NHL increases salary cap to $88 million in 2024-25
The National Hockey League and the National Hockey League Players’ Association announced Saturday the league’s salary cap for the 2024-25 season has been increased to $88 million.
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
The announcement means a $4.5-million increase of the 2023-24 salary cap, which is $83.5 million.
The league also announced the salary cap floor will be $65 million.
Salary cap floor (or minimum to spend) will be $65 million.
— Frank Seravalli (@frank_seravalli) June 8, 2024
The new figure is a slight increase of the $87.7 million the league projected last December at their Board of Governors meeting in Seattle, Wash.
This is the largest increase in the salary cap since between 2017-18 and 2018-19, when the league went from $75 million to $79.5 million, an increase of $4.5 million.
The salary cap has been stagnant the last five seasons due to the COVID-19 pandemic pausing games and limiting attendance upon return.
Between the 2019-20 and 2021-22 campaigns, the cap never increased beyond $81.5 million, and only rose by $1 million the last few seasons.
Going into the 2024-25 season, Toronto Maple Leafs’ forward Auston Matthews will be the highest-paid player in the league with an annual average value (AAV) of $13.25 million. Right behind him is Colorado Avalanche forward Nathan MacKinnon at $12.6 million and Edmonton Oilers’ forward Connor McDavid at $12.5 million.
Some notable free agents who will be available July 1 are Sam Reinhart, Jake Guentzel, Brandon Montour, Jonathan Marchessault, Matt Duechene and future Hall of Famers Patrick Kane and Steven Stamkos.