Call it the cost of winning gold.
The 2026 Winter Olympics in Milano-Cortina are fast approaching, and a select group of NHL stars are gearing up for what could be the experience of a lifetime. At the same time, NHL teams are watching closely and remaining mindful of the risks tied to their most valuable assets.
One of the biggest concerns surrounding Olympic participation is the financial risk of losing a player to injury. NHL teams continue to pay players during the tournament, and any injury sustained on the international stage becomes the organization’s responsibility. According to a recent interview with NHL deputy commissioner Bill Daly, the 158 players heading to Milan are insured for $3.7-billion.
Which raises an important question: where is all that money going? And more important, how much does it cost to purchase a gold medal?
As you can see in the below breakdown, Team USA and Canada have a significant financial advantage over smaller countries such as Czechia and Slovakia. We'll know in a couple of weeks whether that advantage translates to a gold medal.
(All figures are based on players’ NHL cap hits, per capwages.com. In cases where exact contract details are unavailable, we used the highest end of credible estimates, assuming all players discussed are paid like top end talent.)
United States
$199,375,000 total cap hitSkaters: $174,375,000Goalies: $25,000,000
The U.S. will have by far the most expensive goaltending trio at the Winter Games, with defending Hart and Vezina Trophy winner Connor Hellebuyck of the Winnipeg Jets, along with Boston's Jeremy Swayman, and Dallas' Jake Oettinger each earning more than $8.25 million per season.
Somewhat surprisingly, only one American skater holds a contract inside the NHL’s top 16, with Toronto’s Auston Matthews leading the way at $13.25 million. Beyond that, the roster remains pretty top-heavy, with Vegas’ Jack Eichel, Columbus’ Zach Werenski, Florida’s Matthew Tkachuk, Boston's Charlie McAvoy and Tampa Bay's Jake Guentzel among the top 40 with cap hits of $9 million or more each. With a deep pool of established talent and virtually every player beyond their entry-level deal, the U.S. roster offers few true bargain contracts, with Vincent Trocheck’s $5.625-million cap hit at the bottom.
Canada
$191,815,000 Skaters: $174,715,000Goalies: $17,100,00
Canada narrowly edges the United States in forward payroll, holding three of the five most expensive contracts in the NHL. Colorado’s Nathan MacKinnon leads the way at $12.6 million, followed by Edmonton’s Connor McDavid at $12.5 million and Vegas’ Mitch Marner at $12 million.
Interestingly, Canada also features a trio of well-known agitators in Brad Marchand, Tom Wilson and Sam Bennett, who have a combined cap hit of $19.75 million, but who have also collectively cost themselves $3.06 million due to suspensions.
Canada also benefits from notable value deals. Rookie standout Macklin Celebrini counts just $975,000 against the cap, while defenseman Thomas Harley is earning $4 million this season after playing a pivotal role in Canada’s win at the 4 Nations Face-Off.
In net, Canada’s goaltending also remains comparatively cost-effective. Unlike the United States’ expensive goalie group, with Jordan Binnington, Logan Thompson and Darcy Kuemper averaging $5.7-million.
Sweden
$155,600,000Skaters: $145,520,000Goalies: $10,080,000
Despite a significant drop in overall team payroll, Sweden remains firmly in the gold medal conversation, thanks to a roster featuring a mix of some of the NHL’s most expensive contracts — and several of its best bargains. Headlining the list are three of the league’s 10 highest-paid players in Vancouver’s Elias Pettersson ($11.6 million), Toronto’s William Nylander ($11.5 million) and Pittsburgh’s Erik Karlsson ($11.5 million).
On the opposite end of the spectrum are some exceptional value contracts. Breakout goaltender Jesper Wallstedt, who has shared the net with fellow countryman Filip Gustavsson in Minnesota, carries a modest $2.2 million cap hit, while veteran Wild forward Marcus Johansson, who is enjoying one of his best years, has an $800,000 cap hit.
Finland
$115,500,000Skaters: $100,260,000Goalies: $15,240,000
The remaining teams in the tournament have a mix of players in the NHL but also pro leagues across the world. For the Finns, they will have a cheap option on the back end with defenseman Mikko Lehtonen, who is paid anywhere between $320,000 to 650,000 USD while playing in the National League in Switzerland. Despite this, the Finns are viewed as legitimate gold-medal contenders, as they have several top end players who also earn quite a bit.
The most-expensive player is Dallas' Mikko Rantanen ($12 million), while Carolina's Sebastian Aho is close behind ($9.75 million). The Finns' best-valued player is easily Montreal's Oliver Kapanen, who is having a solid season as the second line center for the playoff-bound Habs, and is still on his entry-level deal ($925,000).
Of course, Finland's overall total would have been even higher had Florida's Aleksander Barkov ($10 million) and Buffalo goalie Ukko-Pekka Luukkonen ($5.75 million) not been injured.
Czechia
Czechia, $69,240,500NHL skaters: $50,462,500; non-NHL skaters: $5,040,500Goalies: $14,600,000
The Czech roster is where a true mix of global talent begins to emerge. Established NHL stars such as Boston's David Pastrnak ($11.25 million), who is Czechia's flag-bearer, Colorado's Martin Nečas ($6.5 million) and Lukáš Dostál ($6.5 million) headline the national team.
Beyond the NHL contingent, Czechia’s roster features a wide range of contracts across several European leagues. Seven players skate in the Czech Extraliga, including former NHL forward Ondřej Kaše, where salaries are estimated between $40,000 and $213,000 USD per season. Three others, including former NHLer Dominik Kubalík, play in the National League alongside Finland’s Mikko Lehtonen, with contracts generally ranging from $320,000 to $650,000 USD. Two more play in the Swedish Hockey League ($215,000 to $325,000 USD) and defenseman Jiří Ticháček plays in Finland’s Liiga ($80,000 and $300,000 USD).
This blend of current NHL players, former NHL contributors, and seasoned European veterans gives Czechia a deep, balanced roster that should make them a difficult opponent at the Olympic Games.
Slovakia
Slovakia, $25,032,200NHL skaters: $19,060,000; non-NHL skaters: $4,834,200Goalies: $1,138,000
Similar to Czechia, Slovakia is an emerging hockey nation built around a wave of young talent that is expected to produce more NHL players in the coming years. For now, the roster is anchored by several established names, including Montreal’s Juraj Slafkovský ($7.6 million), Tampa Bay’s Erik Černák ($5.2 million) and Calgary’s Martin Pospíšil ($1 million).
Slovakia also features players competing in the KHL, with varying contract estimates for forwards Adam Ružička at approximately $591,300 USD and Adam Liška at $325,000 USD, along with defenseman Martin Gernát at roughly $788,400 USD. Like Finland and Czechia, the Slovak roster draws from leagues across Europe, including the Czech Extraliga, the Swedish Hockey League, and the Swiss National League.
The team also includes players outside the traditional professional ranks, with representation from the NCAA, as well as homegrown talent in the Slovak Extraliga. That group includes forward Samuel Takáč and one of the team’s goaltenders.
While Slovakia does not carry one of the more expensive rosters in the tournament, its mix of youth, international experience, and emerging talent gives the team the potential to challenge for a medal.
This article originally appeared on USA TODAY: 2026 Olympics: Which country has most expensive men's hockey roster?