While much of the focus this offseason may be on what the Washington Capitals add from outside the organization, the club also has some important in-house decisions to make regarding players already on its roster.
One of the biggest priorities that general manager Chris Patrick and his staff likely need to focus on is working on a contract extension with 21-year-old winger Ryan Leonard.
Due to the Capitals burning the first year of his entry-level contract during the spring of 2025, Leonard, who finished eighth in Calder Trophy voting, will become a restricted free agent next summer, and is eligible to sign an extension starting on July 1.
While the two parties may not want to immediately rush into extension talks before Leonard plays another full NHL season, a CBA quirk could force a quicker reaction. This summer will be the last that a team can ink a player to an eight-year contract, as the extended CBA, which kicks in on September 16, 2026, includes a maximum limit of seven years on player contracts.
According to AFP Analytics, a seven-year agreement with Leonard, the team’s first-round pick in 2023, is projected to be worth $57.8 million ($8.26 million AAV). If the two sides opt for a shorter bridge deal, a two-year contract is projected to be worth $9.04 million ($4.52 million AAV). To get Leonard to sign a full eight-year contract, the AAV will likely need to exceed the projected seven-year number.
Leonard finished fifth in overall rookie scoring with 45 points (20g, 25a) in 75 games. He became just the eighth Capitals rookie to ever score 20 goals in a season and the first since Alex Ovechkin (2005-06). In Capitals’ franchise history, Leonard’s 45 points rank 10th all-time among rookie skaters in a single season. The only two Caps rookies after the 1982-83 season to record more points than Leonard are Ovechkin (106) and Nicklas Backstrom (69).
Signing Leonard to an eight-year contract would secure the entirety of his prime with the club, and the deal should age well given future salary cap projections, as long as the former 8th overall pick lives up to his potential. With the team looking to move into the post-Alex Ovechkin era, locking down a player who is likely to be a major part of that transition would be a great first step and give the front office confidence in future roster planning.
Leonard is not the only 2027 restricted free agent who is eligible for a contract extension this summer, as the same is true for Justin Sourdif. The Capitals also need to re-sign Connor McMichael and Hendrix Lapierre, who will become RFAs on July 1.
