The Colorado Avalanche accomplished their most important piece of long-term business when they locked up Cale Makar. But the record-breaking contract may have quietly created another decision that could become much more uncomfortable.
Makar’s eight-year, $163.2 million extension carries a staggering $20.4 million annual cap hit beginning in 2027-28. Artturi Lehkonen, meanwhile, is entering the final season of his five-year contract at only $4.5 million per year and can become an unrestricted free agent in the summer of 2027.
That doesn’t mean the Colorado Avalanche are shopping Lehkonen. There is currently no credible indication that they are.
But it does mean his next contract has suddenly become far more interesting.
Colorado already has enormous long-term commitments to Makar, Nathan MacKinnon and Martin Necas. Those three alone are scheduled to account for $44.5 million in 2027-28, approximately 39.2 percent of the projected $113.5 million NHL salary cap.
So what happens if Lehkonen wants another substantial contract?
That is where an innocent contract discussion could eventually develop into one of the more intriguing Colorado Avalanche trade rumors of the season.
Why Artturi Lehkonen Is Suddenly a Colorado Avalanche Contract Question
Lehkonen is exactly the type of player Stanley Cup contenders hate losing.
He can play with elite offensive talent, retrieve pucks, kill penalties, defend responsibly and contribute without requiring the puck on his stick every shift. He also has a proven postseason reputation after scoring some of the biggest goals in Avalanche history, including the Stanley Cup-clinching goal in 2022.
His production remains valuable as well. Lehkonen recorded 21 goals and 27 assists for 48 points during the 2025-26 regular season.
Artturi Lehkonen Career NHL Stats
| Type | GP | G | A | P | +/- |
|---|---|---|---|---|---|
| Regular Season | 660 | 165 | 171 | 336 | 86 |
| Playoffs | 89 | 29 | 24 | 53 | 16 |
The issue is not whether Colorado would like to keep him.
The question is at what price and for how long?
Lehkonen will be 32 when a new contract begins in 2027-28. That creates legitimate concerns about paying significant money and term for seasons extending deeper into his 30s.
My read is that Colorado should absolutely attempt to extend him, but there has to be a price ceiling.
At roughly $5 million to $5.5 million annually, I would be comfortable keeping Lehkonen. Once negotiations begin moving toward $6.5 million or beyond with significant term attached, the calculation changes.
That money might be better spent preserving roster flexibility around Colorado’s superstar core.
What an Artturi Lehkonen Extension Would Do to Colorado’s Salary Cap
This is where the numbers become interesting.
PuckPedia currently projects Colorado at approximately $101.854 million in committed 2027-28 cap charges, leaving approximately $11.646 million beneath a projected $113.5 million ceiling. However, that projection accounts for only 18 of 23 roster spots.
The following is an original NHLTradeRumor.com salary-cap scenario model based on those publicly available commitments.
Colorado Avalanche 2027-28 Cap Pressure
NHLTradeRumor.com original scenario analysis
| Lehkonen AAV | Space Left | Avg. For 4 Remaining Spots |
|---|---|---|
| $5.5M | $6.146M | $1.537M |
| $6.0M | $5.646M | $1.412M |
| $6.5M | $5.146M | $1.287M |
Figures are scenario estimates based on publicly listed projected 2027-28 commitments and assume Lehkonen would become the 19th roster player. Future trades, signings, bonuses, injuries and cap adjustments would change these numbers.
This calculation is why I would not say Makar’s deal makes Lehkonen impossible to retain.
Colorado can make it work.
The better question is whether doing so leaves enough breathing room.
A $6.5 million Lehkonen contract would reduce the currently projected space to roughly $5.15 million with four additional roster positions still needing to be filled. That is technically workable, but there would be very little room for mistakes, meaningful depth upgrades or in-season flexibility.
And that’s before the Avalanche encounter other contract decisions.
NHLTradeRumor.com Artturi Lehkonen Trade Value Model
If Colorado eventually decides that an extension cannot be reached, Lehkonen could become extremely attractive on the trade market.
His $4.5 million cap hit is especially appealing to contenders, and his ability to contribute in virtually every game situation adds value beyond his raw point totals.
Here is my current trade-value score:
Artturi Lehkonen Trade Value Score
NHLTradeRumor.com editorial model. This is not an NHL or team valuation and is designed to compare production, contract efficiency, postseason utility, age, durability and contractual control.
Lehkonen also carries a modified no-trade clause, reportedly including a 12-team no-trade list, meaning Colorado would not necessarily have access to the entire market.
Still, if Lehkonen reached the trade market at $4.5 million, I believe Colorado could reasonably pursue a return containing a first-round-value asset or premium young piece plus an additional asset, particularly if multiple Stanley Cup contenders became involved.
That is our valuation, not a report that such an offer currently exists.
An Earlier Cale Makar Report Already Proved Accurate
There is also an important update to the story leading into this one.
On August 24, Avalanche president of hockey operations Joe Sakic publicly expressed confidence that Makar would be signed before the season. Four days later, Colorado officially announced his eight-year extension.
That earlier expectation proved correct.
Now the organization’s focus can shift toward the consequences of the contract rather than whether Makar is staying.
And Lehkonen is one of the most interesting pieces of that puzzle.
My expectation is that Colorado will prioritize keeping him through the 2026-27 season because this remains a Stanley Cup-calibre roster. Trading an important top-six forward before a championship run simply to solve a future cap problem would be difficult to justify.
But if extension talks stall and the Avalanche eventually reach the point where they believe Lehkonen will test unrestricted free agency, the conversation changes.
At that point, losing a valuable player for nothing becomes its own risk.
That is why Artturi Lehkonen deserves to be watched closely over the coming months.
There is no confirmed trade situation today.
But Cale Makar’s historic contract has given the Colorado Avalanche another important financial decision, and this one may not have such an obvious answer.
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