The contract negotiations between Kirill Kaprizov and the Minnesota Wild went from very quiet to very loud and public in a matter of weeks.
Through most of the summer, talks were private, and the Wild ensured fans that extending their superstar winger would get done sooner rather than later.
Then came the news that Kaprizov rejected a historic eight-year, $128 million offer, which would have made him the highest-paid player ever, and things have gone off the rails.
Rumors and speculation have been flying around on a daily basis in the aftermath, and neither side seems to be too confident or convinced about where this is heading.
Owner Craig Leipold had originally said the Wild and Kaprizov were close to an agreement on a big new deal just days before the rejection report. On Thursday, he spoke on the topic for the first time since, and his tone certainly changed. Team reporter Michael Russo shared his comments and the details in an article for The Athletic.
"I said I wasn't going to talk about Kirill. There's nothing to gain. Everything to lose," Leipold said.
He was then asked if he regretted his previous comments.
"No, I really don't; I think perhaps things have been misunderstood," Leipold responded.
Wild owner dodges Kirill Kaprizov contract questions: ‘Nothing to gain. Everything to lose’
— Michael Russo (@RussoHockey) September 26, 2025
Showing how delicate things are in the Kaprizov contract extension standstill, Craig Leipold was uncharacteristically mum on 97
By @JoeSmithNHL and me https://t.co/7jmpSm3AM9
The 28-year-old, Kaprizov, is, of course, poised to enter the final season of the five-year, $45 million contract extension he signed with the Wild in 2021.
The clock is ticking for Minnesota
Kirill Kaprizov appears to be in no rush to sign a contract extension, and while that makes plenty of sense for him, the Minnesota Wild are going to need to make a decision.
If Kaprizov wants to wait, are the Wild willing to play it out and hope the 2025-26 season goes well enough that he extends? Or is it too much of a risk to even entertain the possibility that the face of their franchise walks for nothing as a UFA next summer?
General manager Bill Guerin is in a difficult spot, and every passing day only increases the pressure and stress on everyone in the organization.
The entire hockey world has its eyes on this situation, and the speculation won't be going away until Kirill Kaprizov's future is finalized, wherever that may be.