The salary cap will rise from $81.5 million to $82.5 million ahead of the 2022-23 season, the NHL and NHLPA announced Thursday.
The $1 million raise was scheduled in accordance with the Collective Bargaining Agreement despite the league amassing at least $5.2 billion in revenues this past season.
The salary cap, introduced following the 2004-05 lockout, provides a total limit to how much a team are allowed to pay their players. The team must spend between the lower limit and the upper limit or face a penalty.
Further salary cap increases are expected in the future as the league and team owners recover financially from the COVID-19 pandemic. New deals that give media rights to ESPN and Turner Sports are expected to aid in increasing revenues going forward.
The cap floor will increase from $60.2 million to $61 million.