The NHL officially has its salary cap for the 2024-25 season.
Saturday afternoon, the NHL and NHLPA announced that the cap would grow to $88 million this summer, an increase of $4.5 million from the 2023-24 campaign. The final figure proved even higher than the league’s projections from December, which estimated a $4.2 million increase.
This year’s salary cap jump comes as players finish paying off a $1.1 billion escrow amassed during the pandemic, and marks the highest single-season increase since 2018-19.
The @NHL and @NHLPA announced today the Team Payroll Range for 2024-25: https://t.co/rJW3afGi4q
Lower Limit: $65.0 million
Midpoint: $76.5 million
Upper Limit: $88.0 million pic.twitter.com/JYnAFEPY39— NHL Public Relations (@PR_NHL) June 8, 2024
Assuming both Hendrix Lapierre and Ivan Miroshnichenko rejoin the Washington Capitals after their run with the Hershey Bears, Washington will have just under $14.4 million to work with after putting Nicklas Backstrom on LTIR. Should TJ Oshie decide to retire amid lingering back injuries, the team could spend over $20 million.
Some of that space will go to the Capitals’ free agents: Connor McMichael and Beck Malenstyn are pending RFAs and will command raises. But even after paying their existing players, the team could choose to make a splash this offseason, whether via trade or by signing unrestricted free agents.
“I think we have more flexibility going forward here,” general manager Brian MacLellan said at the Capitals’ breakdown day. “I mean, we’ll see what the market is. Salary cap will go up a little bit, so it’ll give teams a little more room. We’ve acquired some draft capital. I would anticipate we’re going to have some room to use that, so we’ll see what it brings.”
MacLellan also confirmed adding scoring talent would be a major goal before next season.
“I think we’re going to look outside, too,” he said. “I mean, I think trades and free agency. I think we need to add something in that area. We need to get a little more skill, a little more goals. We find a way to do that. I think both ways: externally and internally we need to improve some of our young guys.”
