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NHL raises salary cap to $88M for 2024-25 season

Rich Graessle / Getty Images Sport / Getty

The NHL and NHLPA announced an $88-million salary cap for the 2024-25 season Saturday.

The new ceiling is a $4.5-million increase from last year's $83.5-million salary cap. It's the biggest jump in one offseason since the cap rose by $4.5 million before the 2019-20 campaign.

Commissioner Gary Bettman said in December that the cap was expected to rise to $87.7 million.

The cap had increased by $1 million before each of the past two seasons. It was at a stagnant $81.5 million in 2020 and 2021.

The new cap floor is $65 million. Eleven teams are currently under that limit, according to CapFriendly. Utah has to spend over $20 million to reach the minimum payroll.

Top pending unrestricted free agents include Sam Reinhart, Jake Guentzel, and Steven Stamkos. Restricted free agents such as Lucas Raymond and Seth Jarvis are also in need of new contracts.

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