Alex Ovechkin has still not told the Washington Capitals what his intentions are, but if he does return for a 22nd season, what could his contract, role, and impact in the NHL be?
Maybe it was something. Maybe it was nothing.
But, for me, Alex Ovechkin dropped a massive clue about his future two months ago. Ovechkin, grey-haired and grinning, was caught by TV cameras waving off Sidney Crosby and the Pittsburgh Penguins following a 3-0 Capitals victory in the final home game of Washington’s season.
The hand gestures told Ovechkin’s longtime rivals to drop the formalities of a handshake line. Go to the dressing room, fellas—nothing to see here.
The truth is, Ovechkin, the NHL’s all-time leader in goals with 929 in 1,573 career games, hasn’t officially decided if he’s returning for a 22nd NHL season this fall. The pending unrestricted free agent has been on record saying he intends to give Washington’s front office a definitive answer sometime in July. Ovechkin, a career-long Capital who turns 41 in September, also recently told reporters he would “probably not” play for another NHL club.
Removing 31 teams from the equation leaves Ovechkin with three paths: return to D.C. on a one-year extension, return on a multi-year extension, or retire from the NHL.
The best outcome for all parties involved — Ovi, the Caps, the greater hockey world — is a one-year deal.
Evgeni Malkin’s extension with the Penguins, announced in late May, is a helpful template given the parallels between the ex-superstars and their respective teams.
Malkin, who’s a year younger than Ovechkin, will start the 2026-27 season on a $5.5 million cap hit ($3 million signing bonus, $2.5 million base salary). He can ultimately make up to $9 million, according to PuckPedia, thanks to various performance bonuses: $250,000 for hitting 43 regular-season games, $250,000 for hitting 64 games, $1 million for the Penguins making the playoffs, and $500,000 for each playoff series won by the Pens.
Ovechkin and Malkin aren’t perfect comparables this deep into their careers. Ovechkin’s a hired gun used primarily in offensive situations, whereas Malkin provides something closer to a well-rounded game and continues to impact the game at a fairly high level shift to shift. On the other hand, Ovechkin is culturally more important to the Caps than Malkin is to the Pens.
Ovi’s next contract should nevertheless land in the Malkin range — $6 million with the potential to climb to $9.5 million if individual and team milestones are reached. Caps president Brian MacLellan and GM Chris Patrick need to strike a balance between rewarding a franchise icon and not overpaying for a player whose usage and deployment must be micromanaged.
Ovi still has an insatiable desire to score goals, and his one-timer remains lethal. He was one of 45 NHLers to hit 30 goals in 2025-26, leading the Caps in both goals (32) and points (64) while logging 17:26 a night over 82 games. His lackluster production early on — two goals in October — can be at least partly excused by a hamstring injury sustained in training camp.
That said, the slow-skating winger isn’t generating shot attempts or shots on goal like he used to; his all-situations 60-minute rates dropped to career lows in 2025-26. Ovi is, to be frank, a significantly worse player in the twilight of his career and needs to be sheltered at even strength. Caps head coach Spencer Carbery knows this and managed Ovi’s five-on-five minutes so closely that the captain didn’t record a defensive zone start until the 73rd game of the season.
At the other end of the spectrum, Ovi was leaned on heavily in power-play opportunities, often staying on for the full two minutes. The dude still owns office space in the left circle, and occasionally, he’ll tap into the magical goal-scoring skills that vaulted him to legend status.
The Caps missed the Eastern Conference playoffs by three points but are positioned well to return to the post-season. The roster’s stocked with NHL-caliber blue-line talent, while its two goalies, Logan Thompson and Charlie Lindgren, are locked in for at least two more years. The forward group is promising yet less settled. Connor McMichael is a restricted free agent, plus the top six could use one, probably two, established finishers.
Washington can make a cannonball-sized off-season splash if it wants. The front office is armed with $31.4 million in cap space and ample trade bait (two 2026 first-round picks and an above-average prospect pool).
With a few veteran studs like Tom Wilson and Jakob Chychrun leading the charge, and a young core headlined by Cole Hutson, Ryan Leonard, and the Protas brothers developing rapidly, Washington should be a magnet for free agents. It’s surely a magnet for Ovi, too, who has nothing left to prove but seems like someone who can’t quit hockey or goal-scoring.
For action-packed issues, access to the entire magazine archive and a free issue, subscribe to The Hockey News at THN.com/free. See more of The Hockey News on Google and save us as a preferred source. Get the latest news and trending stories by subscribing to our newsletter here. And share your thoughts by commenting below the article on THN.com or creating your own post in our community forum.