Alex Ovechkin contract and salary
(Photo Credit: All-Pro Reels/ Wikimedia Commons)

Name Alex Ovechkin
Team Washington Capitals
Position Left Wing
Age 37
Height 6’3″
Weight 236 lbs
Salary $9.5 million
Cap Hit $9.5 million
Career Earnings Approx $138 million

Alexander Ovechkin, the legendary Russian ice hockey left winger and captain of the Washington Capitals, has been a cornerstone of the team for over a decade. Known for his goal-scoring prowess and unmatched passion for the game, Ovechkin has solidified his status as one of the NHL’s greatest players. Over the years, the Capitals have rewarded him with lucrative contracts that reflect his outstanding contributions on and off the ice.

Ovi’s recent contract extension has been a hot topic in the NHL world. Let’s delve into the details of Ovechkin’s contract, including his salary, the length of the contract, and other intricate details.

Alex Ovechkin Salary and Contract Length

In 2021, Alex Ovechkin signed a five-year contract with the Washington Capitals worth $47.5 million. The deal included a staggering signing bonus of $34.5 million, ensuring financial security for the legendary forward. The contract also guaranteed Ovechkin the full amount of $47.5 million, translating to an average annual salary of $9.5 million, making Ovechkin one of the highest-paid players in the league.

Season Clause Cap Hit AAV S. Bonuses Base Salary Total Salary Minors Salary
2021-22 M-NTC, NMC $9,500,000 $9,500,000 $4,000,000 $1,000,000 $5,000,000 $5,000,000
2022-23 M-NTC, NMC $9,500,000 $9,500,000 $9,000,000 $1,000,000 $10,000,000 $10,000,000
2023-24 M-NTC, NMC $9,500,000 $9,500,000 $11,500,000 $1,000,000 $12,500,000 $12,500,000
2024-25 M-NTC, NMC $9,500,000 $9,500,000 $6,000,000 $5,000,000 $11,000,000 $11,000,000
2025-26 M-NTC, NMC $9,500,000 $9,500,000 $4,000,000 $5,000,000 $9,000,000 $9,000,000
In the upcoming 2023-24 season, Ovechkin’s base salary will be $1 million, complemented by an impressive signing bonus of $11.5 million. With a cap hit of $9.5 million, Ovechkin’s earnings remain consistent throughout the contract.

Alex Ovechkin Contract Details

Ovechkin negotiated his new deal without an agent, speaking directly with team owner Ted Leonsis and General Manager Brian MacLellan. The five-year contract will keep him in the District through the 2025-26 season. Ovechkin’s new contract came 13 years after his blockbuster $124 million deal — the first $100 million deal in NHL history. With his team-friendly deal, he is taking a slight decrease in salary: $9.5 million compared to $9.538 million.

By the conclusion of the new deal, Ovechkin’s career on-ice earnings will reach $170.7 million. He ranks sixth on the all-time scoring list with 730 goals. He’ll need to average 32.8 goals during the duration of his new deal to pass Wayne Gretzky’s all-time record.

Ovechkin Contract Bonuses & Breakdowns

The structure of Ovechkin’s contract includes a $34.5 million signing bonus and $47.5 million guaranteed. The annual average salary of $9.5 million is consistent throughout the contract, with the 2023-24 season featuring a base salary of $1 million and a signing bonus of $11.5 million.

Alex Ovechkin salary breakdown

The chart shows the proportion of Alex Ovechkin’s salary that comes from signing bonuses and base salary.

Alex Ovechkin’s five-year contract with the Washington Capitals reflects his immense value to the team and his status as one of the greatest players in NHL history. With a total value of $47.5 million, the contract ensures financial security for the legendary forward while keeping him with the Capitals through the 2025-26 season.

Why is Ovechkin’s Salary So Low? 

Alex Ovechkin’s salary may appear relatively low compared to some other top players in the league. However, it’s important to consider the context and factors that contribute to his contract value. Here are some reasons why Ovechkin’s salary may be perceived as lower:

    1. Team Loyalty: Ovechkin has expressed his desire to remain with the Washington Capitals throughout his career. This loyalty and commitment to the team may have influenced his negotiations and willingness to accept a slightly lower salary.
    2.  Long-Term Contract: In 2021, Ovechkin signed a five-year contract worth $47.5 million. While the average annual salary of $9.5 million is still substantial, it may be lower compared to shorter-term contracts with higher annual salaries.
    3. Team-Friendly Deal: Ovechkin’s contract is considered team-friendly, meaning it allows the Capitals to allocate salary cap space to other players and build a competitive roster around him. This could be a strategic decision by Ovechkin to prioritize team success over maximizing his own salary.
    4.  Signing Bonus: Ovechkin’s contract includes a significant signing bonus of $34.5 million. This upfront payment provides financial security and may offset the lower base salary in terms of overall earnings.
    5.  Age and Career Stage: Ovechkin signed his latest contract at the age of 35. As players get older, their contracts may reflect a decline in performance or a shorter commitment. Ovechkin’s contract duration and salary may reflect his age and the stage of his career.

It’s important to note that while Ovechkin’s salary may be considered lower in comparison to some other players, he remains one of the highest-paid players in the league and has earned a significant fortune throughout his career. Ultimately, contract negotiations involve various factors, including team dynamics, player preferences, and salary cap considerations.

Alex Ovechkin Contract FAQ

Verdict on Ovechkin’s Contract

Alex Ovechkin’s contract with the Washington Capitals is a reflection of his tremendous value to the team. With a substantial salary, a long-term commitment, and a structure designed to reward performance, the contract ensures that Ovechkin will continue to be a key figure in the Capitals’ lineup for years to come. As fans, we can only look forward to more of Ovechkin’s on-ice brilliance in the seasons to come.