Things appear to be going so well with the NHL that the salary cap could be making its largest jump in six years for the 2024-25 season, league commissioner Gary Bettman said during the Board of Governors’ meeting this week.
“The state of the League is very strong,” Bettman said (h/t NHL.com). “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.”
While the league continues to grow — the NHL made a record $5.93 billion in revenue in 2022 — the players are projected to pay back the approximate $1.5 billion in escrow debt incurred during the COVID-19 season this year in full.
It helps open the door for the salary cap to potentially increase closer to $90 million for the 2024-25 season.
“Very preliminary projection, but we believe the escrow will be paid off in full and the cap will be somewhere between $87 (million)-$88 million for the following year,” Bettman said.
The NHL’s current salary cap stands at $83.5 million, which was a 1.21% raise from last season, per CapFriendly. Since the end of the 2018-19 season, the league’s cap raised in total by just $4 million. Between the 2017-18 and 2018-19 seasons, it was bumped up by 6%.
“Things are good,” Bettman said. “Vital signs are good. Revenues are growing. Everybody thinks the game is in great shape as we head into another season.”