The NHL’s salary cap landscape is constantly evolving, and with it, the value of player contracts. In 2026, the league’s financial picture has shifted dramatically, leaving some teams with excellent deals and others with questionable contracts. This analysis takes a deep dive into which teams are spending their money most wisely and which contracts are causing the biggest headaches.
Over the past two years, the cap landscape has changed significantly, making older contracts look great and newer ones less so. This has led to a situation where most teams have more positive value on their books, but those with the most term left on legacy deals hold the most power. It’s not enough to get a “fair” deal; having negative value on the books can put a team way behind.
The best contracts in the NHL
The Carolina Hurricanes top the list of teams with the best contracts in the NHL. With seven A-level deals, the Stanley Cup champions have made some shrewd investments in young talent. Deals for players like Jackson Blake and Logan Stankoven have already appreciated 24 percent in value over one year. Other core pieces like Seth Jarvis, Sebastian Aho, and Jaccob Slavin are also on terrific lengthy deals.
The Montreal Canadiens have also made significant strides in contract efficiency. After ascending to the league’s final four, they have four A-plus grades on the books, including deals for Nick Suzuki, Cole Caufield, and Juraj Slafkovský. Lane Hutson’s deal stands out as the best in hockey, with a modeled value higher than the league max. These great deals should allow Montreal to build something truly special.
The Ottawa Senators, even without Brady Tkachuk, have managed their contracts well. Their young core and strategic signings have put them in a strong position for the future.
The worst contracts in the NHL
Not all contracts are created equal, and some are downright bad. Jonathan Huberdeau’s deal with the Calgary Flames is a prime example. At $10.5 million for five years, it’s hard to justify the cost for a 33-year-old forward who scored at just a 41-point clip last season. Huberdeau’s production has been sliding, and it’s unlikely he will come close to living up to the money at any time during the deal.
Chandler Stephenson’s contract with the Seattle Kraken is another example of a bad deal. At $6.3 million for five years, Stephenson is playing like a fourth liner despite being paid for a second-line center. His poor defensive impacts and low xG rate make him a liability on the ice.
Adin Hill’s contract with the Vegas Golden Knights is also a concern. At $6.3 million for five years, Hill has shown inconsistency, with one great season sandwiched between a mid-year as a 1B and an injury-plagued year. His bloated contract for a backup goalie is a risk that hasn’t paid off.
Leo Carlsson’s deal with the Anaheim Ducks is another questionable contract. At $18 million for five years, Carlsson has a lot of growth potential, but paying high-end rates for a maybe is a gamble. The Ducks had to match the offer sheet to keep Carlsson, but the contract efficiency aspect is a massive loss that will likely limit Anaheim’s ceiling over the length of Carlsson’s deal.
The impact of contract efficiency
Contract efficiency is crucial for teams looking to build a winning roster. Teams like the Carolina Hurricanes and Montreal Canadiens have shown that smart investments in young talent can pay off in a big way. On the other hand, teams with bad contracts are at a disadvantage, as they have less cap space to make improvements and build a competitive roster.
The NHL’s salary cap landscape is always changing, and teams must adapt to stay competitive. By making smart investments and avoiding bad contracts, teams can set themselves up for long-term success. As the cap continues to rise, the value of young players on lengthy deals will only increase, making contract efficiency more important than ever.
