In a salary cap environment, efficiently using the limited resource of cap space is of utmost importance while working towards both short- and long-term success in the NHL. The Colorado Avalanche have juggled this task as well as anyone else in the league, as their .646 points percentage since 2017-18 (fourth-best over that time) and recent Stanley Cup win (2022) can attest.
Of course, the development and graduation of their cornerstone players bring hefty contract extensions along with the on-ice success, forcing the front office to be more creative and cutthroat with its roster construction. As a result, finding bargains and mining surplus value becomes even more important in this stage of a franchise’s competitive timeline.
Even with the Avalanche’s stars receiving significant raises in recent seasons and jumping into the upper-echelon of the league’s earners, the organization still boasts one of the cleanest cap sheets in the NHL. Let’s dive into the three best – and most valuable – contracts currently on the Avalanche’s books for the 2023-24 season.
Cale Makar, Defenseman
2023-24 Contract: $9 million cap hit
When you consider the cap hit, years remaining on the deal, and age of the player, there is an argument that Cale Makar‘s contract is the most valuable pact in the entire league regardless of position.
The 24-year-old blueliner is just now approaching his prime and remains under contract at his current cap hit for the next four seasons, through the 2026-27 campaign. He’s already collected one Norris Trophy and should be considered a front-runner for the award for the foreseeable future, health permitting.
Despite only being the NHL’s ninth-highest-paid defenseman by cap hit for 2023-24, no other rearguard has been as prolific at producing offense as the future Hall-of-Famer. Since the start of the 2020-21 season, Makar ranks first in goals (53), points (196), points-per-game (1.08 P/G) and third in assists (143) and average time-on-ice in all situations (25:34). He’s a machine at both ends of the ice and is severely underpaid, despite being within touching distance of the $10 million threshold.
In spite of all Makar has accomplished, there exists the possibility that he has another gear left to hit, which should frighten his opposition. The Avalanche should be healthier this season and have bolstered a forward group that was weakened by the departures of Nazem Kadri and Andre Burakovsky during the 2022 offseason. A healthy Makar equipped with several new offensive weapons? NHL defensive schemes – consider yourselves warned.
Devon Toews, Defenseman
2023-24 Contract: $4.1 million cap hit
If Devon Toews‘ current deal was not slated to expire next summer, he would likely lay claim to the Avalanche’s most valuable contract and challenge for the top spot league-wide. The 29-year-old defenseman will earn $4.1 million against the cap for the 2023-24 season, representing the 80th-highest cap hit at his position while functioning as the underrated fulcrum of the Avalanche blue line.
Despite being nowhere near as dynamic as his more esteemed defensive partner, Toews still ranks 15th in P/G among all defenders since the 2020-21 season, and actually leads all blueliners in even-strength scoring (113 points) over that span. He also acts as Makar’s defensive conscience and allows him to freewheel as he pleases while being one of the NHL’s most effective zone-entry deniers and an understated kick-starter of breakout attempts.
Even though plus/minus has lost its utility as a statistic in the modern analytics era, there’s something to be said about Toews’ league-leading plus-121 rating over the past four seasons. When a player is such a significant outlier in either direction, there’s a story there. Toews drives scoring chances and actual goals in his team’s favour to such an astronomical degree, but rarely gets the plaudits for doing so.
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With the Avalanche gearing up for another run at the Stanley Cup with this core, Toews once again figures to play a massive part in the journey. He’s an integral piece and an impact player in all situations, so the Avalanche would do well to find a way to retain him beyond this season. It’ll cost them a pretty penny to be sure, but he’s someone worth committing to long-term.
Alexandar Georgiev, Goaltender
2023-24 Contract: $3.4 million cap hit
Let’s not try any revisionism when it comes to Alexandar Georgiev. The 27-year-old netminder was acquired from the New York Rangers last offseason as the Avalanche decided to part ways with Darcy Kuemper, who was the goaltender of record as they claimed the 2022 Stanley Cup.
Georgiev’s tenure with the Rangers was a tale of two goaltenders, but he showed enough promise for then-general manager Joe Sakic to trade for and award him a three-year contract worth $3.4 million annually. It’s only been one full season since then, but the move has already paid dividends for the Avalanche.
Among all goaltenders to have played in at least 10 games last season, Georgiev ranked 10th in save percentage (.919 SV%), second in shutouts (five), and saved over 18 goals above expected (GSAx), the 11th-best total in the league. He did so while playing in 62 games (third in the NHL), nearly double his previous single-season high of 34 appearances in 2019-20.
Though the Avalanche lost to the Seattle Kraken in Round 1 of the playoffs, Georgiev posted a .914 SV% in seven games while coming out just above even in the GSAx department (plus-0.63). Given that Colorado ranked 12th out of 16 playoff teams in goals per game (2.71), it’s a loss that can’t be pinned on Georgiev alone and shouldn’t be a point of concern for the Avalanche brass.
Heading into the 2023-24 season, Georgiev’s $3.4 million cap hit puts him 35th among goaltenders, giving the Avalanche an above-average starter for the price of a typical high-end backup or tandem partner. If he can replicate his steadying performances from last season, his contract becomes all the more valuable to a team looking to squeeze value wherever possible.
Avalanche’s Salary Cap Sheet Among NHL’s Best
Potential extensions for Toews, Bowen Byram, Mikko Rantanen, and Georgiev all loom on the horizon, with the latter three coming up for renewal during the 2025 offseason. How general manager Chris MacFarland and his staff navigate those roadblocks could determine how long the Avalanche remain competitive with this current core.
Agreeing to fair – but costly – deals could consume most of the expected growth in the cap, and could make it more difficult to surround the stars with an adequate supporting cast. Discounts based on comfort and loyalty can be had, but pushing that argument onto players becomes a less effective tactic the longer they produce excess value while playing under contracts that don’t match up with their market value.
That’s a discussion for another day however, and the Avalanche can rest easy knowing they own one of the most favourable cap sheets in the NHL. In a league that revolves around finding value wherever possible, that’s a clear win in and of itself.
Data courtesy of CapFriendly, Evolving Hockey, and the NHL.
