As NHL training camps kick off around the league, the Minnesota Wild are heading into the season with expectations for another playoff run – and with a $128 million cloud hanging over their heads.
Ever since reports emerged that Kirill Kaprizov had turned down an eight year, $128 million contract extension offer from the Wild – which would have been the richest contract in NHL history – speculation that he may want to leave Minnesota and test out free agency next summer has become one of the biggest storylines in the NHL.
Kaprizov is entering the final year of the five-year, $45 million deal he signed in September 2021. The Wild have made it a priority to re-sign him and have expressed publicly that they believe they can make him one of the highest-paid players in the league, but this latest bombshell suggests that the commitment may not be mutual.
Of course, Kaprizov deflected questions about his contract situation Thursday on the first day of training camp, saying he preferred to focus just on hockey. But when asked whether he wanted to stay in Minnesota, he didn't give as reassuring of an answer as Wild fans would have hoped for.
“You guys know I like Minny,” Kaprizov told reporters, including Joe Smith of The Athletic. “Everyone knows. We have a lot of time. It’s just 2025. It’s one more year I have.”
He’s not wrong – his contract doesn’t expire until after the 2025-26 season – but “one more year” doesn’t exactly sound like a guy who plans on re-signing with Minnesota before he hits free agency. In fact, it sounds more like a guy who is encouraging Minnesota fans and media to enjoy the time they have left with him.
Guerin on Kaprizov: "These negotiations are private. I can't really get into it. Things are fine. The most important thing is that we want to sign Kirill. He's our franchise player. We want to keep him here. He's a big part of our team. We're working towards that. We're doing the…
— Michael Russo (@RussoHockey) September 18, 2025
Kirill Kaprizov’s latest comments may hint at desire to leave Wild, test free agency
Kaprizov is widely regarded as one of the top forwards in the league, and he wants to win. If he feels the Wild are not putting enough around him to make deep playoff runs, he might be more willing to test the open market. This is speculation, of course, but consistent with what elite players often do in their UFA years.
Turning down $128M over eight years suggests that Kaprizov's camp feels they can get more (term, money or both), either from the Wild or from another team. He may want a contract that reflects not only what he’s done, but maximum potential earnings while still in his prime.
Perhaps Kaprizov is simply waiting out the rest of the market. 2026 is expected to be a loaded UFA year, with other stars like Connor McDavid and Jack Eichel expected to hit free agency. If Kaprizov can get a deal in that environment, he may leverage competitive offers to get more favorable terms.
Kaprizov was also limited to 41 games last season due to injury, and as he gets older, risk increases. One big injury or drop-off in production late could cost him negotiating leverage, which tends to push high-earners toward maximizing value while they can.
As part of his existing contract, Kaprizov has a full no-move clause. That gives him control over where he could go, which is a valuable leverage in negotiations. Minnesota can’t assume he’ll re-sign under current terms without a fight.
If the Wild can’t meet what Kaprizov and his camp believe is fair (especially as the market for superstars rises), he’ll test free agency, where multiple teams could offer premium deals to land a high-end winger.