SAN JOSE – San Jose Sharks winger Will Smith has, in recent weeks, seen several young players — including past and present teammates — sign lucrative, long-term contracts early in their NHL careers.

Smith is also expected to earn a significant raise next season as the skilled 21-year-old forward enters the third and final year of his entry-level contract, which carries a $950,000 cap hit.

How big that raise will be, though, is unclear.

Smith has put up 104 points in 143 games over his first two NHL seasons, comparable on a point-per-game basis to some other top players drafted in 2022 or in the same year as him (2023). But when will the Sharks — with so many promising young players — have to watch their spending if they want to ice a competitive, Stanley Cup-contending team for years to come?

That seems to be what general manager Mike Grier is thinking as he balances getting guys like Smith under contract while making sure he can keep the group that he spent years building together for the long haul.

“I have all the respect in the world for players, and I want everyone to be fairly compensated and make as much money as they can during their career,” Grier, a 14-year NHL veteran, said Thursday. “But at the same time, everyone’s got to slot into their place, and there’s only so many pieces of the pie to go around.

“If too many people take too much of the pie, then someone’s going to get left out, and we’ll have to have some tough decisions to make, or someone’s not going to be able to be re-signed.”

The Sharks signed Macklin Celebrini in July to a five-year, $94 million contract extension that, when it begins in 2027-28, will take up 16.6% of that year’s projected $113.5 million salary cap.

The Sharks currently have just over $30 million in cap space available for the 2027-28 season, per PuckPedia. A good chunk of that will likely go to the next deals for Smith and fellow pending restricted free agent goalie Yaroslav Askarov.

But next offseason, forwards Michael Misa and Igor Chernysov and defenseman Sam Dickinson will also be eligible for extensions. Will the Sharks be open to re-signing all those players then? What about in 2028 when Ivar Stenberg, another high draft pick, is eligible for a new deal?

It was great for the Sharks to stockpile one early first-round pick after another year in recent years, leading the team’s marketing department to unilaterally declare that “The Future is Teal,” a slogan that evolved into “Turn it all Teal” for this season.

But there comes a point when the Sharks also have to figure out a way to pay everyone.

“It’s all part of the landscape now, and you have to juggle all of those things with your roster and the cap,” Grier said, “and make sure hopefully there’s enough for everyone to eat and be able to keep a competitive team and keep your core together as long as you can.”

Smith, the Sharks’ second-leading scorer the last two seasons, said Thursday he isn’t too concerned about his contract situation.

“I think everyone knows going into this summer you can do an extension, but I didn’t really focus on it much,” Smith said. “It was up to my agent and (Grier) to talk it out. Besides that, I just kind of focused on hockey.”

“We’ve had some good conversations with Will and his group, and with Smitty himself,” Grier said. “This is iust the way it worked out that there wasn’t a deal done.

“It’s in a good spot. We’ve had good conversations, and I’m sure we’ll continue to have conversations as the year goes on.”

Salaries for younger players have exploded since Leo Carlsson, 21, signed a five-year, $90 million offer sheet with the Philadelphia Flyers in July, a contract the Anaheim Ducks were all but forced to match.

This week, Smith saw two of his teammates at Boston College, Cutter Gauthier and Ryan Leonard, also sign massive new deals.

Gauthier, 22, inked a six-year deal with the Anaheim Ducks carrying a $13.5 million AAV, and the 21-year-old Leonard, drafted by the Washington Capitals the same year Smith went to the Sharks in 2023, signed an eight-year extension with a $10.5 million AAV.

Other young guys to sign big deals recently include 21-year-old Chicago Blackhawks captain Connor Bedard (five years, $75 million), Smith’s good friend, 20-year-old Vancouver Canucks defenseman Zeev Buium (eight years, $75 million), 24-year-old Washington Capitals forward Justin Sourdif (eight years, $50.8 million), and Boston Bruins forward Fraser Minten, 22, (seven years, $50.4 million).

With the cap rising, NHL teams are placing bets that young players can live up to their promise to the point where their exorbitant contracts are one day seen as bargains.

“We’re the last league to get to that area of payment,” said winger Mason Marchment, who signed a five-year, $33.75 deal with the Sharks in July. “I think it’s great for the game. It’s awesome for these guys getting paid and being able to support their family. It’s hard to play in the NHL. It’s not easy to get here, so you should be rewarded for playing in the NHL.

“A lot of these deals, (teams are) maybe hoping that these guys turn out to be elite players, which I hope they do. I think it’s awesome. They deserve it.”

What would Smith’s approach be to this season if he doesn’t have a contract by opening night next month?

“I’m not worried about it,” Smith said. “Just control what I can control. I’m worried about playing hockey. I’m obviously really happy for all (my friends), especially Mack. It’s great for the league, but for me, it’s just go out there and play hockey.”

Is Grier concerned that Smith’s next deal could become more expensive if the Boston-born forward has a monster year in 2026-27?

“There’s some risk there, but at the same time, if he has a really good year, it’s good for us, and we’ll deal with it from there,” Grier said. “But I think we have, at least on our side, we have an idea of what the ballpark he’ll be in, and I think it should work, hopefully, for both sides.”