Report: Capitals, Ovechkin Working Toward Four-Year Extension

With the expansion and NHL drafts said and done and free agency approaching, the Washington Capitals are shifting their focus to the biggest item on their offseason to-do list: re-signing Alex Ovechkin.

General manager Brian MacLellan assured that the Capitals and Ovechkin were indeed working toward an extension. They aim to have it wrapped up before the start of free agency Wednesday.

“Both parties want the same goal and I think we’ll get it done by then,” MacLellan said. “I anticipate us getting it done by then.”

According to The Fourth Period’s David Pagnotta, Ovechkin’s extension could be a four-year deal and carry an AAV of $10 million. It’d be a similar paycheck to the one he’s got over the last seven seasons as part of his previous 13-year, $124 contract from 2008.

In 45 games last season, Ovechkin lit the lamp 24 times and totalled 42 points. He also led Washington with four points in five playoff games in 2021.

Ovechkin has never scored less than 20 goals in a season and continues to maintain a strong level of consistency and durability. And right now, there’s no sign of the 35-year-old slowing down as he continues to climb the all-time goals list. Right now, he sits at 730 goals, one away from tying Marcel Dionne for fifth.

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For the Capitals, $10 million per year isn’t too shabby for a player like Ovechkin. He’s the center of the franchise and arguably the greatest goal scorer of all time. The 35-year-old still has a lot of strong years left, and he’ll prove vital to another Cup run.

Ultimately, though, it’ll come down to shedding cap space. Whether that be through the trade market or other means, MacLellan will have to clear salary to extend the Great 8.

“It’s just a matter of how much we need to move out,” MacLellan said. “We’ll [make] our decisions based on that.”