Alex Ovechkin signs 5-year, $47.5M extension with Capitals

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Alex Ovechkin will return to the Capitals after signing a five-year, $47.5 million extension on Tuesday

The contract will expire following the 2025-26 season, two months shy of Ovechkin’s 40th birthday. Per Cap Friendly, the NHL Memo of Understanding states that because the deal is not flat or back-loaded and there are no signing bonuses after the first season, the $9.5 million cap hit would stay on the Capitals’ books should he retire at any point before the end of the contract.

During his 16 seasons in D.C., Ovechkin has won the Calder Trophy, Art Ross Trophy, nine Rocket Richard Trophies, three Harts Trophies, three Ted Lindsay Awards, and the 2018 Stanley Cup and Conn Smythe Trophy.

“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.”

Chasing Gretzky

Ovechkin enters the 2021-22 season in sixth on the NHL’s all-time goals list (730). He is two goals away from passing Marcel Dionne for fifth place and 165 goals away from Wayne Gretzky‘s record of 894. Only two players — Gretzky and Gordie Howe — have ever reached the 800-goal mark in the NHL, and at the rate he scores goals “The Great 8” could get there by the 2022-23 season.

According to the NHL, Ovechkin would need to average 33 goals per season over the course of this extension to pass Gretzky. If he keeps up his 0.61 goals per game rate, he will score No. 800 in his 1,312th career game. The Great One reached 800 goals in his 1,116th NHL game, while Howe did it in 1,748 games.

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Sean Leahy is a writer for Pro Hockey Talk on NBC Sports. Drop him a line at phtblog@nbcsports.com or follow him on Twitter @Sean_Leahy.