Avs defenseman Cale Makar signs richest deal in NHL history at $163.2 million over 8 years

DENVER (AP) — Cale Makar and the Colorado Avalanche agreed to a $163.2 million, eight-year extension on Friday that will make him the highest paid player in league history.

The terms of the deal were confirmed by his agency, Bartlett Hockey.

Makar’s extension is set to be the the richest in NHL history, surpassing the eight-year, $136 million extension signed by Minnesota forward Kirill Kaprizov last September. Makar's deal runs through the 2034-35 season.

With an annual average value (AAV) of $20.4 million beginning in 2027-28, Makar’s deal eclipses that of San Jose Sharks superstar Macklin Celebrini, who signed a five-year, $94 million extension in late July and has an $18.8 million AAV.

Makar’s record-setting deal could push the limit even higher with Edmonton's Connor McDavid and Toronto's Auston Matthews eligible for extensions next summer.

“I couldn’t be more excited to continue my journey here with the Avalanche in this amazing city of Denver,” Makar said in a video posted on social media by the team, calling it a historic day. “Here’s to another hopefully amazing nine years.”

The 27-year-old Makar is coming off a season in which he had 20 goals and 59 assists. He finished second to Zach Werenski of Columbus in the Norris Trophy voting, an award that goes to the league’s top defenseman. Makar has won the award twice over his career.

The cap hit for Makar for last season was $9 million after signing a six-year, $54 million contract in 2021. The new deal for Makar now sets the bar for fellow standout defensemen Quinn Hughes of Minnesota and Werenski.

Securing the long-term services of Makar was a high priority this offseason for president of hockey operations/general manager Joe Sakic, who maintained that Makar was “going to finish his career” in Colorado. Makar was taken fourth overall by Colorado in 2017 out of the University of Massachusetts.

The salary cap is projected to be $113.5 million in 2027-28 when Makar's new deal begins. He will take up roughly 18% of the room for a team with a Cup-ready roster. Left wing Artturi Lehkonen is set to be a free agent after this season, along with center Nicolas Roy and goaltender Scott Wedgewood.

Makar was banged up heading into a Western Conference Final where the Presidents’ Trophy-winning Avalanche were swept by the Vegas Golden Knights. An upper-body injury sidelined him for Games 1 and 2, but he returned for the final two contests. Sakic recently said that Makar is slated to be ready for training camp.

It’s been a busy offseason for Sakic, who’s stepping back into the role of GM after Chris MacFarland left to lead the front office in Nashville. Among the deals orchestrated by Sakic was sending Valeri Nichushkin to the Blue Jackets for draft picks. It was a way to free up space to negotiate the extension for Makar.

“Cale is a generational defenseman and his accomplishments speak for themselves,” Sakic said in a statement. "He is obviously a tremendous competitor and player but even more so a great person, teammate and ambassador for the Avalanche and the Rocky Mountain region. We are beyond thrilled to get this deal done and have Cale in an Avalanche sweater for the next decade.”

A native of Calgary, Alberta, Makar has turned in four 20-goal seasons in his career, one of just 12 defensemen in league history to post at least that many campaigns. He also notched his 500th NHL point on March 28 in his 467th career game. He’s the fourth-fastest defenseman to reach that milestone, behind only Hall of Famers Bobby Orr (396 games), Paul Coffey (422) and Denis Potvin (465).

The core of Makar, Nathan MacKinnon and captain Gabriel Landeskog helped Colorado to a Stanley Cup title in 2022. Makar had eight goals and 21 assists during the championship run to capture the Conn Smythe Trophy as the MVP of the playoffs.

Makar's younger brother, Taylor, recently signed a two-year contract with the Avalanche that runs through the 2027-28 season. Taylor Makar made his NHL debut on Nov. 1 in San Jose, as the brothers became the first siblings to appear in the same contest while playing for the Avalanche. The Stastny brothers — Anton, Peter and Marian — accomplished the feat when the team was the Quebec Nordiques.

“Colorado has truly become a second home to us, and we are so grateful to be here,” Cale Makar said. "I look forward to getting back on the ice with my teammates and continuing to work toward our goal of bringing the Stanley Cup back to the Mile High City.”

AP Hockey Writers Stephen Whyno and John Wawrow contributed to this report.

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FILE - Colorado Avalanche's Cale Makar (8) skates during the second period of an NHL hockey game against the Pittsburgh Penguins in Pittsburgh, March 24, 2026. (AP Photo/Gene J. Puskar, File)

FILE - Colorado Avalanche defenseman Cale Makar, center, celebrates his goal with teammates during the first period of an NHL hockey game against the Anaheim Ducks, March 3, 2026, in Anaheim, Calif. (AP Photo/Gregory Bull, File)

FILE - Colorado Avalanche defenseman Cale Makar skates with the puck during the second period of an NHL hockey game against the Dallas Stars, March 6, 2026, in Dallas. (AP Photo/Julio Cortez, File)

WASHINGTON (AP) — President Donald Trump on Friday said the U.S. has entered an agreement with Venezuela to take control of 65 billion barrels of the South American country’s oil reserves.

Trump in a social media post announced the agreement he said was negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth and Venezuela’s interim President Delcy Rodriguez.

“The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY!” Trump wrote.

The Venezuelan government’s press office did not immediately respond to a request for comment.

The announcement of the deal comes nearly nine months after the U.S. military at Trump’s direction carried out an operation to capture Venezuela’s president Nicolás Maduro and spirit him to the United States to face federal narcoterrorism and drug trafficking charges.

Trump faces mounting pressure to address high gas prices as the war in Iran on Friday reached a six-month milestone with no conclusion in sight. The U.S. has tapped its strategic petroleum reserves, which in early August fell below 300 million barrels, down by more than 100 million barrels since the start of 2026.

The U.S.-Israel war against Iran has led to a dramatic slowdown of Gulf oil moving through the Strait of Hormuz, which about 20% of the world petroleum passed through prior to the conflict.

The average price of gas in the U.S. stood at about $4.09 a gallon on Friday, according to AAA. The average price was $3.21 at the same time last year.

Trump in his social media post Friday evening alluded to the Venezuela deal being part of a private partnership. The White House did not immediately reply to a request for comment about the private sector partners involved in the deal, and details on how the arrangement would work were not provided.

Persuading big American oil companies to return the region could face headwinds given and decades of badly damaged infrastructure.

Days after the ouster of Maduro, Trump gathered oil executives at the White House and called on them to rush back into Venezuela. Executives expressed interest in the opportunity but there was also a measure of caution given their past experience in the country.

Darren Woods, CEO of ExxonMobil, the largest U.S. oil company, said at that moment he saw the country as “un-investable.”

But Trump has insisted that his administration has brought a measure of stability to Venezuela.

He has argued that Venezuela stole U.S. oil when former Venezuelan President Hugo Chavez’s moved decades ago to nationalize hundreds of foreign-owned assets, including those owned by American oil companies.

Rodriguez, in one of her early moves after taking power, signed a law that opens the nation’s oil sector to privatization and reversed a bedrock tenet of the self-proclaimed socialist movement that had ruled the country for more than two decades.

Rubio said on X that the agreement would usher in $100 billion in private investment into Venezuela and lead to lower gas prices in the United States.

“This deal is a huge win for both the American and Venezuelan people,” Rubio posted.

Venezuela has one of the largest oil reserves in the world, with an estimated 303 billion barrels of crude oil in the ground. That’s about 17% of the world’s supply, according to the U.S. Energy Information Administration. Unlike other parts of the world, where geologists have to search for untapped oil, the reserves under Venezuela’s soil are largely mapped and known, experts say. But because of dilapidated infrastructure, the country only produces about 1% of the world’s oil.

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Regina Garcia Cano in Caracas contributed to this report.

President Donald Trump waves after arriving off Air Force One, Friday, Aug. 28, 2026, at Joint Base Andrews, Md. (AP Photo/Mark Schiefelbein)