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Alex Ovechkin of the Washington Capitals.

The Washington Capitals surprised more than a few folks on Tuesday by landing Jordan Kyrou from the St. Louis Blues. The trade, while seemingly a push to upgrade the team, also signals something fans have suspected for a while: Alexander Ovechkin is retiring.

Yes, the Caps do have a need to upgrade. But Kyrou is a pricey addition at $8.125 million per season. On a team with Ovechkin on the top line, Kyrou would be a decent middle-six addition.

But why take on such a substantial cap hit if the NHL’s all-time leading goal scorer is still on the team?

That’s a question to consider carefully. As it stands, the Capitals have a little over $23 million in cap space. That’s after adding Kyrou. However, if Ovehckin comes back, this cap hit could put Washington in a bit of a bind.

Ovi ended a five-year deal with a $9.5 million cap hit. Now, the Capitals would be willing to pay him that much on, say, a two-year deal. And there is a chance that Washington’s captain comes back on a discounted deal for potentially one more season.

Nevertheless, it just seems that the Kyrou trade is a signal that a new era is about to begin in Washington. The organization is preparing to move on from Ovechkin, forcing it to find as many replacements as it can to offset the loss.

Capitals Still Have Cap Space to Target Other Pieces

With over $23 million in cap space, Washington has room to go shopping in the free-agent market. Granted, there aren’t very many scoring forwards out there. The biggest fish to potentially test the waters is Alex Tuch.

If Ovechkin is truly retiring, Tuch would be another piece that could help offset No. 8’s production. The price tag wouldn’t be cheap, but Tuch and Kyrou would be two solid pieces that would help the Capitals remain in playoff contention.

Beyond that, secondary pieces like Vladimir Tarasenko, Viktor Arvidsson, and Mason Marchment could be other targets on the Capitals’ radar. The goal would likely be to replace Ovechkin with a group of players rather than a single star.

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Ovi Hasn’t Hinted at a Decision

While this past season felt like a farewell tour for Ovechkin, the fact is that he hasn’t officially hinted at a decision either way. Part of the chatter is that the Russian superstar would return to his native country to play in the KHL.

But he hasn’t ruled out the possibility of returning to the Capitals, at least for one more season. It’s worth noting that Ovi is 40 and not getting any younger. It’s also become clear that he’s lost a step over the years.

Still, there is no denying he is one of the NHL’s best goal scorers at the moment. Last season, he scored 32 goals in all 82 games, though his overall ice time has come down, especially 5v5.

It’s also worth pointing out that he’s one season removed from a 40-goal campaign. So, it wouldn’t be out of the question to consider Ovechkin racking up another 30-goal campaign in 2026-27, as long as he remains healthy.

So, it seems that it will be a matter of patience before fans know what the future holds. But one thing is certain: It seems that the Washington Capitals are preparing for post-Ovechkin life.