The Colorado Avalanche have signed defenseman Cale Makar to an eight-year contract extension worth $163.2 million, making him the highest-paid player in NHL history. The deal carries a $20.4 million average annual value, per Pro Hockey Rumors, making Makar the league's first player to reach the $20 million threshold. The extension includes a full no-move clause and falls just short of the $20.8 million maximum he was eligible to sign for under the current collective bargaining agreement.

The agreement surpasses the previous record set by Minnesota's Kirill Kaprizov, who signed an eight-year, $136 million extension last September. Makar, who has won multiple Norris Trophies as the league's top defenseman, is now one of only 14 NHL players ever to claim that distinction multiple times.

The deal has immediate implications for other elite defensemen. Yahoo Sports noted that the contract sets a new benchmark for Minnesota as the Wild consider how to approach a long-term extension with their own star defenseman, Quinn Hughes.