Alex Ovechkin, the face of the Capitals franchise, has signed a new five-year, $47.5 million contract that will keep him with the only NHL organization he's ever known through the 2025-26 season.
Ovechkin, 35, will earn an average annual value of $9.5 million on his new deal, a nearly identical AAV to that of his previous 13-year, $124 million contract that officially expired at the end of the 2020-21 season.
Ovechkin announced his new deal himself, in typical Ovi fashion: IN ALL CAPS!!!!
"Alex is a world-class athlete who will forever be regarded not only for leading the team to achieve our ultimate goal of winning the Stanley Cup, but also for inspiring the next generation of fans and youth players," said Capitals owner CEO Ted Leonsis. "The impact Alex has had on hockey in D.C. extends well beyond Capital One Arena. His performance on the ice has undoubtedly sparked countless new fans of the game and inspired more youth players to lace up skates of their own. Off the ice, Alex's impact is equally unmatched. Not only is he committed to the franchise, but also to the community, and we look forward to seeing him in the Capitals uniform for years to come."
Ovechkin is the franchise leader in games played (1,197), goals (730) and points (1,320) and helped lead the Capitals to their first Stanley Cup championship in franchise history in 2018.
Ovechkin, who currently ranks sixth on the NHL's all-time goals list, needs only two goals to pass Marcel Dionne (731) for fifth place and is 165 goals shy of passing Wayne Gretzky (894) for the most goals in NHL history. Now signed for the next five seasons, Ovi would need to average 33 goals per season during that span to pass Gretzky.
"Alex is the face of our franchise and is committed to this organization and this city," said Capitals GM Brian MacLellan. "Alex embodies what our franchise is all about, and we're thrilled that he will continue his career in the Caps uniform for the next five years."
The Capitals now have franchise cornerstones Ovechkin, Nicklas Backstrom and defenseman John Carlson together for at least another four seasons. Backstrom, who has been with Ovechkin since his own rookie season in 2007-08, signed a five-year, $46 million extension in Jan. 2020. Carlson signed an eight-year, $64 million extension in June 2018.