Report: Salary cap to increase by almost $10M over next three seasons

The 2022-23 season was the first time since 2019 that the NHL saw an increase in the salary cap, as the COVID-19 pandemic created revenue issues for the league, causing the salary cap to sit at $81.5 million from 2019 to 2022. The cap increased by $1 million to $82.5 million for 2022-23.

According to an article by Elliotte Friedman, the salary cap is projected to increase to $83.5 million in 2023-24, $87.5-88 million in 2024-25, and finish at somewhere around $92 million. The only team that would currently find themselves over that $92 million cap without long-term injured reserve right now are the Vegas Golden Knights, although they currently have Shea Weber and Robin Lehner on LTIR which will bring them under the current salary cap.

It’s big news for NHL teams, as not only will they finally get some breathing room after three straight seasons, but many of them also signed plenty of big extensions in the offseason. Some of the biggest deals include St. Louis Blues forwards Robert Thomas and Jordan Kyrou; Ottawa Senators forwards Josh Norris and Tim Stutzle; Florida Panthers forward Matthew Tkachuk; Calgary Flames forwards Jonathan Huberdeau and Nazem Kadri; and the recently signed extension to Colorado Avalanche forward Nathan MacKinnon, which makes him the highest paid player in the league next season.

It will also be good news to teams (and players) with contracts coming up over the next few seasons, as it will give them more space to sign stars to bigger contracts. Some big names with contracts expiring over the next few seasons are Patrick Kane, Alex DeBrincat, and David Pastrnak in 2023; Auston Matthews, Steven Stamkos, and Connor Hellebuyck in 2024; and a massive list in 2025 including Igor Shesterkin, Leon Draisaitl, Mitch Marner, Mikko Rantanen, Victor Hedman, Sidney Crosby, Brad Marchand, and John Tavares.