So, you're wondering who tops the NHL salary charts? Let's cut through the noise. As of the 2023-24 season, Connor McDavid holds the crown as the highest paid hockey player in the NHL with a jaw-dropping $12.5 million annual cap hit. But wait—it’s not just about that number. I’ve seen fans shocked when a $9M forward scores 15 goals all season while a $4M defenseman dominates. Salary talks get messy fast.
Having followed cap gymnastics for a decade, I’ll break down real earnings beyond headlines. We’ll explore signing bonuses vs. base pay, endorsement cash kings, and why some "overpaid" labels stick. Remember when Shea Weber’s $110M deal made headlines? Today’s contracts make that look tame.
Breaking Down the NHL's Top 10 Highest Paid Players
The term "highest paid" gets tricky. Is it cap hit? Actual cash? Total endorsements? For NHL salaries, cap hit rules—it’s the average annual value (AAV) that counts against the team’s cap. Here’s the 2023-24 lineup shaking the money tree:
| Rank | Player | Team | Cap Hit (AAV) | Contract Total | Years Remaining |
|---|---|---|---|---|---|
| 1 | Connor McDavid | Edmonton Oilers | $12.5 million | $100 million | 3 (ends 2026) |
| 2 | Artemi Panarin | New York Rangers | $11.64 million | $81.5 million | 3 (ends 2026) |
| 3 | Nathan MacKinnon | Colorado Avalanche | $12.6 million | $100.8 million | 7 (new extension) |
| 4 | Auston Matthews | Toronto Maple Leafs | $11.64 million | $58.2 million | 4 (ends 2028) |
| 5 | Erik Karlsson | Pittsburgh Penguins | $11.5 million | $92 million | 4 (ends 2027) |
| 6 | Drew Doughty | Los Angeles Kings | $11 million | $88 million | 4 (ends 2027) |
| 7 | John Tavares | Toronto Maple Leafs | $11 million | $77 million | 2 (ends 2025) |
| 8 | Jonathan Huberdeau | Calgary Flames | $10.5 million | $84 million | 8 (ends 2031) |
| 9 | Alex Ovechkin | Washington Capitals | $9.5 million | $124 million | 3 (ends 2026) |
| 10 | Sergei Bobrovsky | Florida Panthers | $10 million | $70 million | 3 (ends 2026) |
Note: Cap hits via CapFriendly.com. AAV ≠ actual yearly cash (signing bonuses inflate early pay).
McDavid's deal is fascinating—$86M of his $100M contract came as signing bonuses. That's real money upfront. Meanwhile, Bobrovsky at #10 shows goalies rarely crack the top tier. I still recall Florida fans groaning when he struggled post-signing. Big money = big pressure.
Why Connor McDavid Earns Every Penny (And Why Some Don’t)
Let's be real: McDavid’s $12.5M AAV looks steep until you watch him play. In 2023, he tallied 153 points—64 goals, 89 assists. That’s Gretzky-level dominance. Edmonton’s jersey sales and ticket revenue spiked 40% after his signing. Smart investment? Absolutely.
But contrast that with Jonathan Huberdeau. Calgary handed him $10.5M/year after a career-high 115-point season. Since then? Just 55 points in 2023-24. Ouch. I’ve heard Flames fans call it an "albatross contract." Teams gamble on potential, and sometimes lose.
Key Salary Drivers in the NHL
Production: Points, goals, saves (for goalies)
Position: Centers and offensive D-men earn more
UFA Leverage: Free agents get 10-20% premiums
Market Size: Toronto/NY teams pay "hometown tax"
Agent Power: Super-agents like Pat Brisson move needles
Remember when Auston Matthews signed his $58M deal? Toronto had to pay extra to keep him from Arizona or NY. Big markets inflate salaries. Meanwhile, Tampa’s Nikita Kucherov ($9.5M) looks underpaid with back-to-back 128-point seasons. GM Julien BriseBois is a cap wizard.
Beyond the Cap Hit: Bonuses, Escrow, and Hidden Cash
If you think "highest paid NHL player" means McDavid pockets $12.5M yearly, think again. NHL salaries involve:
Signing Bonuses
McDavid got $86M upfront. Tax-efficient and lockout-proof. Matthews’ deal includes $31M in bonuses.
Escrow Holdbacks
Players lose 6-10% of paychecks to balance league revenue. Yes, even the highest paid hockey player in the NHL gets trimmed.
State Taxes
Florida Panthers players keep 9% more than Toronto Maple Leafs due to no state income tax. That’s why Bobrovsky’s $10M feels richer.
I spoke with a player agent last year who joked, "A $10M contract in Montreal is worth $6M after escrow and taxes." No wonder UFA targets Florida or Vegas.
Endorsement Kings: When Off-Ice Earnings Dwarf Salaries
Salary isn’t the full story. Sidney Crosby ($3.2M/year from CCM) and McDavid ($4M+ from Adidas/EA Sports) leverage fame for millions more. The real highest paid NHL hockey player might be Crosby—his lifetime endorsement haul exceeds $120M.
| Player | Major Endorsements | Estimated Yearly Earnings |
|---|---|---|
| Sidney Crosby | CCM, Gatorade, Tim Hortons | $5-7 million |
| Connor McDavid | Adidas, Rogers, BioSteel | $4-6 million |
| Auston Matthews | Bauer, Canadian Tire | $3-4 million |
| Alex Ovechkin | Coca-Cola, Nike Russia | $3-5 million |
Source: Forbes endorsement estimates (2023). Matthews' Toronto marketability boosts his value.
Fun fact: Ovechkin earns more from Coca-Cola in Russia than his NHL salary. And McDavid? His Adidas sneaker line sold out in 3 hours last Christmas. Merch matters.
Historical Perspective: How NHL Salaries Exploded
Wayne Gretzky’s $3M salary in 1994 was revolutionary. Adjusted for inflation? That’s $6.2M today—half of McDavid’s pay. Here’s how the highest paid hockey player in the NHL evolved:
| Era | Player | Team | Peak Salary (Adj. for Inflation) |
|---|---|---|---|
| 1980s | Wayne Gretzky | Edmonton Oilers | $1.8M ($4.9M today) |
| 1990s | Mario Lemieux | Pittsburgh Penguins | $11.3M ($22M today) |
| 2000s | Sergei Fedorov | Carolina Hurricanes | $28M offer sheet ($43M today) |
| 2010s | Shea Weber | Nashville Predators | $14M AAV ($16.2M today) |
That Fedorov offer sheet in 1998? Detroit matched $28M for one season—still the craziest contract I’ve seen. Today’s deals are longer but less wild per year. Cap inflation changed everything. Since 2005, the cap rose 120%.
What’s next? With NHL revenue hitting $6B, expect the first $15M AAV by 2027. Matthews’ next deal could smash records.
The Salary Cap's Role in Shaping NHL Pay
Since 2005, the NHL’s hard cap forces teams to choose: pay one superstar or build depth. Smart GMs exploit loopholes:
- Back-Diving Deals: Like Luongo’s $64M contract paying $1M in final years
- Retention Trades: Vegas getting Eichel at $10M while Buffalo eats $1.5M
- LTIR Magic: Tampa hiding Kucherov’s cap hit during 2021 playoffs
Cap management separates contenders from rebuilders. Colorado locked MacKinnon long-term before his MVP explosion—saving millions. Meanwhile, Toronto spends 45% of cap on four forwards. Risky? You bet.
FAQs: Your Burning Questions About NHL Salaries
Who is the highest paid NHL goalie?
Sergei Bobrovsky ($10M AAV). Andrei Vasilevskiy ($9.5M) and Carey Price ($10.5M, retired) also topped charts. Goalies rarely exceed $9M unless elite.
Do NHL players get paid during playoffs?
No. Playoff bonuses come from a $20M league pool. Winning the Cup nets a player ~$200K. Mostly prestige.
How much escrow do NHL players lose?
12-20% depending on revenue. COVID spiked it to 20%. Brutal for middle-class players.
Who was the first $1 million NHL player?
Gretzky in 1984 with Edmonton. Adjusted for inflation, that’s $2.8M today.
Can NHL contracts be renegotiated?
No. The CBA forbids it. Bad deals like Huberdeau’s or Bobrovsky’s can’t be altered.
Future Forecast: Who Breaks McDavid's Record?
McDavid’s $12.5M reign ends around 2026. Top contenders to dethrone the current highest paid NHL player:
Auston Matthews (TOR)
Due for extension in 2024. Toronto’s desperation + his 60-goal season = $15M+ target.
Connor Bedard (CHI)
Rookie deal expires 2026. If he hits 100 points, Chicago opens the vault.
Cale Makar (COL)
Best D-man in hockey. Next contract (2026) could hit $13.5M with Norris trophies.
Dark horse: Elias Pettersson. Vancouver might offer $12M+ this summer to keep him. But I’d bet on Matthews. Leafs always pay retail.
Final Thoughts: Why "Highest Paid" Isn't Simple
Chasing the title of highest paid hockey player in the NHL involves cap tricks, taxes, and timing. McDavid earned it with generational talent. Others rode UFA frenzy or agent brilliance. But remember—high salaries create expectations. For every MacKinnon lifting the Cup, there’s a Karlsson struggling in San Jose. Time tells if the cash was worth it.
After tracking contracts for years, I’ll say this: the best deals aren’t always the biggest. Brayden Point at $9.5M? Steal. McDavid? Worth every cent. But that Huberdeau contract still keeps GMs awake at night. What’s your take?
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