The Toronto Maple Leafs are keeping their captain home — and perhaps for good.

John Tavares, the 34-year-old veteran center and former first-overall pick, has signed a four-year extension worth $4.38 million per season, ensuring that he will stay with the team that brought him back to his hometown in 2018.

The deal includes a full no-move clause for the first two seasons and a limited five-team trade list for the final two years, according to reports by TSN and Pierre LeBrun of The Athletic. Tavares’ contract also features $2 million in deferred compensation, a structure likely to be banned under the NHL’s upcoming Collective Bargaining Agreement (CBA) revision starting in 2026-27.

Coming to Toronto seven years ago has been better than I ever anticipated,” Tavares shared in a heartfelt message on social media. “The challenge of helping bring the Cup back to the many generations of Leafs fans and Leafs Nation is an incredible opportunity that pushes myself and my teammates every day.

A captain’s discount — and a long-term plan

Tavares’ new deal comes in just under Matt Duchene’s $4.5M annual cap hit with the Dallas Stars, and is nearly $7 million less than the $11 million cap hit he carried since leaving the New York Islanders.

It’s a clear signal that both Tavares and GM Brad Treliving wanted to make it work. For Tavares, it’s likely his last NHL contract. For Treliving, it’s a shrewd move in a thin market for middle-six centers, and a way to preserve stability in the Leafs’ core without sacrificing cap flexibility.

Still producing at elite levels

Tavares had a strong regular season, finishing second on the team in goals (38) behind William Nylander’s 45. He notched 74 points in 75 games, nearly reaching a point-per-game average.

It was his second-best goal-scoring season, trailing only his debut year with the Leafs in 2018-19, when he buried 47 goals. With an average of 18:14 in ice time, 12 power-play goals, and 8 game-winners, Tavares showed he’s still a force on the ice.

He also stepped up in the playoffs, scoring 5 goals and adding 2 assists over 13 games, including three clutch goals against the Ottawa Senators in the first round.

Chasing 600 goals, 1,300 points — and the Hall of Fame?

With 494 career goals and 1,114 points, Tavares is closing in on rare territory. If he remains healthy and maintains his current pace, he could reach 600 goals and 1,300 points by the 2027-28 season — potentially placing him among the NHL’s all-time greats and strengthening his case for the Hockey Hall of Fame.

By the end of this new deal, he may also join the elite list of players who have played 20 seasons in the NHL.

What’s next for the Maple Leafs?

The Leafs now hold $21.3 million in projected cap space, but GM Brad Treliving has some tough calls ahead. Key unrestricted free agents (UFAs) include:

• Mitch Marner – expected to test free agency
• Max Pacioretty
• Steven Lorentz
• Jani Hakanpää

Additionally, the Leafs have three restricted free agents (RFAs) to consider: Matthew Knies, Nick Robertson, and Pontus Holmberg. Treliving has indicated there’s “no rush” on Robertson and Holmberg as they prioritize bigger decisions first.