NHL Preseason Frenzy: Ducks Lock Up Gauthier for $81M, Capitals Extend Leonard as CBA Deadline Passes

The midnight deadline on September 16 brought a seismic shift to the NHL's financial landscape, and general managers spent the final hours throwing open the vault. With a new collective bargaining agreement taking effect—capping maximum contract lengths at seven years instead of eight—and the league's salary cap jumping to $104 million for the 2026-27 season, front offices raced to lock in their young superstars. The resulting frenzy produced hundreds of millions in guaranteed money, headlined by massive extensions in Anaheim and Washington, and forced ruthless cap casualties to make the math work.[1][3]

No team made a louder statement than the Anaheim Ducks, who handed 22-year-old restricted free agent Cutter Gauthier a six-year, $81 million contract on September 15. The deal carries a $13.5 million average annual value and includes a staggering $69 million in signing bonuses. Gauthier earned the payday after a breakout campaign where he led the Ducks with 41 goals and 69 points in 76 games, becoming just the fourth player in franchise history to reach the 40-goal mark.[1][6]

"We are pleased to get Cutter signed to a long-term deal and have him in camp on time," Ducks general manager Pat Verbeek said in a statement announcing the massive extension. "He's a major part of our young core: a pure goal-scoring talent that will continue progressing into an elite NHL player." The signing secures Anaheim's top offensive weapon, pairing him long-term with franchise center Leo Carlsson, who previously signed a five-year, $90 million offer sheet.[6]

But fitting two mammoth contracts under the $104 million cap required an immediate sacrifice. To clear the necessary space for Gauthier, Anaheim placed 35-year-old veteran Chris Kreider on unconditional waivers on September 9. When Kreider went unclaimed, the Ducks mutually terminated the final season of his seven-year contract, instantly wiping his $6.5 million cap hit off their books.[2]

Kreider, an 11-time 20-goal scorer who posted 50 points in 75 games for Anaheim last season, did not remain on the open market for long. On September 12, the Montreal Canadiens signed the veteran forward to a one-year contract, adding immediate scoring depth and playoff experience to a roster that reached the Eastern Conference Final last spring.[5]

While Anaheim navigated cap constraints, the Washington Capitals focused on beating the CBA clock. On September 15, just hours before the rules changed, the Capitals signed 21-year-old forward Ryan Leonard to an eight-year, $84 million contract extension. The deal, which carries a $10.5 million AAV and begins in the 2027-28 season, is heavily front-loaded, paying Leonard $36.9 million over the first three years.[3]

Leonard proved his worth during his rookie campaign in 2025-26, tallying 45 points—20 goals and 25 assists—in 75 games. "We are extremely excited to sign Ryan to a long-term contract with our club," Capitals general manager Chris Patrick said. "Ryan is a young and talented player who is still years away from entering his prime, and we believe he has tremendous potential to continue growing into an important player for our organization."[3]

The spending spree extended beyond the league's youngest stars. On September 21, the Dallas Stars rewarded 28-year-old forward Sam Steel with a four-year, $14.8 million extension that carries a $3.7 million AAV. Steel is coming off a career year where he posted 12 goals and 33 points in 73 games, while anchoring the Stars' penalty kill and providing critical bottom-six depth.[4]

"We couldn't be happier to extend Sam," Stars general manager Jim Nill said. "His consistency during his time with our team, especially on the penalty kill, plus his versatility has made him a valuable asset to our organization, and we're happy to be locking him up for the next four seasons."[4]

The flurry of September transactions highlights a stark reality in the modern NHL: teams are willing to pay unprecedented premiums for youth and potential, even if it means aggressively shedding established veterans to balance the ledger. As training camps open across North America, the league's rising stars have secured their financial futures, setting the stage for a high-stakes 2026-27 campaign.[1][2][3]