NHL makes shocking revelation with Salary Cap announcement

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Graham Montgomery
June 8, 2024 (11:01 PM)

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The NHL announced next season's salary cap today and the league beat expectations, adding an extra 300 thousand dollars for teams to work with.

The salary cap was first projected to be going up between 4 and 4.2 million dollars based on revenue projections from the start of the season. However, the league had hinted at times that they might outperform those expectations slightly and that appears to be exactly what happened. Now general managers will have a little more room to work with than they anticipated.

BREAKING: NHL announces salary cap of $88M for next season (+$4.5M) and a salary floor of $65M

As NHL insider Chris Johnston pointed out, this is the first significant increase in the salary cap since the pandemic. As such, teams will finally be able to move on from some of their mistakes and unlucky contracts that developed due to the flat-cap league.

Next year's NHL salary cap ceiling has been set at $88M -- first big jump since before the pandemic.

The league also announced a new salary floor of 65 million dollars. This means that some teams will have a lot of work to do just to hit the floor. The San Jose Sharks for example, will need to spend at least 15 million dollars to be cap compliant. Notably, the Sharks finished in 32nd place last season.

Sharks going to have to spend about $15m to hit the floor.

How will the Sharks spend that cap space? It is hard to say for certain, but the team likely won't be that much better next season regardless. As for the rest of the league, whichever team can take advantage of this extra cap room the best may very well be the next Stanley Cup champion.

Source: BladeofSteel
National Hockey League releases salary cap details for the 2024-2025 season