NHL Commissioner Gary Bettman's announcement, following a board of governors meeting in New York, that the salary cap might go up to $86.5 million instead of the expected $83.5 million came as welcomed news to every general manager and player agent in the sport.
"We believe that there is a good probability that the escrow will be paid off this season. It may not be, but it’s going to be close we think, which means the flat cap will be replaced by a bigger increase. Revenue is pretty vibrant. We probably did $5.4 billion in [hockey-related revenues] this past season, which is actually about a half a billion more than we projected a year ago when we were starting things up. Things are good."
For those who haven't been paying attention - and from what I've seen on Twitter, that appears to be a rather large contingent of fans - the league has been operating under a flat cap since the 2019-20 season was paused due to the Covid-19 pandemic. At the time, the salary cap was $81.5 million, and to make sure the cap wasn't reduced, the NHLPA agreed to have part of their players salaries placed into an escrow account. The understanding being that once that balance was paid off, the cap would resume its pre-pandemic trajectory. Initially, that was supposed to be at the conclusion of the 2023-24 season. That timeline has now been accelerated by one season.
It cannot be overstated just how significant this development is. Notwithstanding the financial losses the league suffered, many teams are literally staring at cap hell, both this season and next. A look at some of the moves GMs were forced to make over the past two summers underscores just how difficult it's been to build and retain a core of players. Many teams were unable to field a full roster of 23 players this season because they simply don't have the cap space. The Stanley Cup champion Colorado Avalanche couldn't re-sign their number two center Nazem Kadri over the summer because they would've been over the cap. He subsequently signed with the Calgary Flames. Imagine if the Avs had an extra $3 million in the kitty.
Closer to home, Chris Drury is facing something of a quandary himself. At the conclusion of this season, Alexis Lafreniere, K'Andre Miller and Filip Chytil are all RFAs. At present, the Rangers, after waiving Dryden Hunt - or as Ranger Twitter has referred to him, the second coming of Rick Middleton - have just over $900k in cap space. That translates to about $4 million in deadline cap space for Drury to shop around for reinforcements at the trade deadline.
Assuming there are no additional buyouts this offseason, the Rangers will get $3.4 million in dead cap space off the books. Every cent of that money, and then some, will go to re-signing either Lafreniere or Miller, leaving Drury with some tough choices about which players to trade or let go. Even with the expected additional $1 million in salary cap and the expiration of Ryan Reaves' $1.75 million contract, there just isn't enough room at the inn to keep the band together. Imagine going through the pains of a rebuild and not being able to see it all the way through.
Now if all goes according to plan, Drury might be able to have his cake and eat it too. With a salary cap at $86.5 million, the Rangers would be able to keep Lafreniere, Miller and Chytil, provided they can get at least one of them - preferably Chytil - into a bridge deal. Below is what a potential 2023-24 roster could look like:
| 2023-24 Salary Cap | $86,500,000.00 |
| Forwards | |
| Panarin | $11,642,857.00 |
| Zibanejad | $8,500,000.00 |
| Kreider | $6,500,000.00 |
| Trocheck | $5,625,000.00 |
| Lafreniere | $5,000,000.00 |
| Chytil | $3,750,000.00 |
| Goodrow | $3,641,667.00 |
| Kakko | $2,100,000.00 |
| Blais | $1,525,000.00 |
| Othmann | $894,167.00 |
| Korczak | $859,167.00 |
| Cuylle | $828,333.00 |
| Rydahl | $800,000.00 |
|
| Defensemen | |
| Fox | $9,500,000.00 |
| Trouba | $8,000,000.00 |
| Miller | $4,000,000.00 |
| Lindgren | $3,000,000.00 |
| Jones | $1,200,000.00 |
| Schneider | $925,000.00 |
| Total | $26,625,000.00 |
| Goalies | |
| Gerand | $828,333.00 |
| Shesterkin | $5,666,667.00 |
| Total | $6,495,000.00 |
| Total Cap Hit | $84,786,191.00 |
| CAP SPACE | $1,713,809.00 |
As you'll note, I have Blais returning next year for the same salary he's making now and both Othmann and Cuylle making the team. Also, I have Gerand as the backup to Igor. I assume Drury will include Vitali Kravtsov in a deadline deal for either Patrick Kane or someone with a similar skill set. The bottom line is that under the higher cap, the Rangers would be able to retain not only their core but their young studs as well for the foreseeable future.
Of course, none of this is etched in stone. Knowing the NHL's penchant for disappointing their fans, it's entirely possible that the escrow might not be fully paid off by the end of the season. In that event, Bettman has made it clear that the cap will only go up $1 million to $83.5. And if that's the case, GM's like Drury will have to, once more, make lemonade out of lemons.
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