NHL Announces Salary Cap For 2024-25 Season

The NHL and NHLPA have announced the Team Payroll Range for the 2024-25 season. The salary cap upper limit has been set at $88MM, with a midpoint of $76.5MM and a lower limit of $65.0MM. This marks a $4.5MM increase in the upper limit for the 2023-24 season – tied for the highest single-season increase of all time – and a $6.5MM increase from the cap in 2019 and 2020. The upper limit also exceeds CapFriendly’s projected upper limit of $87.7MM – a projection mentioned at October’s NHL Board of Governors meeting. CapFriendly continues to project a $92MM salary cap next season – a mark that continues through the 2020s. The minimum salary is expected to remain at $775K, after growing from $750K ahead of this season.

The NHL incurred $1.5B in escrow debt after pausing the 2019-20 season due to the Covid-19 pandemic. The league has been paying off that debt ever since, with NHL commissioner Gary Bettman sharing it was down to $50M at the start of the season. This big step forward in salary cap suggests the league has fully paid off that debt, something Bettman hinted towards in the pre-season Board of Governors meeting. Bettman added in that meeting, “The game is in great shape. Our franchises have never been better owned or stronger, and we’re excited to have the start of another season upon us.” 

The NHL is showing that a healthy league leads to innovation, set to welcome a team in Utah for the first time next season. Utah will boast the most cap space in the league, with a hardy $43.5MM to spend. They’re succeeded by the San Jose Sharks ($37.5MM in cap space) and Chicago Blackhawks ($34.1MM in cap space), per CapFriendly.