Macklin Celebrini has signed an extension that will make him the highest-paid player in the NHL on an annual basis, the Sharks announced Wednesday.

The five-year deal will pay Celebrini $18.8 million annually for a total of $94 million through the 2031-32 season.

The Sharks’ No. 1 overall pick in the 2024 draft made a massive leap in his second season, setting a franchise record with 115 points in 2025-26 and leading San Jose to the brink of the playoffs after being in the league’s cellar for a half-decade. That point total was fourth in the NHL and included 45 goals, also fourth in the league, as Celebrini reached his first All-Star Game.

The 34-point leap up the standings was the Sharks’ greatest in the franchise’s history, and now they are seeking to crack the playoffs as general manager Mike Grier’s rebuild moves into contention mode.

“The faith and support that (owner Hasso) Plattner, Mike Grier and the entire staff have shown me throughout the past two seasons is proof that we are building something special here,” Celebrini said in a statement. “My teammates and I are ready to take another step toward the ultimate goal of bringing a Stanley Cup to this city and its incredible fans. I can’t wait to get going.”

Expectations for any No. 1 overall pick are high, but Celebrini, 20, has surpassed what optimistic Sharks fans could have hoped for coming out of Boston University as he was a finalist this season for the Ted Lindsay Award, the MVP award as voted by the NHL Players Association.

In addition to his contributions for the Sharks, Celebrini made a mark on the international stage at the Milan-Cortina Winter Olympics in February, leading the tournament with five goals as Team Canada’s youngest player, finishing second in points to Canadian teammate and three-time Hart Memorial Trophy winner Connor McDavid.

“In just two seasons as a teenager in the National Hockey League and on the International stage, Macklin has established himself as one of the premier players in the world,” Grier said in a statement.

Grier also thanked Celebrini and his agent, Pat Brisson of CAA, for the extension allowing the Sharks future flexibility as they continue to transform their roster.

The extension is just the latest indication of Celebrini’s stardom: Just last month, he was named the cover athlete on EA Sports’ NHL 27 and voted the IIHF’s male player of the year.