Every year, once a Stanley Cup champion has been crowned and teams look toward next season, millions of dollars are handed out in free agency.
Teams lock up their star players to extensions or find new players to bolster their roster, with money being one of the many methods of persuasion in landing a free agent.
A wave of new contracts will kick in this coming fall, in particular deals for young defensemen who previously agreed to contract extensions. In fact, five new players will enter the top 25 in terms of highest annual average values (AAV) in the 2022-23 season.
This past summer, both Johnny Gaudreau and Matthew Tkachuk received massive deals with the Blue Jackets and Panthers, respectively. The two former Flames joined the list of highest-paid NHLers.
There was a deal done this offseason that won't impact this list, but does change things significantly next season. Avalanche superstar Nathan MacKinnon agreed to an eight-year, $100.8 million contract extension, making him the highest-paid player in the league. However, the deal does not kick in until the 2023-24 season, so come back in a year and you will see MacKinnon at the top.
In addition, David Pastrnak signed an eight-year extension with the Bruins ahead of the 2023 trade deadline. He is set to make $90 million over eight years, however like MacKinnon's, his deal doesn't kick in until the fall of 2023.
MORE: When does NHL free agency start in 2022?
The Sporting News lists the NHL's 25 highest-paid players for the 2022-23 season.
NHL's highest-paid players 2022-23
1. Connor McDavid, C, Oilers
- Annual salary: $12.5 million
It shouldn't come as much of a surprise that the best player in the NHL makes the most. The Oilers locked up McDavid with an eight-year, $100 million deal after a 2016-17 season that saw him win his first Art Ross, Hart and Ted Lindsay. Since then, he's added three more Art Ross Trophies, two Ted Lindsay Awards and a Hart Trophy. He's fresh off back-to-back 100+ point seasons.
2. Artemi Panarin, LW, Rangers
- Annual salary: $11.642 million
Panarin was the belle of the ball during free agency in 2019 and elected to sign with the Rangers on a seven-year, $81.5 million deal. There were reports that he would have gotten more money from the Islanders, but chose their rivals instead. Since the signing, Panarin has 249 points in 186 games with New York spanning over three seasons.
3. Auston Matthews, C, Maple Leafs
- Annual salary: $11.64 million
Matthews is one of a few members of the Maple Leafs on this list, but he's proven to be worth every penny. Toronto signed Matthews to a five-year extension in February of 2019, carrying an AAV of around $11.64 million. He's coming off his second consecutive Rocket Richard Trophy, leading the league in goals. He became only the third player in the salary cap era to hit 60 goals when he did so this past season.
4. Erik Karlsson, D, Sharks
- Annual salary: $11.5 million
After the Sharks acquired him in a trade with the Senators, San Jose inked Karlsson to an eight-year contract worth $92 million. At the time, he was one of the premier offensive defensemen in the league. However, his time in San Jose has been riddled with injuries and underwhelming performances on the ice, with Karlsson failing to hit 40 points the last two seasons. To make matters worse, he's already 32 years old and still has five years left on the deal.
T5. Drew Doughty, D, Kings
- Annual salary: $11 million
Similarly, to Karlsson, when Doughty signed his big ticket (eight-years, $88 million) with the Kings, he was coming off a career year with 60 points. Unfortunately for the Kings, he hasn't come close to finishing a season with the kind of production since. He was just under a point-per-game this season but only played in 39 games due to a right knee injury and then wrist surgery. He's 32 years old and has another five years on his contract.
T5. John Tavares, C, Maple Leafs
- Annual salary: $11 million
One year prior to the Panarin deal, the Islanders once again lost out on a top free agent, this time with Tavares. The captain elected to sign with his hometown Maple Leafs on a seven-year, $77 deal. In his first year in Toronto, he set a new career high in goals (47) and points (88). He's been a reliable second-line center for the team since signing, as Tavares has recorded 274 points in 280 games as a Leaf.
7. Mitch Marner, RW, Maple Leafs
- Annual salary: $10.903 million
Just a few months after Matthews signed his extension, the Maple Leafs locked up Marner on a six-year, $65.3 million deal to keep him in Toronto. He had just broken out for 94 points the season prior. Marner has been worth the big deal, averaging over a point per game the three seasons following his deal. He has 455 points in 427 career games with the team.
T8. Patrick Kane, RW, Blackhawks
- Annual salary: $10.5 million
One of the biggest cap hits that could potentially be on the move is Kane and his $10.5 million. He has one year left on his monster eight-year, $84 million deal he signed back in 2014. With the Blackhawks facing a rebuild and very likely competing for the worst record in the league next season, it's unlikely Kane wants to be around for that. He's coming off a 92 points season, his fourth season averaging over a point per game.
T8. Jonathan Toews, C, Blackhawks
- Annual salary: $10.5 million
Toews signed the same exact contract Kane did on the same day back in 2014, eight years with a total value of $84 million. Like Kane, Toews likely wants a chance to win somewhere else rather than play for the Blackhawks next season. However, his value is not nearly as high as Kane's. He missed the 2020-21 season with health issues and is coming off a 37-point campaign this past season. He's certainly not worth the $10.5 million cap hit, but it's only one year before he's a free agent.
T8. Carey Price, G, Canadiens
- Annual salary: $10.5 million
Price comes in as the goaltender with the highest AAV at $10.5 million. He and the Canadiens agreed to an eight-year, $84 million extension in the summer of 2017, just two seasons removed from winning the Hart as league MVP, a rarity for a goalie. He was 30 when he signed the deal and as some expected, age is catching up with Price. He missed a majority of this season recovering from knee surgery and his status going forward is unknown. Price still has four years left on his contract.
T11. Anze Kopitar, C, Kings
- Annual salary: $10 million
After helping the Kings to two Stanley Cup wins, Kopitar cashed in on an eight-year. $80 million contract extension in 2016. The organization has endured some tough years since then, but the elite two-way center has been a consistent force down the middle for Los Angeles. The Kings captain has two years left on his deal.
T11. Jack Eichel, C, Golden Knights
- Annual salary: $10 million
When Eichel signed his eight-year, $80 million deal in 2017, the Sabres were locking up their star of the future. Or so they thought. After some tension with the organization that stemmed from a neck surgery, the two sides elected to go their separate ways when he was traded to the Golden Knights this past fall. When healthy, Eichel has shown he can be one of the bright young stars in the game, and the Golden Knights are hoping that he can be the elite center the Sabres had hoped for when they gave him his huge deal at 20 years old.
T11. Aleksander Barkov, C, Panthers
- Annual salary: $10 million
This upcoming season marks the first year of Barkov's eight-year, $80 million extension he signed in the fall with the Panthers. The Florida captain has emerged as one of the best two-way centers in the league, coming off an 88-point season in 2021-22. With Barkov locked up for another eight seasons, the Panthers have their top-line center and leader for years to come.
T11. Sergei Bobrovsky, G, Panthers
- Annual salary: $10 million
Another Panther that was given a big ticket deal, Bobrovsky and the Panthers agreed to a seven-year, $70 million during the free agency of 2019. After an exceptional few seasons with the Blue Jackets, where he won two Vezinas, that success has yet to truly translate with Florida. In his three seasons with the Panthers, he has a goals against average of 2.93 and a save percentage of .906.
15. Tyler Seguin, C, Stars
- Annual salary: $9.85 million
One of two Stars on this list, Seguin signed an eight-year, $78.8 million deal in the summer of 2018. He was coming off his fifth consecutive season scoring at least 70 points. Seguin hasn't hit that plateau in the three years since the deal kicked in. He's now 30 and has dealt with some injuries, but he's still signed for five more years.
16. Johnny Gaudreau, LW, Blue Jackets
- Annual salary: $9.75 million
We knew Gaudreau had a pretty good chance of joining this list, and he does it by agreeing to a huge contract with Columbus. The winger reportedly left money on the table from the Flames; Calgary's offer reportedly was for a $10.5 million AAV. Gaudreau, 28, broke out this past season for 115 points. He certainly got paid like a 100-point player.
17. Zach Werenski, D, Blue Jackets
- Annual salary: $9.583 million
The first year of Werenski's six-year, $57.5 million will take effect this upcoming season. The 24-year-old earned a well-deserved pay day after the Blue Jackets traded away Seth Jones, making Werenski the to Blue Jackets' No. 1 defenseman. In his short career, he has 237 points in 403 contests with Columbus.
T18. Seth Jones, D, Blackhawks
- Annual salary: $9.5 million
Speaking of Jones, when he was traded to Chicago last summer, the Blackhawks subsequently signed Jones to an eight-year, $76 million deal. This fall will be the first year of the deal, and the direction the team is heading is not what Jones anticipated when he signed the dotted line. At least Chicago has its No. 1 defenseman for the future.
T18. Brayden Point, C, Lightning
- Annual salary: $9.5 million
After leading the playoffs in points in back-to-back postseasons, the Lightning awarded Point with an eight-year, $76 million contract extension that begins in 2022-23. Point has been a crucial part of the team's sustained success over the last few seasons. He has 368 points in 417 career games, all with Tampa Bay.
T18. Jamie Benn, LW, Stars
- Annual salary: $9.5 million
After winning the Art Ross in 2015 and following it up with an even better season in 2016, the Stars gave their captain an eight-year, $76 million to stay in Dallas. Benn hasn't been the same dynamic offensive contributor for the last couple of seasons, failing to hit 20 goals the last three seasons. The 32-year-old still has three years left on the deal.
T18. Charlie McAvoy, D, Bruins
- Annual salary: $9.5 million
One of the brightest young defensemen in the league, the Bruins locked up McAvoy to a long-term extension last summer, inking him to an eight-year, $76 million contract that begins in the fall. He's coming off his best to date and has 178 points in 313 games with Boston.
T18. Mark Stone, RW, Golden Knights
- Annual salary: $9.5 million
Just a couple weeks after he was traded from the Senators to the Golden Knights in 2019, Stone signed an eight-years, $76 million contract extension to stay in Vegas. While he only skated in 37 games this season due to injuries, the winger has been as advertised for the Golden Knights, with 165 points in 175 games so far with Vegas.
T18. Nikita Kucherov, RW, Lightning
- Annual salary: $9.5 million
One of the best wings in the game signed an eight-year, $76 million contract extension back in 2018 to stay with the Lightning. The move certainly has paid off, as Kucherov has helped Tampa Bay to two Stanley Cups since then. He's been over a point-per-game player every season since 2016-17, twice hitting over 100 points.
T18. Andrei Vasilevskiy, G, Lightning
- Annual salary: $9.5 million
Another Lightning star that signed an eight-year, $76 million extension, Vasilevskiy's deal came in 2019, right after he was awarded the Vezina. He's been the best goalie in the NHL for a number of seasons now, earning the Conn Smythe Trophy as playoff MVP during the Lightning's 2021 Cup win.
T18. Adam Fox, D, Rangers
- Annual salary: $9.5 million
Another young stud defenseman with a new deal starting in the fall, Fox inked his seven-year, $66.5 million extension last November. He was the Norris Trophy winner as the league's best defenseman in 2021. In 203 career games, Fox already is up to 163 points, with 74 of those coming this season.
T18. Alex Ovechkin, LW, Capitals
- Annual salary: $9.5 million
The Great 8 has been one of the game's best goal scorers for quite some time, and he certainly gets paid like it. After his monstrous 13-year deal ended last summer, the Capitals signed Ovechkin to a five-year, $47.5 million contract to keep him in the nation's capital. He followed that up by recording 50 goals for the eighth time in his career this past season and hitting 90 points for the first time since 2009-10.
T18. Matthew Tkachuk, LW, Panthers
- Annual salary: $9.5 million
The newest member of the Panthers was acquired in a deal with the Flames after Tkachuk told Calgary he wasn't interested in signing a long-term deal to stay in Alberta. After Florida trade for the 24-year-old, they gave him a new eight-year, $76 million contract. Tkachuk was an RFA and coming off a 104-point season. Considering the mix of physicality and skill he brings to the table, it's an excellent deal for one of the few true power forwards left in the game.