Why Matthew Schaefer won't get a Cale Makar contract from the NY Islanders

Cale Makar’s new contract is going to come up plenty when Matthew Schaefer becomes eligible for an extension next summer.

It just shouldn’t be treated as Schaefer’s number.

The Colorado Avalanche reportedly gave Makar an eight-year extension carrying a $20.4 million annual cap hit, making him the highest-paid player in NHL history on a per-season basis.

Naturally, Islanders fans saw the number and immediately started doing the math.

Schaefer is coming off one of the best rookie seasons ever by a defenseman. He unanimously won the Calder Trophy, scored 23 goals, recorded 59 points and averaged more than 24 minutes per night as an 18-year-old.

He’s going to get paid. A lot.

But $20.4 million? No.

The biggest reason is simple: Matthew Schaefer’s next contract and Cale Makar’s new contract represent two completely different stages of a player’s career.

Makar isn’t getting $20.4 million because he once won the Calder Trophy or because Colorado thinks he might eventually become the NHL’s best defenseman.

He already is in that conversation.

Makar has won two Norris Trophies, a Conn Smythe Trophy and a Stanley Cup. He has been a Norris finalist six times. Colorado isn’t paying for potential anymore. It is paying a fully established superstar while buying entirely unrestricted free-agent years.

That distinction matters.

When Schaefer becomes eligible to sign an extension on July 1, 2027, he will still be playing out his entry-level contract. The Islanders will own significant contractual leverage because Schaefer won’t be anywhere close to unrestricted free agency.

So while Makar’s $20.4 million salary will help push the overall defenseman market higher, it isn’t a clean comparable.

If anything, the more relevant contracts for Schaefer will be other elite young players signing out of their entry-level deals.

And there’s another factor working in the Islanders’ favor: term.

Schaefer could sign eight years and maximize security, or he could take something shorter that gives him another opportunity to cash in once the salary cap has risen significantly. That possibility could become one of the biggest negotiating points between Mathieu Darche and Schaefer’s representation.

None of this means Schaefer will come cheap.

If he takes another major step this season, the Islanders could easily be looking at one of the richest second contracts ever handed to a defenseman.

But Makar’s contract shouldn't be viewed as a blank check waiting for Schaefer. Makar is being compensated for becoming everything Colorado hoped he would become. Schaefer, as spectacular as his first season was, is still being paid for what the Islanders believe he will become.

That’s a very different negotiation.

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