extension, intending to play the season, but it is really difficult to understand that Benn is playing somewhere else.
If he returns to the Stars, it’s likely to be a short-term contract at a significant discount to the $9.5-million mark, and that doesn’t sound too difficult to accomplish. Benn returns to what will likely be a season-high as he searches for his first ring, while the Stars retain their captain at a discount.
The most expensive contract will be Duchene’s. Following a surprise acquisition by the Predators, Duchene has been very good for the Stars in scoring the second goal, although it is interesting to note that, coming off a 65-point season, the Stars and Duchene only agreed to a one-year contract.
Duchene will turn 34 in January, and this could be his last chance at a big contract. However, he has already signed two of them, and no one has been disappointed.
Duchene said money wasn’t his No. 1 concern when he signed a one-year deal with the Stars, maybe that’s still true. Like Benn, he is still searching for his first Cup. Staying with Stars can be a smart decision. He had his longest tenure with them last season, and there are no guarantees that a move to a new club will lead to individual or team success.
So far, there has been no word on Duchene’s extension as the Stars prioritize their Cup campaign.
Related: NHL Power Rankings: Every Team’s Last Wish on Its Holiday List As Capitals Move Up to No. 1
Nikolaj Ehlers, RW, And Neal Pionk, D, Winnipeg Jets
Current hits: $6 million for Ehlers, $5.875 millions of Pionk
If you needed proof that contract years give players more juice, look no further than Ehlers. The Danish right-hander is on pace for his best season, but there are valid questions about whether he has a future with the Jets.
There doesn’t seem to be the same kind of urgency to sign Ehlers as they did with Mark Scheifele and Connor Hellebuyck, which is an indication that the Jets don’t see Ehlers as part of their core.
Now in his 10th NHL season and proven to be a legitimate winger in six, it’s surprising that Ehlers has averaged more than 17 minutes per game just twice. The stats rate Ehlers as an elite playmaker, but whether it’s Paul Maurice, Rick Bowness or Scott Arniel behind the bench, he doesn’t seem to be getting the time his biggest fans believe he deserves.
Pionk is on pace to have a career season, and appears to be the better of the two to return to the Jets. I don’t know if losing the entire defense on the right side of Dustin Byfuglien, Jacob Trouba and Tyler Myers in one summer left them hurt or not, but they might really want to hang on to Pionk. It will be difficult to replace him, either internally through their prospect pool or via trade and free agency.
The problem for the Jets is that they need Ehlers and Pionk in their playoff run. Allowing them to leave in free agency will leave holes on their roster, and those holes will be difficult to replace with a trade because the Jets have been reluctant to make risky trades involving the future. Winnipeg is also not considered a free agent destination.
It probably wouldn’t be a surprise if Ehlers left in free agency as the two sides never seemed to fully embrace each other, but letting Ehlers and Pionk go is something the Jets can’t do if they want to keep their competitive window open. .
Related: Burnt Bridge Deals: Four NHL RFA Defensemen in Line for Big Raises
Another Noteworthy
Taylor Hall, LW, Chicago Blackhawks ($6 million cap hit)
Frank Vatrano, LW, Anaheim Ducks ($3.65 million cap hit)
Gustav Nyquist, RW, Nashville Predators ($3.185 million cap hit)
Jeff Skinner, LW, Edmonton Oilers ($3 million cap hit)
Jonathan Drouin, LW, Colorado Avalanche ($2.5 million cap hit)
Get the latest news and trending stories in your inbox by signing up for the Hockey Newsletter here. And share your thoughts by commenting below the article on THN.com or by by visiting our forum.
