Ryan Leonard is the latest member of the NHL's $10 million per season club after the Washington Capitals signed the forward to an eight-year extension on Tuesday, a deal that averages $10.5 million annually.
Leonard, 21, is entering the third and final season of his entry-level contract that will see him earn $950,000 this season before his new contract begins in the 2027-28 season. Last season was Leonard's first full campaign after he played nine games with the Capitals in 2024-25.
Leonard scored 20 goals and had 45 points in 75 games for the Capitals in a 2025-26 season that saw them finish four points shy of the second and final Eastern Conference wild-card spot.
"We are extremely excited to sign Ryan to a long-term contract with our club," Capitals senior vice president and general manager Chris Patrick said in a statement. "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."
Extending Leonard comes weeks before the Capitals embark on a season that is expected to see them challenge for the playoffs following what was one of the more active offseasons of any team.
The Capitals traded for St. Louis Blues winger Jordan Kyrou while also doing a sign-and-trade with the Buffalo Sabres to acquire another winger in Alex Tuch. They also added Columbus Blue Jackets center Boone Jenner, New York Rangers forward Jonny Brodzinski, along with adding some help on the back end with San Jose Sharks defenseman Vincent Desharnais and defenseman Justin Holl, who also played for the Blues last season.
The Capitals were also able to re-sign captain and the NHL's all-time leading goal scorer Alex Ovechkin to a one-year deal, with the 40-year-old not committing to the notion that this might be his final season.
Leonard signing a contract carrying a $10.5 million AAV means he'll be the team's joint-highest-earning player alongside Tuch, who signed an eight-year deal after joining the franchise.
It's also another sign of the changing financial landscape within the NHL. The Ottawa Senators also announced Monday that they signed forward Drake Batherson to an eight-year deal worth $10.75 million annually that will also start in the 2027-28 season.
There are 28 players who will enter this season earning more than $10 million, with Anaheim Ducks center Leo Carlsson making the most at $18 million annually. Carlsson, Minnesota Wild winger Kirill Kaprizov and Chicago Blackhawks center and newly minted captain Connor Bedard -- the three highest-paid players in the league -- are all entering the first seasons of their new contracts. PuckPedia's data shows that both Batherson and Leonard signing new deals means there will be 31 players that will be slated to make more than $10 million.