Ovechkin Cap Crunch
Capitals make big free agency signings, leaving tight cap space for Ovechkin's return
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Key Points
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New York Islanders added Matias Maccelli on a low-cost, one-year deal and saw captain Anders Lee depart for the Utah Mammoth, signaling a shift toward cap flexibility and youth; with Palmieri and Palat slated to come off the books, projections put next summer's cap space around $42 million.
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Capitals’ day-one moves included Boone Jenner (4 years, $23 million) and Vincent Desharnais (4x$16.8M) along with depth signings, leaving roughly $4.375 million to $4.4 million in cap space and shaping the calendar for Ovechkin’s future.
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Capitals are considering a performance-bonus structure to fit Ovechkin under the cap, using age-appropriate one-year deals with potentially up to $9 million paid via bonuses, following a template like Evgeni Malkin’s Pittsburgh deal.
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Analysts remain divided on whether Ovechkin will return; Darren Dreger suggested on TSN’s OverDrive that all indications point to him not returning, highlighting the uncertain outlook despite the cap-room leverage.
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Caps have pushed to bolster the offense with Jordan Kyrou and Alex Tuch, indicating a win-now mindset; management emphasizes cap space and structure exist to accommodate Ovechkin’s decision, not rely on it.
Alex Ovechkin is coming back. The Washington Capitals confirmed the NHL's all-time leading goal scorer will return for the 2026-27 season, ending weeks of retirement speculation, according to Yahoo Sports. The deal is expected to include performance bonuses to fit him under a tight salary cap.
Washington entered free agency aggressively, signing Boone Jenner to a four-year, $23 million deal and Vincent Desharnais at four years and $16.8 million. Those moves left the Capitals with roughly $4.4 million in cap space — just enough room to work with, Washington Times reported.
Ovechkin Returns on a Bonus-Heavy One-Year Deal
The Capitals are expected to sign Ovechkin to a short-term deal loaded with performance bonuses, Heavy reported. The structure could include up to $9 million paid through bonuses. It mirrors the kind of deal Evgeni Malkin signed with the Pittsburgh Penguins late in his career. One-year contracts with bonus clauses are common for older players who want to keep playing but cost less against the cap.
Yahoo Sports noted the announcement ends speculation that Ovechkin might retire. He broke Wayne Gretzky's all-time goals record last season. His return gives Washington a marquee name as they push for a deep playoff run.
GM Chris Patrick Says Cap Space Was Built for This
Capitals general manager Chris Patrick said the team has enough cap space and roster flexibility to bring Ovechkin back. RealGM reported Patrick made clear the day-one signings were designed to improve the team regardless of Ovechkin's decision. The $4.375 million in remaining cap space gives the front office room to maneuver.
Washington Times reported that Patrick emphasized the Capitals structured their offseason moves with Ovechkin's potential return in mind. Conversations with Ovechkin about his decision were planned for soon after free agency opened. Management says the cap math works.
Analysts Were Split — Some Doubted He Would Return
Not everyone saw this coming. TSN insider Darren Dreger said on OverDrive that all signs had pointed to Ovechkin not returning. That skepticism was widespread heading into free agency. The Capitals' aggressive spending — adding Jordan Kyrou and Alex Tuch alongside Jenner and Desharnais — signaled a win-now approach with or without No. 8.
The front office pushed back on that narrative. Officials insisted they were not counting on Ovechkin to complete their roster. Heavy noted Washington's moves show a team serious about contending in 2026-27 no matter what the legend decided.
Islanders Shift Toward Youth While Cap Space Grows
While Washington chased Ovechkin, the New York Islanders moved in a different direction. The team signed Matias Maccelli on a low-cost one-year deal and let captain Anders Lee walk to the Utah Mammoth. The moves signal a pivot toward youth and flexibility rather than veteran spending.
The Islanders project roughly $42 million in cap space next summer. That number grows as deals for Kyle Palmieri and Ondrej Palat come off the books. New York appears to be building toward a bigger splash in 2027 rather than competing at full strength this season.
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