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Gary Bettman

Snapshots: Salary Cap, Coyotes, Matthews

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The relatively flat salary cap over the last few seasons has certainly been a limiter on player movement over that time.  However, speaking with reporters today including Sportsnet’s Eric Engels, NHL commissioner Gary Bettman indicated a potential openness to boost the Upper Limit by more than the prescribed $1MM next season.  However, doing so would be tied to escrow:

We’re hearing around the bend from players and others that there may be interest in having that, but one thing to keep in mind if we’re going to raise the cap and the escrow hasn’t been paid off, is then we’re going to have to look at raising the escrow rates, which under the CBA extension in 2020 is locked into the last three years of the CBA term at 6 per cent. So, if you’re going to raise the cap prematurely, then you’re going to have to look at the escrow percentage as well. The two are inextricably tied together.

As Bettman noted, there now is a fixed cap on escrow which there wasn’t in the past and by his estimation, there is still around $100MM owed back to the owners to get back to the required 50/50 share of Hockey Related Revenue.  Increasing the escrow hasn’t been popular in the past so if incoming NHLPA Director Marty Walsh finds that the players don’t want to go that route again (even for just a short time), it could be one more year with a small increase before the cap goes up more quickly beginning in 2024-25.

Elsewhere around the hockey world:

  • The Coyotes are likely to be one of the few teams with significant cap space this summer but don’t expect them to automatically be too active in free agency. GM Bill Armstrong indicated on the latest Cam and Strick podcast (video link) that they’re also open to doing what they’ve done in recent years which is taking on unwanted contracts while stockpiling extra draft picks for doing so.  Arizona has stockpiled 47 picks over the next four seasons but have shown a willingness in the past to take on selections that are several years out.  If they opt to take on more unwanted contracts, it wouldn’t be surprising to see them concentrating on adding 2026 and 2027 draft picks in order to try to keep their pick cupboard spaced out.
  • While it has been speculated for a while, Maple Leafs center Auston Matthews confirmed to Jonas Siegel of The Athletic (subscription link) that the upper-body injury he has been dealing with for most of the year is a hand issue. However, the 25-year-old indicated that the hand is feeling a lot better now as of late which is certainly good news for a Toronto team that has made several moves to augment their roster at the trade deadline in the hopes of a long playoff run.  Even with the injury, Matthews still has 31 goals and 36 assists in 59 games so far.

Multiple Bidders Submit Offers To Purchase Ottawa Senators

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Bruce Garrioch of Postmedia is reporting that New York-based banker Galatioto Sports Partners received more than four bids this past week to purchase the Ottawa Senators. While Postmedia was able to confirm the names of four separate bidders, they were also advised that there are more than four groups bidding. A separate report by Los Angeles-based Sportico is stating that as many as nine groups have entered bids to buy the team. Postmedia has been unable to confirm this number with league sources. The Sportico report has also stated that some groups are willing to pay north of $900MM (in USD).

The four confirmed groups are The Remington Group, Michael Andlauer, Jeffrey and Michael Kimel and Neko Sparks. All four groups bring their own unique dynamics, but the most interesting must be The Remington Group, as they have an interesting backer in Hollywood superstar and Canadian-born actor Ryan Reynolds. The NHL wants Reynolds to be involved with the new ownership group, as he would bring worldwide attention to the NHL that Gary Bettman and company have long coveted.

These bids are just this first step in what is sure to be a long process. The opening bids were non-binding, which essentially means that not much risk was involved in submitting an opening offer. The next step will narrow the bids down to a shortlist, and the workload involved will get heavier with each additional round.

Ultimately the new ownership group will have an exciting opportunity with the Senators, albeit one with much work to be done. The Senators have one of the youngest and most exciting core groups of players in the league. However, they play in an aging arena in the suburbs of Ottawa, nearly a 30-minute drive from the downtown core. The new ownership group will have the chance to put their stamp on the Senators almost immediately, with what many hope will be a new downtown building at LeBreton Flats.

The Senators organization has signed a memorandum of understanding with the National Capital Commission for the LeBreton Flats property. But it would be up to the new ownership group to sign a lease, build the arena and ultimately develop a prime piece of property in downtown Ottawa.

Previous owner Eugene Melnyk was never able to get all the pieces to fit for a downtown building, but with the team turning a corner on the ice, and an appetite in the city of Ottawa for a downtown entertainment hub, the puzzle should come together for the group that is ultimately able to purchase the Ottawa Senators.

League Notes: 2024 All-Star Game, Senators Sale, Revenue Projections

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With the on-ice festivities today in South Florida also came some important NHL business notes, courtesy of commissioner Gary Bettman at his pre-game press conference. As part of his media availability today, Bettman confirmed the rumor that Toronto will play host to the 2024 NHL All-Star Game.

It’s the first time Toronto has hosted the event since 2000 and the first time a Canadian market has hosted the event in 12 years. Ottawa was the last, hosting the 2012 All-Star Game. It also marks the return to where the All-Star Game began, first as a charity event in 1934 for Toronto forward Ace Bailey after he sustained a career-ending injury, and also where it was officially established in 1947. Whether the NHL will adjust the format or skills events, which have received their fair share of criticism in recent years, is unknown.

Bettman Updates Salary Cap Projection

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For everyone projecting a substantial salary cap increase for next season, commissioner Gary Bettman has a message for you: “we’ll see.” That’s what the executive told gathered media including Frank Seravalli of Daily Faceoff today at the board of governors meeting, explaining that the league is currently projecting a $70MM escrow balance at the end of the season. If that isn’t paid off in full by the players (through increased hockey-related revenue) the salary cap will be increased by just $1MM.

There has been some rumbling about a potential compromise with the NHLPA to increase it by a little over the next few seasons, instead of waiting for it to spike once the escrow balance is paid, but Bettman wouldn’t comment on that possibility.

That means the most likely outcome at this point is an $83.5MM cap ceiling for 2023-24. A much larger increase would follow in 2024-25 as that $70MM of debt would surely be paid off. Teams handing out long-term extensions or preparing for free agent negotiations will have to pinch a few extra pennies for a little while longer.

The interesting outcome that this could create is a number of free agents agreeing to one-year deals next offseason, knowing for certain that the cap would raise the following year. Restricted free agents may agree to more qualifying offers or go through the arbitration process instead of locking into multi-year bridge deals, and veterans could look to play out a single season before cashing in again when teams have some extra money to spend.

Either way, it appears as though true respite for the cap-strapped teams may still be a little way down the road.

Snapshots: Miller, Swayman, Blackwood, Orlov

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The Boston Bruins’ signing of defense prospect Mitchell Miller earlier this week surprised many, however given the nature of the signing, his eligibility to play in the AHL, where Boston intended to place him, or the NHL, where they hope he can play someday, was presumed. Earlier today, NHL Commissioner Gary Bettman walked back those assumptions saying, in short, that Miller is not currently NHL eligible and may never be NHL eligible. Substack’s Sean Shapiro, in turn, reached out to the AHL for comment, who have yet to determine his eligibility because as they said, the defenseman is currently suspended in the NHL. Not surprisingly, this story continues to have frequently-changing developments, and this evening, ESPN’s Greg Wyshynski shed more light on the current situation.

According to Wyshynski, the NHLPA tells ESPN that the league has not informed the union of any suspension against Miller or anything that would impact his eligibility. The NHLPA added that “there needs to be more info provided by NHL” as it relates to Bettman’s comments. Wyshynski adds that, per a source, Miller’s contract had been registered with the NHL and there was nothing official to stop the Bruins, or any other team, from signing him. This story is, of course, a difficult one for many reasons, however it is worth considering that, despite Miller’s past, he does gain certain rights within the NHL when he signs an official contract. Further, however the situation as to Miller plays out, it could have an impact on how future similar situations play out. Thus, a diligent, drawn-out review and discussion of all issues may be coming before anything is finalized.

  • The recent injury status of the Bruins hasn’t changed much in the past couple days. Recently, it was reported that goaltender Jeremy Swayman would be out week-to-week, while veteran center David Krejci was due back in the lineup tonight. Krejci is in fact playing tonight, however the Bruins did need to activate the center off of IR, which necessitated a corresponding move. In order to add Krejci, Boston has placed Swayman on IR, says The Athletic’s Fluto Shinzawa, who covers the team. Head coach Jim Montgomery, to avoid creating any additional concerns possibly raised by the transaction, reiterated to reporters, including Shinzawa, that Swayman is still considered week-to-week.
  • As relayed by New Jersey Devils team reporter Amanda Stein, head coach Lindy Ruff says that goaltender Mackenzie Blackwood will be seen by doctors back in New Jersey on Tuesday. Blackwood, who was injured in New Jersey’s 4-3 win over the Edmonton Oilers on Thursday night, had met with doctors in Calgary yesterday ahead of the team’s game against the Flames this evening. In response to the injury, but without wanting to place Blackwood on IR, at least not yet, the Devils recalled goaltender Akira Schmid from the AHL earlier today, sending down winger Andreas Johnsson. The Devils return home after tonight’s game and will next play at home Tuesday evening against these same Calgary Flames.
  • Washington Capitals defenseman Dmitry Orlov left tonight’s game with a lower-body injury and is questionable to return, the team announced. It’s unclear what exactly caused the injury to Orlov, however he has played just 7:02 thus far as the Capitals lead the Arizona Coyotes 1-0 late in the second period.

Salary Cap Could Increase More Than Expected In 2023

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Speaking with the media today, NHL commissioner Gary Bettman said there’s a “good probability” that the remaining COVID-related escrow balance could be paid by the players this season, and remains optimistic about revenues. If the escrow balance gets paid off, the salary cap could jump more than the predicted $1MM incremental increase, two years sooner than originally expected coming out of the pandemic.

Bettman did note that it would be a close call, but if the revenue numbers hit, the cap could jump roughly $4MM to a figure of around $86.5MM for the 2023-24 season. The league’s cap growth would then mirror pre-pandemic trends, if not more.

This is gigantic news for a number of teams, especially those who have big-name free agents due for contracts by July 1 of next year. It also bodes well for teams tight to the salary cap to be able to have more roster flexibility in the offseason.

That list of big-name unrestricted free agents next summer is no joke, and a ~$4MM salary cap increase would have a massive effect on many negotiations. Ryan O’Reilly in St. Louis, David Pastrnak in Boston, Dylan Larkin in Detroit, Bo Horvat in Vancouver, and Frederik Andersen in Carolina are some notables who could re-sign with their current teams for a big payday.

It also makes life easier for teams like the Vegas Golden Knights, who are poised to get a healthy Robin Lehner back but already remain well over the currently projected $83.5MM salary cap for 2023-24.

Evening Notes: League Business, Vegas Injuries, Pesce, Forward Market

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After seeing the NHL’s record-breaking revenue for the 2021-22 season, the financial state of the league, a little over two years after being forced to shut down temporarily due to the COVID-19 pandemic, is as healthy as ever. Because of that, teams have been told to prepare for a large cap increase, and one that could potentially come sooner than expected. With the rise in revenue, a rise in prominent advertisements has become apparent too, one which many fans are not too thrilled about. Earlier today, NHL Commissioner Gary Bettman discussed several topics related to the state of the league and its finances with Alex Silverman of the Sports Business Journal. In the interview, Bettman discussed revenue, new digital advertising on boards, jersey advertisements, the Arizona Coyotes arena situation, TV deals, growing the game internationally, and the future of the World Cup of Hockey.

Notably, Bettman detailed how the league plans to continue growing its revenue, specifically by utilizing technology, especially when it comes to advertising, engaging with fans more on social media, and using their television platforms to grow the game. On the new digitally enhanced dasherboards (“DED’s”), Bettman noted that the technology was not cheap to develop, but sees potential revenue growth from this alone to be in “the hundreds of millions.” In regards to the recent addition of jersey advertisements that have been met with it’s fair share of public criticism, Bettman appeared to understand the public’s distaste, calling himself a traditionalist, but cited the immense revenue growth as a reason to press on. The Commissioner added that although the market is “vibrant” for the jersey advertisements, the league has urged clubs to take their time picking a sponsor, urging them to find the “right partner” and get full value.

The entirety of Bettman’s answers, as well as his discussion on several other topics, can be found in the full discussion with Silverman.

  • The Vegas Golden Knights have injury updates on a pair of key players. According to Vegas head coach Bruce Cassidy, as reported by Ben Gotz of the Las Vegas Review-Journal, forward William Carrier is unlikely to play in preseason games this upcoming week as he continues to deal with an upper-body injury he suffered a week ago. On a more positive note, goaltender Laurent Brossoit, who is recovering from hip surgery, was able to skate on his own, however he still has yet to be cleared to join the rest of the team. Even without star goaltender Robin Lehner for this season, after acquiring Adin Hill from the San Jose Sharks and having breakout netminder Logan Thompson in the fold, Vegas can afford to be patient with Brossoit as he makes his way back.
  • There’s some reason for concern for the Carolina Hurricanes with the team announcing defenseman Brett Pesce would not return to tonight’s game against the Columbus Blue Jackets after suffering a lower-body injury. It’s unclear what caused the injury or how severe it is, but losing a key piece such as Pesce for any stretch of time surely puts Carolina in a difficult position.
  • On today’s 32 Thoughts Podcast, Sportsnet’s Elliotte Friedman touched on a pair of teams who could be in the market for additional help up front if the opportunity should arise: the Calgary Flames and the Minnesota Wild. Friedman mentions the Flames as a team who may want to add another scorer into the mix if they don’t believe the players in camp with them now can be that player. In addition to several intriguing prospects, Calgary has veterans Sonny Milano and Cody Eakin in camp on PTOs with the team having $1.487MM in available cap space. Worth considering, the Flames did claim forward Radim Zohorna off waivers from the Pittsburgh Penguins earlier today. Also mentioned were the Wild, who dealt star winger Kevin Fiala, knowing their cap situation would likely prevent them from signing him long-term. Ultimately, they’re left with $5.738MM in cap space and needing to recover at least some of what they lost in Fiala, who posted 85 points in 82 games last season.

Nashville To Host 2023 NHL Draft, Awards

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The NHL is headed to Nashville. The Predators will host the 2023 NHL Draft and the 2023 NHL Awards next year, the first time the events have been held in the same place since 2006. The award ceremony is set for June 26, while the draft will commence two days later on June 28  (a Wednesday) with the televised first round. NHL commissioner Gary Bettman released the following statement:

We are thrilled to bring two of our marquee events – the 2023 NHL Awards and the 2023 NHL Draft – to Nashville, a special city that certainly knows how to throw a great party. From the 2003 NHL Draft to the 2016 NHL All-Star Weekend to the 2017 Stanley Cup Final to the 2022 NHL Stadium Series game, the city, the Predators organization and the Country Music community have overwhelmed the NHL with their welcome and support every time Nashville has hosted a League event. We cannot wait to return next June to celebrate the stars of our game and introduce the next generation of NHL Players.

The 2023 draft class is expected to be among the best the league has seen in years, with Connor Bedard, Matvei Michkov, Adam Fantilli, Zach Benson, Dalibor Dvorsky, and others looking like star-level talent (if not even better than that). Teams across the league are already trying to set themselves up for the best draft position possible to get a shot at Bedard in particular, who continues to wow audiences with a brilliant shot at the World Juniors, even if his overall impact on the game is limited at such a young age.

The Regina Pats superstar only turned 17 a few weeks ago, meaning he will not even be 18 by the time he is picked by an NHL franchise next summer. The hype by next year’s event will likely be out of control, and in a city known for its event planning, the draft should be a fun time for fans and players alike.

Arizona Coyotes Begin Next Round Of Arena Negotiations

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Earlier this month, the Tempe City Council voted to move forward with negotiating plans with the Arizona Coyotes and the NHL for a new arena within the city limits. Today, Sportico’s Barry M. Bloom reports that the Coyotes have now pitched a $1.7 billion plan to the Tempe government for a 46-acre property currently occupied by a landfill. The development would include a new arena and an entertainment district as well.

For the Coyotes, any news is good news. With the amount of new arena talk followed up by no action in the entire league (the Ottawa Senators and LeBreton Flats), any concrete development in the process purely reduces the likelihood of the Coyotes being left without a rink when their deal with Arizona State University expires.

If passed, this would undoubtedly be the longest-serving home of the Coyotes in their history in the desert. The report from the original discussions with the City Council in early June yielded a statement from NHL commissioner Gary Bettman that the team would sign a 30-year non-relocation agreement with the city.

News about the plan will undoubtedly continue to trickle in throughout the offseason. An assurance that the Coyotes will have a stable exit plan from playing at the 5,000-seat arena at ASU would be welcomed sooner rather than later.

Snapshots: Cogliano, Quenneville, Kostin

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Colorado might get a veteran back in the lineup tonight as head coach Jared Bednar told reporters including NHL.com’s Amalie Benjamin that winger Andrew Cogliano could be an option to return.  The 35-year-old underwent hand surgery to repair an injury sustained during the Western Conference Final but returned to practice on Friday and participated in the morning skate today.  Cogliano, who leads all Colorado players in terms of the number of playoff games played, has two goals and an assist in 11 games so far this postseason while logging a little more than nine minutes a night of action.  If Cogliano is able to return, Nicolas Aube-Kubel may be the one to cede his spot.

Elsewhere around the NHL:

  • In an appearance on ESPN’s The Point on Friday (video link), commissioner Gary Bettman acknowledged that former Panthers head coach Joel Quenneville has expressed a desire to return to the NHL though not for a specific job opening. At the time of Quenneville’s resignation following the findings of the Kyle Beach investigation being released, Bettman indicated that he would “require a meeting in advance in order to determine the appropriate conditions under which such new employment might take place”.  That meeting probably won’t be coming soon as Bettman added during his appearance that he doesn’t believe that this is the right time to discuss the potential of Quenneville returning to work for a team.
  • In his latest reader chat, Tom Timmermann of the St. Louis Post-Dispatch suggests that winger Klim Kostin is a likely trade candidate for the Blues this summer. Alexey Toropchenko plays a very similar style as Kostin and is someone that head coach Craig Berube is a fan of, giving Torochenko a leg up for that spot on the lineup.  A 2017 first-round pick, Kostin is waiver-eligible next season but could still carry some value after picking up nine points and 90 hits in 40 games with St. Louis this season while also playing a key role for AHL Springfield as the Thunderbirds get set to start the Calder Cup Finals tomorrow.

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