Get ready to see some teams spend their money this summer.
The NHL is set to see a substantial increase to their salary cap this season, with the upper limit set to be increased to $88 million for the upcoming 2024-25 season, the NHL and PHLPA announced on Saturday.
Set at $83.5 million last season, the $4.5 million bump is a 5.4 per cent increase, the largest the league has seen since the 2018-19 season when it increased 6.0 per cent.
The lower limit is set at $65.0 million and the midpoint is at $76.5 million.
This increase marks a big change from last year’s jump, when the cap raised just $1 million, a 1.21 per cent raise.
The NHL’s free agent market is set to open up at noon on July 1, with teams getting a chance to put that extra $4.5 million to use.