The Capitals’ biggest free agency questions don’t consider what fresh faces the franchise could sign when the negotiations begin at 12 p.m. on Wednesday. They’re focused on whether Alex Ovechkin, the NHL’s all-time leading goal-scorer, will return for one more season in Washington.
The longtime Capitals captain will turn 41 before the season starts. As of Wednesday, he’ll become a free agent — if he doesn’t decide to retire instead.
Ovechkin was cagey about his retirement plans throughout last season, which saw the Capitals miss the playoffs for the first time since 2023. He insisted that his mind wasn’t made up and that a decision would arrive in the summer.
The clock is ticking.
If Ovechkin doesn’t sign a new deal by Wednesday afternoon, he’ll hit the open market for the first time in his career. He’s only signed three NHL contracts throughout his storied tenure in Washington: a modest rookie deal, a record-breaking 13-year contract and a late-arriving five-year extension in 2021.
The most recent contract was only delayed, according to multiple reports, to help Washington protect Ovechkin in the Seattle Kraken’s expansion draft that summer.
Signing with another team feels improbable for Ovechkin.
Though he joked after the Capitals missed the playoffs in April that he’s a free agent, the three-time MVP said he would “probably not” join another franchise to end his NHL career.
Retirement is still on the table, though. The Capitals treated the end of last season as a potential farewell tour for the franchise icon, giving out “Gr8ness” rally towels as opposing players lined up after games to pay their respects.
Ovechkin waved the Penguins off when they tried to deliver postgame recognition following Washington’s home finale.
Then, the 2018 Stanley Cup champion returned to his native Russia to begin the offseason. If Ovechkin has made a retirement decision, he hasn’t shared it with the Capitals yet.
“There’s been no decision. He’s just spending time with his family and trying to make the best decision,” Capitals coach Spencer Carbery told 106.7 “The Fan” last week. “And when he tells us he’s ready to decide, we’ll be right there for him. So, there’s no timeline.”
But the longtime Capital has dropped a few hints.
“I hope it’s not my last game,” Ovechkin said as he cleaned out his locker in April.
The Capitals have been keeping their captain abreast of the changes they’ve made this offseason. Washington made a flurry of trades ahead of last weekend’s NHL draft, acquiring forwards Alex Tuch from the Buffalo Sabres and Jordan Kyrou from the St. Louis Blues.
Both players project as offensive improvements for Washington, each boasting 30-goal seasons in the recent past.
Tuch, as part of the trade agreement, signed an eight-year, $84 million contract to remain with the Capitals for the foreseeable future. The 30-year-old was slated to become a free agent this week.
“Alex, as you guys all know, is a really competitive person, and he wants to win,” Capitals general manager Chris Patrick said on Friday. “He definitely wanted to see what we did here in this offseason to help inform his decisions, so I think this will help give him some more information to make a decision on.”
Until Ovechkin confirms his plan, Washington’s remaining offseason options are limited. They entered free agency with just $14.3 million in available cap space.
Some of those funds are already earmarked for Ovechkin, Patrick confirmed. The winger left Washington’s front office with an idea of a potential contract before he left the country for the summer.
“That gave me some clarity as far as what we do spending-wise,” Patrick said.
NHL analysts around the league have predicted that Ovechkin’s new deal would mirror the contract signed by Pittsburgh Penguins forward Evgeni Malkin in May.
The 39-year-old agreed to a one-year deal worth a $5.5 million salary and incentives that could boost its value to $9 million.
A similarly valued deal for Ovechkin would leave Washington with limited cap space for free agency. The only other major pending free agent from Washington’s 2025-26 roster is winger Brandon Duhaime, who posted nine points in 82 games last season.
For the time being, the Capitals will play the waiting game as their captain makes a decision.
“I think we’ll have a conversation in the near future and get a good sense of where he’s at,” Patrick said.
Contact the author
Please read our comment policy before commenting.