Well now, things are getting interesting in regards to the Kirill Kaprizov/Minnesota Wild contract negotiations. First, it was a report that Kaprizov turned down the largest contract offer in NHL history. Then, on a podcast, general manager Bill Guerin downplayed the idea, claiming that he has no idea where that report came from. Finally, rumors have bubbled up that the Wild have asked Kaprizov for a list of teams that he would be willing to accept a trade to.
Per journalist Alexei Shevchenko, the #mnwild have asked Kirill Kaprizov for his trade list.
— Daria Tuboltseva (@DariaTuboltseva) September 11, 2025
If these reports are true, it represents a seismic change in what, until this week, had been a fairly routine and seemingly benign process. Guerin set the expectation that Kaprizov would not be signed early in the summer, especially with the need to get Marco Rossi under contract first. Even Kaprizov seemed mildly optimistic that a deal could be reached, stating in his exit interview after the first-round loss to the Golden Knights, “I love everything here, it should be good”.
Has the love faded over the summer? Early on in the summer it appeared not as he apparently helped lure Vladimir Tarasenko to the team. So what happened over the course of the last few weeks that has taken the negotiations down a seemingly darker path? Without being on the inside of the negotiations, it’s hard to tell.
There are a couple of ways to take the latest news, and neither is exactly positive. First, Kaprizov has indicated to the Wild that he not only doesn’t want to sign an extension, but would like to be traded to a team this season (possibly to secure an eight-year deal with that franchise).
Second, this is Bill Guerin playing hardball. If the details of the reportedly rejected offer are true, then he needs a Plan B if Kaprizov isn’t willing to sign a long-term contract with the Wild, and he wants to show his camp that he is willing to trade his franchise cornerstone. So, why ask for a trade list as opposed to just trading him? Simple. Kirill Kaprizov has a full no-movement clause in his contract, which expires on July 1st. So, if he is traded, it has to be with his full approval. The Wild aren’t going to be able to dump him off to a non-contender just out of spite. There is also no sense in starting to negotiate with teams that Kaprizov doesn’t want to go to.
Trading Kaprizov ain’t like dusting crops. There will be a few extra hopes to jump through besides coming to an agreement with a team the star forward wants to play for. He’ll likely want to have an agreement on a new contract prior to moving, so the team has to have the cap room for a possible $16 million-per-year deal starting next season. That could seriously limit the number of teams available to deal with.
There is also the fact that Kaprizov has a $9 million cap hit this season. The Wild can lessen the impact (and increase their return) by retaining half of the deal, but if the rumors are true and teams can’t involve a third-party to help wash some of the cap hit, even $4.5 million could be a little rich for some teams to absorb into their current cap structure.
Guerin also isn’t going to trade one of the best wingers in the game for pennies on the dollar. There is a lot riding on this season for him and sending Kaprizov to a competitor for a couple of draft picks, no matter what round they are in, and some prospects isn’t going to cut it. He will want an impact player or two in return at the very least. Are there any GMs out there willing to match his price?
Can there be a positive resolution to this situation? Of course. An extension washes all of this under the bridge. Is that outcome likely? Again, it’s hard to say. Despite Guerin’s protests to the contrary, either side could be leaking this information as part of the strategy to negotiate the best possible outcome. However, coupled with the rejection of the contract yesterday, things are seemingly heading off track on the eve of a new season.