Avalanche’s Cale Makar Extension Overshadows Artturi Lehkonen’s Potential Contract Extension

As July 1st, 2026, has passed, Cale Makar is available for a contract extension. He is set to be an unrestricted free agent next summer, and with how much the cap is going up, today’s price is not tomorrow’s price. Another potential Norris Trophy season for Makar could make what many suggest he might make this summer look like a joke this time next summer.

Though Joe Sakic has stated that a contract will be done this summer, this brings up another potential extension to tackle: Artturi Lehkonen’s. In the last year of his five-year, $22.5 million deal that carries a cap hit of $4.5 million, what number do the Avalanche want and can expect to sign someone turning 32 this season, who has dealt with injuries?

There is no question about how important Lehkonen has been for the team during this time with them. A massive part of the 2022 Stanley Cup run, and despite time and time again dealing with nagging injuries each season, the effort he brings when in the lineup can be irreplaceable, or if so, can be pretty expensive.

As we saw this summer and the following summers, the cap is set to jump exponentially each year. More precisely, the cap ceiling is expected to be $113 million for the 2027-28 season, the first year of their new deals. Every season, the talks between players and management will differ as teams, agents, and players view the rising cap differently and consider how to make the most of it.

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While everyone in hockey is excited about the rise in the cap, especially with how stagnant it has been during the COVID-19 days and how it limited many teams in making many moves, teams like the Avalanche, who are excited to see the cap increase, need to be careful with how much they send out to pending UFAs and free agents.

In terms of what a new Lehkonen contract might look like, what plays into his new extension, and if so, how long of a term and how much do the Avalanche value him?

The unfortunate part of Lehkonen you can compare to is Valeri Nichushkin, and it’s the phrase “When he’s available, he’s at his best,” with “when available” as the major standout.

Avalanche Trade Valeri Nichushkin To Columbus Blue Jackets For Multi-Pick Return Valeri Nichushkin’s run in Colorado ends as one of the franchise’s most complicated chapters—defined equally by championship impact, constant uncertainty, and a long-running debate the Avalanche finally resolved on Thursday.

Since joining the Avalanche in the 2021-22 season, Lehkonen has only played over 70 games twice, and every other season he has missed at least 25% of the regular season. Adding to the two missed games of the second round this season and looking pretty bad in his return during the Conference Finals.

His value is way above the 104 goals and 112 assists for 216 points; those totals, not including the playoffs, could have been way higher, barring some injury luck. His two-way, physical, penalty-killing prowess is crucial to the Avalanche and is even more pronounced during the playoffs.

So injuries are a factor, but beyond that, we know he can produce and raise his game in the playoffs. How does it compare to other wingers based on his age, production, and the cap hit he could be looking for?

His new contract will take him into his mid-to-late thirties; add in some injury history, but don’t discount the level of production he can bring when healthy or his competitiveness in the playoffs.

I think of players like:

Victor Arvidsson (Red Wings) with a two-year, $8 million contract at $4 million AAV.
Tyler Toffoli (Sharks), with a three-year $16.2 million contract, $5.4 million AAV.
Reilly Smith (Knights), three-year $15 million contract, $5 million AAV.

You can make the argument that, in Lehkonen’s position, he is more important to his team than those listed to theirs. Still, they are all players who can fit the mold of a player with a contract heading into their mid-to-late thirties, with a contract comparable to what Lehkonen can be given.

Among those listed, those cap hits take up roughly just over 6% of the team’s cap. The problem is, as I said in the beginning, today’s price is not tomorrow’s price. Next season, with the cap increase, the amount will be just around 7%. So if you’re in Lehkonen’s camp, you could make an argument for north of $5 million AAV for his next deal, when you can make the argument that, when Lehkonen is at his very best, he’s well over $6.5 million.

NHL, NHLPA To Increase Salary Cap Significantly Over Next Three Seasons On top of the NHL salary cap’s upper limit increasing to $95.5 million next season, the cap is expected to jump to $104 million and $113.5 million in the following two seasons.

Does $6.5+ million work for the Avalanche? While I think $5-6 million would be a sweet spot, the biggest factor would be the term. How many years do the Avalanche want to keep this “core” together, and do they think they can make a run with them?

There is no denying the importance Lehkonen brings, but considering his age and injury history, getting him a contract with the right term and value, and potentially moving him down the lineup for other top-six wingers as the years go on, might be the best play for the Avalanche going forward.