NHL commissioner Gary Bettman says his “very preliminary” projection for the league’s salary cap for the 2024-25 season is “$87 to $88 million,” after a Board of Governors meeting on Wednesday.
At #NHL Board of Governors meeting in New York, commissioner Gary Bettman says “very preliminary” projection of salary cap for 2024-25 is “$87 to $88 million.”
— Frank Seravalli (@frank_seravalli) October 4, 2023
Bettman also said the escrow debt owed to the owners from the players is down to approximately $50 million, and will be paid off this offseason.
The league’s salary cap is $83.5 million for the 2023-24 season. A bump of $4 million would be the biggest single-summer increase for the league’s cap since a $4.5 million increase before the 2019-20 season.
The cap has been mostly flat since 2020-21 because the players have been paying off the escrow balance they incurred in 2019-20, due to the COVID-19 pandemic pausing the season and all hockey-related revenues (HRR).
However, the players were still being paid, giving them more than the 50 per cent share of HRR allotted to them under the terms of the Collective Bargaining Agreement.
The NHL and NHLPA negotiated to spread the debt over several years, with the original projection it would be paid off after the 2023-24 season.
During a Board of Governors meeting in Palm Beach in December 2022, Bettman said the salary cap for 2023-24 could increase by $4 million if the debt were paid off sooner. However, the sale of the Ottawa Senators was not completed before the end of the 2022-23 season.
Several big names are slated to be free agents after the 2023-24 season, including Tampa Bay Lightning forward Steven Stamkos, Florida Panthers’ forward Sam Reinhart, Maple Leafs’ forwards William Nylander and Tyler Bertuzzi, Winnipeg Jets’ forward Mark Scheifele and goaltender Connor Hellebuyck.