Kirill Kaprizov, the Minnesota Wild's star winger, has reportedly turned down a record-breaking contract extension offer from the team. The deal, an eight-year, $128 million extension, would have made him the highest-paid player in the NHL in terms of both average annual value (AAV) at $16 million and total earnings.

Kaprizov, 28, is currently eligible to become an unrestricted free agent in 2026 and has been eligible to sign an extension since July 1st. News of the rejected offer, which was presented on Tuesday, was reported on Wednesday by hockey insider Frank Seravalli.

The Wild have expressed strong interest in retaining Kaprizov, who has become an integral part of their offense since joining the team. Wild owner Craig Leipold previously stated his confidence in securing a deal with Kaprizov, suggesting that the contract could be the largest in NHL history. However, the two sides appear to be further apart in negotiations than initially anticipated.

Several factors could be contributing to Kaprizov's decision to decline the offer. He may be seeking a shorter-term contract, which would allow him to re-enter negotiations sooner and capitalize on potential increases in the salary cap. A shorter term deal would give him more flexibility as he moves deeper into his prime. There is also the possibility that Kaprizov's camp is looking for more than $16 million per season. With the salary cap expected to increase in the coming years, waiting could allow him to command an even higher salary. A player can get 20% of the cap. If the cap jumps to $120 million in the next three or four seasons, that's $24 million per season, which makes $16 million look like a discount.

Another consideration could be the Wild's performance in recent years. Despite Kaprizov's individual success, the team has not advanced deep into the playoffs. Kaprizov may be hesitant to commit to a long-term deal without a clearer picture of the team's future competitiveness.

Kaprizov is entering the final year of his current five-year, $45 million contract. Last season, he was limited to 41 games due to injury but still managed to score 25 goals and record 31 assists. In the 2023-24 season, Kaprizov totaled 46 goals and 50 assists in 75 games.

The rejection of this historic offer raises questions about Kaprizov's long-term future with the Wild. While it is still early in the negotiation process, the two sides will need to bridge the gap in their expectations to avoid the possibility of Kaprizov testing free agency.