Cale Makar made NHL history last week, becoming the first player to earn $20 million annually in his blockbuster contract extension with the Colorado Avalanche. His deal is worth $163.2 million over eight seasons. The 27-year-old defenseman's average annual value is $20.8 million against the salary cap. While many anticipated Makar would reset standards, the fallout will impact the rest of the NHL.

Winner: Colorado Avalanche. GM Joe Sakic said recently that "you can't win without superstars." The Avalanche have the best players in the world at center and on defense, locked up through 2031. Makar wanted max term from the start, giving Colorado nine whacks at the piñata. There was no steep discount to be had, but the inherent greatness outweighs aging and health concerns. As one agent said: "By the time this deal is over, there will be guys in the league making $30 million per season."

Loser: Bill Guerin. The Minnesota GM faced questions about Quinn Hughes' contract negotiations. Guerin told WCCO's Chad Hartman there's "no tension" with Hughes and agent Pat Brisson, but refused to traffic in hypotheticals. Hughes has one more season at $7.85 million before becoming an unrestricted free agent. If he signs before Sept. 15, he can max out at eight years; as a free agent next summer, the max is six years but higher at $22.7 million.