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Alexander Ovechkin signs 5-year extension with Capitals
The runway on the chase to Wayne Gretzky's goals record has been set.
Alexander Ovechkin has agreed to a five-year contract extension with the Washington Capitals worth $47.5 million. His average annual value of $9.5 million represents a slight pay downgrade on the annual income tied to the $124 million contract originally signed in 2008.
I’M BACK DC !!!!! #ALLCAPS pic.twitter.com/7XQPfT6aZP
— Alex Ovechkin (@ovi8) July 27, 2021
Ovechkin's deal is a plus-35 contract, which means that Washington is on the hook for the full extent of the deal regardless of whether or not Ovechkin is capable to fulfill his obligations. It will take him through his age-40 season.
Thankfully for the Capitals, there is a strong incentive for Ovechkin to not only see through the end of the deal, but also perform within in it. The superstar sniper can break Gretzky's all-time record for goals if he can average 33 per season throughout the life of the agreement.
𝐅𝐎𝐑𝐄𝐕𝐄𝐑 𝐀 𝐂𝐀𝐏𝐈𝐓𝐀𝐋.
The Washington Capitals have re-signed captain Alex Ovechkin to a five-year, $47.5 million contract.
Full Details: https://t.co/iLXnd3MUZy#ALLCAPS | #Gr8 pic.twitter.com/coS7gHTpS6— Washington Capitals (@Capitals) July 27, 2021
Ovechkin scored 24 goals in 45 games for the Capitals last season. He had 48 goals in 68 games in the 2019-20 season, while averaging 50 in his last two full regular seasons. Some areas of his game have tailed off, but his ability to score goals at the highest level has shown no signs of slowing down.
He now has 730 for his career.
Ovechkin's deal leaves the Capitals with a little more than $4 million left to spend. Without a single NHL-ready netminder under contract, it's possible they will have to move out some money in order to accomplish what's needed in free agency.
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