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After a global pandemic froze the NHLs salary cap, general managers pockets are finally getting deeper and it shows.
Leo Carlsson recently signed a record-breaking five-year, $18 million extension with the Anaheim Ducks, courtesy of an offer sheet from the Philadelphia Flyers.
Bowen Byram, who finished 27th in the league in points by a defenseman, became the highest-paid defenseman in NHL history by AAV at $12.5 million.
The NHLs cap landscape is rapidly evolving well, seemingly for every team but one.
The Montreal Canadiens, despite recent trends league-wide, have brought in surplus value on just about every recent long-term extension.
Their cap flexibility in the coming years makes the path to consistent Stanley Cup contention clear, especially as competing rosters are weighed down by the hefty contracts that come with a rising cap.
Meanwhile in Montreal: Ivan Demidov $9.125M (2035) Nick Suzuki $7.88M (2030) Cole Caufield $7.85M (2031) Juraj Slafkovsky $7.60M (2033) Lane Hutson $8.85M (2034) Noah Dobson $9.50M (2033) https://t.co/RUpKJOtxcx Eric Macramalla (@EricMacramalla) July 4, 2026 When the Jim Gregory Award for the NHLs best general manager is voted on each year, the nod generally goes to the manager who led their team to the most success in recent years, or whoever made the big-name acquisition via trade.
This year, the honor went to Minnesota Wild general manager Bill Guerin, who traded for former Norris-winning defenseman Quinn Hughes in December.
While Canadiens general manager Kent Hughes didnt quite make that sort of roster-altering move in-season, his cap management has been equally impactful as the flashy moves that earn voters recognition.
For example, on July 1 of this year, he signed Ivan Demidov to an eight-year, $9.1 million extension half of what Carlsson will earn on his league-altering deal.
Yet, Demidov recorded 62 points in his age-19 season compared to Carlssons 45 points at the same age.
Looking at Guerins offseason after being named GM of the year, the Wild have lost any semblance of depth up front, and look substantially worse on paper after signing Kirill Kaprizov to a $17 million deal last summer.
Voters cant predict the future, but perhaps the Jim Gregory award should take into account the long-term impact of a managers moves, rather than short-term success alone.
After signing his new deal, Demidov spoke to Montreal media about his philosophy during negotiations.
I think everyone thinks about money, Demidov said.
Money [is] never going to be over hockey in my life.
After locking up Lane Hutson, Cole Caufield, Nick Suzuki and Juraj Slafkovsky for under $10 million each, the precedent for sizable pay cuts has been set in Montreal and its thanks to Kent Hughes.
The Canadiens made it all the way to the Eastern Conference finals despite being the youngest team to make the playoffs in NHL history, but how does the team project over the next few years? Montreal has four of their top-six forwards locked up until at least 2030, with prospects Alexander Zharovsky and Michael Hage in the pipeline as potential options for the top two forward lines.
Defensively, the Canadiens have Hutson, Noah Dobson and Kaiden Guhle signed through 2031.
At the time of writing, the Canadiens have the ninth-most cap space in the league, and over five million in dead cap.
While other teams like the Ducks and Wild are losing depth due to cap restrictions, the Canadiens can leverage their unparalleled cap flexibility to maintain a competent supporting cast.
Montreal has yet to lock up their goalie of the future in Jakub Dobes or Jacob Fowler, but if the trend of reasonable contracts continues, neither should come at a premium rate.
One thing is clear from the recent extensions theres a winning culture brewing in Montreal, and it starts off the ice.
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