NHL shifts into new era as Makar megadeal, Marchenko trade reshape landscape

On the eve of the 2026‑27 season, the NHL looks markedly different. Star players are asserting more control than ever, front offices are adapting, and the money at the top end continues to surge. Cale Makar has become the league’s first $20‑million player, with Quinn Hughes already looming as a candidate to follow. Projections now have the salary cap potentially reaching $127.5 million by the fall of 2028, an eye‑popping figure in a league that only recently clawed out of a flat‑cap environment.

Change is also coming at the executive level. Commissioner Gary Bettman, who has overseen the league for nearly 35 years, turns 75 next June and has acknowledged that succession talks are underway. Long‑time heavyweights such as Lou Lamoriello, Steve Yzerman and Doug Armstrong are no longer occupying general manager chairs, while Eric Tulsky’s Stanley Cup win has emboldened owners to consider non‑traditional candidates for top hockey operations jobs.

Inside the Marchenko deal and Toronto’s big swing

The Kirill Marchenko trade became the defining saga of the summer and an early flashpoint for this new era. The deal, sending the winger from Columbus to Toronto, was slowed by the NHL’s tagging rules, which prevent clubs from committing more future salary than the projected cap allows. Toronto could not sign Marchenko to an extension without clearing space in seasons beyond this year, helping explain why defenceman Emil Andrae and his 2027‑28 money were included.

Blue Jackets GM Don Waddell had insisted he did not have to move an unhappy Marchenko right away, especially with Columbus eyeing a playoff push. But three factors moved the needle: the chance to acquire Matthew Knies, a cost‑controlled forward the club viewed as especially appealing; Toronto’s willingness to take on Elvis Merzlikins and Miles Wood to make the trade work; and an increasingly uneasy relationship between Marchenko and head coach Rick Bowness. Earlier in the off‑season, word circulated that Marchenko would have had no issue going to Montreal but was less certain about Toronto, a stance that softened once the deal became real.

Montreal, for its part, pushed aggressively throughout the summer, attempting to build multi‑team frameworks to absorb salary or sweeten offers. The Canadiens were believed willing to match the six‑year, $12.5‑million AAV extension Marchenko ultimately signed with the Maple Leafs, even if it disrupted their careful internal cap structure. Other suitors, including Boston, the New York Islanders, Seattle and Tampa Bay, were also in the mix, but none could top Knies as the central piece for Columbus.

Goalie market turns as Jets weigh Hellebuyck options

In goal, Connor Hellebuyck’s situation continues to hover over the Winnipeg Jets. The key question now is whether Clay Stevenson, claimed on waivers from Washington, can convince the organization to drop its insistence on landing another goaltender in any Hellebuyck trade. Stevenson works with BC‑based goalie coach Adam Francilia, a long‑time influence on Hellebuyck, and his emergence could change Winnipeg’s calculus. Complicating matters, Ukko‑Pekka Luukkonen and at least one other goalie the Jets examined can now block trades to Manitoba, narrowing their options.

Edmonton altered the picture as well by debating a Stevenson trade before choosing to roll with Devon Levi, acquired from Buffalo. Early reviews from Oilers teammates on Levi are glowing, and he steps into a prime opportunity to make a major impact on an established contender. With the schedule expanding to 84 games and history showing that teams four points out of a playoff spot by Nov. 1 rarely recover — just 10 of 75 in the cap era have done so in 82‑game seasons — goaltending stability and strong starts figure to be more critical than ever in this rapidly evolving NHL.