The NHL has reportedly set its salary cap at $88 million and its salary cap floor at $65 million for the 2024-25 season. This will be a 5.4% increase from last season and the largest bump since the 2018-19 season.
This is slightly higher than the projected $87.7 million that had been announced back in December. The salary cap has barely moved since the onset of the COVID-19 Pandemic. The salary cap remained frozen at $81.5 million for three seasons before getting a $1 million bump each of the last two seasons.
The upcoming increased salary cap reflects the increases in revenues that the NHL has seen since things have returned to normal after the pandemic. According to the Associated Press, revenues hit a record $6.2 billion. Large increases could continue to happen after this season. CapFriendly projects the salary cap to increase to $92 million for the 2025-26 season.