Salary Cap Deep Dive 2025

Salary Cap Deep Dive: St. Louis Blues

September 13, 2025 at 4:00 pm CDT | by Brian La Rose 1 Comment

Navigating the salary cap is one of the most important tasks for a front office. Teams that can avoid total cap chaos by walking the tightrope of inking players to deals that match their value (or compensate for future value without breaking the bank) remain successful. Those who don’t often see struggles and front office changes.

PHR will look at every NHL team and give a thorough look at their cap situation for the 2025-26 season. This will focus more on players who are regulars on the roster versus those who may find themselves shuttling between the AHL and NHL. All cap figures are courtesy of PuckPedia. We’re currently covering the Central Division, next up are the Blues.

St. Louis Blues

Current Cap Hit: $94,874,849 (below the $95.5MM Upper Limit)

Entry-Level Contracts

D Logan Mailloux (one year, $875K)
F Jimmy Snuggerud (two years, $950K)

Potential Bonuses
Snuggerud: $800K

Snuggerud joined St. Louis for the stretch run last season after his college campaign ended and made a solid first impression with four points in seven games while adding four more in their first-round loss to Winnipeg. He should land a middle-six role, giving him a shot at reaching some of his ‘A’ bonuses. He’s someone that, if all goes well, they’d want to sign long-term but with several other core youngsters up by then, can they afford to do so?

Mailloux came over from Montreal in a one-for-one swap for Zachary Bolduc in a swap of 2021 first-round picks. He has shown plenty of offensive promise in his first two seasons and should have a chance to come in and be a secondary contributor on their back end. At this point, it’s likely he’ll land a bridge agreement which, depending on his production this season, could plausibly run anywhere between $1.5MM and $2.5MM.

Signed Through 2025-26, Non-Entry-Level

D Philip Broberg ($4.581MM, RFA)
D Cam Fowler ($4MM, UFA)*
F Dylan Holloway ($2.29MM, RFA)
D Matthew Kessel ($800K, RFA)
F Mathieu Joseph ($2.95MM, UFA)
F Oskar Sundqvist ($1.5MM, UFA)
F Alexandre Texier ($2.1MM, RFA)
F Alexey Toropchenko ($1.7MM, UFA)
F Nathan Walker ($775K, UFA)

*-Anaheim is retaining an additional $2.5MM on Fowler’s contract.

Joseph was acquired from Ottawa with St. Louis picking up a third-round pick to take on the rest of his contract. He wasn’t particularly impactful in his first season with the Blues and while he’s only a year removed from a 35-point year, a similar showing in 2025-26 could have his next deal coming closer to half of this amount. On the other hand, Holloway is on the rise. Acquired for a third-round pick via the offer sheet (not the one they got to take on Joseph), he had a breakout year with 63 points, good for third on the team in scoring. With arbitration rights next summer, a similar showing this season could have him more in the $7MM range on a long-term deal. What a difference a year can make after being limited on the depth chart in Edmonton.

Texier was also brought in last summer with the hopes that a change of scenery could help him most consistently show the upside he briefly displayed with Columbus. Instead, injuries were once again an issue and his playing time was a career-low when he was in the lineup. At this point, he might be a non-tender candidate or needing to sign for close to his $2.1MM qualifying offer. Toropchenko surprisingly signed this one-year deal last October and while he brought plenty of physicality, he also only scored four goals in 80 games. A small raise could nonetheless come his way but if he remains around the 20-point range, he should land somewhere around the $2.25MM mark next year.

Sundqvist has been an effective bottom-six center for a good chunk of his two stints with St. Louis but still had to settle for a minimum contract just two summers ago. He’s done enough to earn a small raise but given his market limitations the last time he tested the market, it might only be worth a few hundred thousand per season. Walker had his best season in 2024-25, becoming more of an every-game player but his overall track record remains that of a depth piece. The increase to the minimum salary guarantees him a raise to $850K and it’s possible he can do a little better than that.

Broberg’s offer sheet was much riskier than Holloway’s given the higher cap hit associated with it and what was at the time a very limited track record. But the opportunity to play regular minutes in the top four for the first time in his career helped him break out and look more like the player Edmonton hoped he’d be when they drafted him eighth overall in 2019. Now, the deal has gone from a risky one to a team-friendly pact. Also like Holloway, Broberg will be arbitration-eligible next summer, putting him in a position for a big jump again. A long-term pact will likely run them past the $7MM mark while if they needed short-term flexibility, a one-year deal could be an option but still might check in around $6MM.

Fowler was an impactful pickup by GM Doug Armstrong early in the season as he stepped right into a top-four role. For the portion that they’re paying him, he’s a nice bargain. While he’s unlikely to command a price tag at the full portion of his current deal ($6.5MM), it’ll take more than what the Blues are currently paying him to keep him around. A two-or three-year deal around the midpoint of those two numbers might be enough. Kessel technically needs to play in ten NHL games to remain a restricted free agent, otherwise he’s a Group Six unrestricted free agent. Last season wasn’t as good as the year before in the NHL but he’s now waiver-eligible and should be up with St. Louis for the full campaign. If he can lock down a full-time role, he could plausibly double his current cost. If he’s more of a depth option, then something a little over the $1MM mark might make sense.

Signed Through 2026-27

G Jordan Binnington ($6MM, UFA)
F Nick Bjugstad ($1.75MM, UFA)
D Justin Faulk ($6.5MM, UFA)
G Joel Hofer ($3.4MM, RFA)
D Torey Krug ($6.5MM, UFA)
F Jake Neighbours ($3.75MM, RFA)
F Pius Suter ($4.125MM, UFA)
D Tyler Tucker ($925K, UFA)

Suter had a breakout year with Vancouver and with so few centers on the open market, it looked like he was poised to cash in. Instead, while he landed a nice raise over the $1.6MM he made in each of the last two years, only securing two seasons was a bit surprising. If he reverts to being more of a third liner as he has been, it’s still not really an overpay, making it a low-risk addition. Clearly, teams want to see him repeat his 46 points before committing big term and big dollars.

Neighbours continued to show steady improvement but St. Louis wasn’t in a spot to give him a long-term deal, making it another bridge pact. His production hasn’t quite taken off as much as Holloway’s but as a power forward, even maintaining a point total in the mid-40s would have him set for a notable raise on his $4MM qualifying offer. If he continues to progress, he could very well double his current cap charge. Bjugstad had a strong first year in Arizona but struggled last season with Utah which hurt his market. Still, he has been more of a bottom-six producer for the most part in recent years and at this price tag, there isn’t much risk.

Let’s get Krug out of the way quickly. He won’t play this season and probably won’t play next year, meaning he’ll again be LTIR-eligible. Under the new rules, St. Louis would get the full allotment of LTIR room (minus any amount they’re below the cap when they place him there.) Doing so means they can’t accrue cap space and any bonuses hit roll over to 2026-27 so their preferred method at this point is probably trying to avoid it. But while the LTIR change will affect a lot of teams and players this season, Krug will be one of the exceptions.

Faulk is not the higher-end offensive threat he was in his prime and as he nears the 1,000-game mark with the minutes he’s logged, he could start to wear down before too much longer. Nonetheless, he was still an all-situations top-pairing piece in terms of usage last season so even with the drop in production, they’ve still received a reasonable return in recent years. But if the drop continues, he will wind up with a drop of a couple million or so on his next contract. Tucker cleared waivers back in October but wound up playing a relatively regular role in the second half on the third pairing, a role he might be able to reprise. If he can become a full-timer, things will be looking up two years from now when doubling this could be an option. But if he remains more of a reserve player, he’ll stay in that range of being a little above the minimum salary.

It hasn’t always been pretty with Binnington on this contract with there being more ups and downs than teams typically like from their starter. But the good generally has outweighed the bad while he has been one of the workhorses around the league in recent years. Since he’s not in that top tier, he probably isn’t going to be able to reach the $8MM level that a few have hit but another multi-year pact at or even a little above this price point is feasible. As the Blues have done several times with their players, Hofer also received a bridge deal, one that gives them more time to assess if he can ultimately supplant Binnington as the starter. If so, he could land around where Binnington is now. If not, he likely wouldn’t get a big jump off where he is now as the high-end backup ceiling isn’t much higher than this at the moment.

Signed Through 2027-28

F Brayden Schenn ($6.5MM, UFA)

After two of his better offensive seasons in 2021-22 and 2022-23, Schenn’s production has come down over the last couple of years to more around the 50-point mark. Considering his physicality and the fact he plays center, this still isn’t a terrible price tag for someone who is deployed as a second liner. But with over 1,000 games under his belt now and the style he plays, there are going to be some concerns about his ability to provide similar value over these final three years.

Signed Through 2028-29

None

Signed Through 2029-30 Or Longer

F Pavel Buchnevich ($8MM through 2030-31)
F Jordan Kyrou ($8.125MM through 2030-31)
D Colton Parayko ($6.5MM through 2029-30)
F Robert Thomas ($8.125MM through 2030-31)

Thomas and Kyrou signed identical contracts two months apart but since then, their paths have differed a bit. Thomas has emerged as a legitimate top-line center, averaging over a point per game the last two seasons, moving this contract to a team-friendly one already. Meanwhile, Kyrou hasn’t quite gotten to that level yet although he’s averaging 71 points over the past four years which is still solid overall. But that didn’t stop the trade speculation before July 1st when his trade protection kicked in. It’s clear that Thomas is viewed as a core untouchable while Kyrou isn’t quite in that category. But even so, his contract should hold up well in what’s expected to be an inflationary environment over the next few years.

Buchnevich signed this contract last summer as an early extension but he still saw his output dip for the third straight year, going from 75 points to 57 over that stretch. If he stays around this level moving forward, St. Louis could get some reasonable value from this contract but it’s fair to say that they’re paying him to be more in the 65-point range consistently where his deal would hold up a lot better.

Parayko battled some injuries last season but still had arguably his best year overall. An all-situations top-pairing player, he also set career highs in goals and points, helping to cover Krug’s absence and the offensive decline from Faulk. If he can stay healthy (and given his back troubles in the past, it is a legitimate if), this deal should hold up rather well. It will be tough for it to be the internal ceiling on the back end though given the new cap environment.

Still To Sign

None

Buyouts

None

Retained Salary Transactions

None

Carryover Bonus Overage Penalty

$2.153MM

Best Value: (non-entry-level) Holloway
Worst Value: Joseph

Looking Ahead

While things look pretty tight right now, having Krug’s LTIR-eligible contract gives the Blues a fair bit of wiggle room, just with the risk of another carryover penalty (though not as large as the one they’re dealing with this year). Barring a trade or carrying a shorter roster, it feels like they’re going to land in LTIR at some point whenever injuries arise but there should be enough wiggle room to add a player or two in-season if they need to.

St. Louis is going to be in a tighter situation than a lot of teams next summer. Yes, around $32MM in space is nice but around half of that could wind up going to Holloway and Broberg, not to mention the vacancy to fill with Fowler (even if it’s a re-signing). It’s manageable but adding a core piece could be tricky. Things open up after that, however, with just five players signed for more than two years, giving incoming GM Alex Steen a lot of leeway to reshape this roster. It’s just something that isn’t going to happen right after he takes over.

Photos courtesy of John E. Sokolowski and Stan Szeto-Imagn Images.

Salary Cap Deep Dive: Nashville Predators

September 10, 2025 at 7:57 pm CDT | by Brian La Rose 2 Comments

Nashville Predators

Current Cap Hit: $86,158,961 (below the $95.5MM Upper Limit)

Entry-Level Contracts

F Zachary L’Heureux (one year, $863.3K)
F Fedor Svechkov (one year, $925K)
F Matthew Wood (two years, $950K)

Potential Bonuses
Svechkov: $212.5K
Wood: $500K
Total: $712.5K

Wood signed late last season after finishing up his college campaign and held his own in limited action. Assuming he remains in his bottom-six role to start this year, it seems unlikely he’ll hit either of his ‘A’ bonuses and that would have him safely on the path to a bridge deal. Svechkov came up in late November and never looked back although his production was rather limited. It seems likely he’ll get a bigger opportunity this season which could give him an outside chance at his ‘A’ bonus. But barring a huge uptick in production, he’s also likely heading for a bridge deal, one that should push past the $2MM mark if he remains a regular this season.

L’Heureux spent most of the season with the Predators where he brought plenty of physicality but not a ton of production to the table, understandable given his limited role. Like the others, the offense simply isn’t there to justify a long-term deal so he’s also heading for a bridge deal, one that again should come in around $2MM if this season is a repeat of last.

Signed Through 2025-26, Non-Entry-Level

G Justus Annunen ($837.5K, RFA)
D Justin Barron ($1.15MM, RFA)
D Nick Blankenburg ($775K, UFA)
F Michael Bunting ($4.5MM, UFA)
D Andreas Englund ($775K, UFA)
F Erik Haula ($3.15MM, UFA)
F Michael McCarron ($900K, UFA)
D Jordan Oesterle ($775K, UFA)
F Cole Smith ($1MM, UFA)
D Spencer Stastney ($825K, RFA)

Bunting was brought in near the trade deadline with GM Barry Trotz opting for a player-for-player swap instead of being a straight seller. He hasn’t had the same type of success offensively since leaving Toronto and will need to push that point total more toward the mid-40s if he wants any sort of notable raise. Otherwise, another contract in this range seems likely. Haula came over from New Jersey this summer following a tough year although he’s averaged 40 points over the previous three seasons. If he gets back to that range, he should be able to get a raise and another multi-year pact, even at 35, which he’ll be in March. If this winds up being a repeat of last season, he might still be able to get two years but it’d be surprising to see him match let alone beat this price tag.

Smith saw his point total drop by nearly half last season despite nearly identical playing time. Still, he’s a big part of their penalty kill and throws the body around. A late-bloomer (he wasn’t a regular until 27), Smith has enough of a track record now that he could conceivably double his current price tag even with the limited output. McCarron hasn’t lived up to his draft billing but has settled in as a serviceable bottom-six checking center who is above-average at the faceoff dot and plays with an edge. Those elements will be appealing which could plausibly allow him to push past $2MM next summer.

Barron was acquired from Montreal midseason in another player-for-player swap, this time with veteran Alexandre Carrier going the other way. While the change of scenery allowed Barron to play a much bigger role, he didn’t do a whole lot with it. Still, he’s likely to push past the 200-game mark this coming season and will have arbitration eligibility this time around with a $1.2MM qualifying offer. Doubling that might be tough but he could come close.

The other four blueliners are all in a similar boat. They’ve been fringe third-pairing defenders in recent years while also seeing time in the minors. Two or three will make the team and if one stands out, he could push past $1MM next summer. The rest will likely stay at the league minimum salary which jumps to $850K in 2026-27. Notably, Stastney will need to play in at least 29 NHL games this season to retain his RFA rights. Otherwise, he’ll become a Group Six unrestricted free agent.

Annunen played a little better after coming over in an early-season trade from Colorado but his numbers were still below average. Just 25 with a fairly limited track record at the top level, it’s not a situation where Nashville should be looking to give up on him but he hasn’t shown enough to earn a long-term pact either. He has one RFA-eligible year left after this and the prudent move for both sides might be another two-year deal, one that would push the price to around $1.5MM, giving him a bit of stability while allowing the team a bit more time to evaluate his longer-term fit as the second-string option. If he bounces back with more of an NHL-average year, the cost could come closer to $2MM on that deal.

Signed Through 2026-27

D Nicklaus Perbix ($2.75MM, UFA)
F Ryan O’Reilly ($4.5MM, UFA)

As was the case with most of their veterans last season, O’Reilly underachieved offensively but he was still a two-way contributor. Between that and his contract, he was highly sought after at the trade deadline but nothing materialized. Even with the drop in production, this is a more than acceptable price tag for O’Reilly for now but at 34 with a lot of miles on him, that could change. Assuming he stays in this range a little longer, he could still beat this on a short-term deal two years from now.

Perbix comes over from Tampa Bay where he saw his playing time drop by more than two minutes a game last season. However, he has shown himself to be a capable third-pairing option, with some underlying numbers suggesting he could be capable of more. This contract suggested teams weren’t willing to bank on that just yet but if he can latch on to a bigger role, his next deal could land closer to the $3.75MM mark. If not, this is a reasonable floor for a third-pairing right-shot piece.

Signed Through 2027-28

D Roman Josi ($9.059MM, UFA)
F Steven Stamkos ($8MM, UFA)

Stamkos leaving the Lightning last summer was quite a surprise for many but his performance last season suggests Tampa Bay was wise to hold firm to their number which was lower than what Stamkos wanted. While 53 points is still respectable, that’s not worthy of an $8MM price tag and at 35, there is some concern that the decline will continue. If so, this could be a troublesome contract before long while a rebound would only delay those concerns a little longer.

When healthy, Josi remains a legitimate all-situations number one defenseman. And this price tag for that type of role is a team-friendly one. However, Josi missed a big chunk of last season with what was eventually labelled as Postural Tachycardia Syndrome and while the team announced that he is recovering well and should be ready to start this season, it’s something that doesn’t have a cure, only treatments. Now 35, a decline in performance should be coming at some point soon and there could be some lingering concern from his diagnosis. With that in mind, it wouldn’t be surprising to see the team try to manage Josi’s minutes a bit more moving forward, perhaps not having him in that high-end number one role.

Signed Through 2028-29

D Nicolas Hague ($5.5MM, UFA)
F Jonathan Marchessault ($5.5MM, UFA)

While Marchessault also saw his point total drop, he still finished second in the team in scoring with 56 points, near his average from the previous few seasons so it’s not too bad of a deal so far. Still, he turns 35 in December and has four years left which isn’t ideal and played a role in trade speculation over the summer although a move never materialized. As is the case with Stamkos and Josi earlier, this might be their last contracts.

Hague might have been one of the biggest surprise moves of the offseason. Nashville dealt two serviceable veterans in Colton Sissons (with salary retention) and Jeremy Lauzon to Vegas to get him and then signed him to a contract that no one saw coming. In his time with the Golden Knights, Hague has been a capable fifth option who can move up a spot in a pinch. Now, he’s being paid like a 20-plus-minute number three defender, a role he’s never had before. The Preds clearly feel he can get to that level but this deal is a big question mark in the meantime.

Signed Through 2029-30 Or Longer

F Filip Forsberg ($8.5MM through 2029-30)
G Juuse Saros ($7.74MM through 2032-33)
D Brady Skjei ($7MM through 2030-31)

Forsberg didn’t get back to the 90-point level a year ago but still managed 35 goals and 41 assists. In this marketplace, that’s at least still fair-market value. Assuming some of the other veteran contributors can rebound, he should be able to stay around that point total for a few more seasons, making it a deal that should hold up relatively well overall.

That can’t be said for Skjei’s contract just yet, however. His first season with Nashville saw him struggle when asked to take on a bigger role and while his offensive production was still decent, his defensive zone play was an issue. That’s not good for someone who was supposed to be a key contributor defensively. Another season or two like that could have the Predators looking to get out of the deal fairly quickly.

Saros only starts his deal now after signing an early extension last summer which, in hindsight, might not have been the way to go for the Preds. Like most of the team, he struggled considerably last season, posting the highest GAA (2.98) and the lowest SV% (.895) of his career. His track record suggests he should bounce back and if he does, this will be a fair-market contract. But if not, this will be an anchor on their books for the long haul.

Still To Sign

F Luke Evangelista

With a pair of 30-plus-point seasons under his belt already, Evangelista has shown he can be a capable secondary contributor but at the same time, he isn’t a viable candidate for a long-term deal either. With a bridge deal probably making sense for both sides, it’s a bit surprising that they haven’t gotten a deal done yet. The recent three-year deal Calgary gave Connor Zary worth $3.775MM per season could become an intriguing comparable in negotiations.

Buyouts

F Matt Duchene ($6.556MM in 2025-26, $1.556MM from 2026-27 through 2028-29)
F Kyle Turris ($2MM through 2027-28)

Retained Salary Transactions

D Mattias Ekholm ($250K in 2025-26)
F Colton Sissons ($1.429MM in 2025-26)

Carryover Bonus Overage Penalty

None

Best Value: (non-entry-level) O’Reilly
Worst Value: Hague

Looking Ahead

Even after they sign Evangelista, the Predators should have between $6MM and $7MM of cap space heading into the season which is plenty to work with. If they rebound and get back into playoff contention, they’ll have ample room to add. On the flip side, if they sell, one concern is that two of their three retention slots are already gone, meaning they can only pay down one of their potential trade candidates. That’s not the most ideal situation to be in.

The good news is that things look up beyond this season. Those retentions will be off the books, as is another $5MM from Duchene’s buyout charge. Those, coupled with their expiring deals, give Trotz around $40MM to work with next summer. Even with the high-priced spending from last summer, the Predators are well-positioned to try to make another splash or two over the next couple of years.

Photos courtesy of Jerome Miron and Mark J. Rebilas-Imagn Images.

Salary Cap Deep Dive: Minnesota Wild

September 1, 2025 at 6:58 pm CDT | by Brian La Rose 2 Comments

Minnesota Wild

Current Cap Hit: $91,088,165 (below the $95.5MM Upper Limit)

Entry-Level Contracts

D Zeev Buium (two years, $966.5K)
D David Jiricek (one year, $918.3K)
F Liam Ohgren (two years, $886.7K)
F Danila Yurov (three years, $950K)

Potential Bonuses
Buium: $1MM
Jiricek: $1MM
Ohgren: $500K
Yurov: $2MM
Total: $4.5MM

Yurov is coming off a bit of a tough year in the KHL after a breakout 49-point effort in 2023-24 but he’s still expected to come in and play a regular role with Minnesota right away. His $1MM in ‘B’ bonuses are unlikely while he’ll need to play regularly in the top six if he is going to have a shot at his $250K ‘A’ bonuses, of which there are four of them. Ohgren’s first season in North America didn’t go quite as well as the Wild had hoped. He was a solid scorer with AHL Iowa but didn’t fare particularly well with the big club. Projected as more of a depth player this season, his ‘A’ bonuses seem unlikely while he’d be trending toward a bridge deal if he winds up in that limited role this year.

Buium was a late-season addition, getting into four playoff games where he held his own. Without a ton of firepower on the back end, he should be able to play an important role this season, including seeing some action on the power play. Reaching a couple of his ‘A’ bonuses should be doable while if things go as planned, he could be the type of player that they want to sign long-term quickly. Jiricek, on the other hand, feels likely for a bridge as well. He has yet to establish himself as a full-time NHL player and while he should get there this year, that won’t be enough to land a long-term pact. If he can lock down a regular third-pairing spot, he could potentially double his current price tag although his bonuses are unlikely to be hit.

Signed Through 2025-26, Non-Entry-Level

D Zach Bogosian ($1.25MM, UFA)
G Filip Gustavsson ($3.75MM, UFA)
F Marcus Johansson ($800K, UFA)
F Kirill Kaprizov ($9MM, UFA)
F Vladimir Tarasenko ($4.75MM, UFA)
F Mats Zuccarello ($4.125MM, UFA)

The timing of the multi-year cap increase couldn’t have been any better for Kaprizov. Already poised for a multi-million-dollar raise, his market value will only go up now. Recent speculation has a possible offer landing in the $16MM per season range which feels a bit much on the high side but if it gets a deal done, expect GM Bill Guerin to do it. When healthy, he’s one of the elite wingers in the league. Tarasenko was brought in from Detroit in a cap-clearing move from the Red Wings and is coming off a rough year that only saw him record 33 points, the lowest full-season total of his career. A rebound this season could keep him in this price range but if he has a similar showing in 2025-26, landing half of this could be tough.

Zuccarello saw his production dip last season but he still managed 54 points, a solid return on the first season of this contract. Now 38, it’d be surprising to see him land another two-year pact but if both sides are happy, he could land another one-year agreement. His next deal would be a candidate to be bonus-laden if Minnesota needs some extra flexibility next summer with an overall price checking around this one. Johansson opted to take just above the minimum to ensure he stayed with the Wild. He probably could have beaten that on the open market with something more in the $1.5MM range based on the season he had but as long as he’s content in Minnesota, they could keep him around at a price close to the minimum if he has a similar role this season.

Bogosian wasn’t quite as impactful last season as he was in his first year with the team but he still held down a steady third-pairing role while taking a regular turn on the penalty kill. This type of salary for that type of role is reasonable value but it would be surprising if he landed this much on his next deal when he’s 36. By that point, he may be better off in a seventh defender role who steps in when injuries arise.

While plenty has been said about Kaprizov’s situation (and justifiably so), Gustavsson’s expiring contract also looms large. After a tough 2023-24 showing that saw him lose the starting job at times to Marc-Andre Fleury, he rebounded quite nicely, making a career-high 58 starts while finishing sixth in Vezina Trophy voting. The starting goaltender market has gotten a lot more expensive over the last 18 or so months and while he’s not in the same echelon as the starters who passed the $8MM mark recently (Linus Ullmark, Jeremy Swayman, Jake Oettinger, and Thatcher Demko), there’s a case to make that he’s in the tier below them. That could allow him to push for $7MM on a long-term agreement which would be another sizable jump on their books.

Signed Through 2026-27

F Ryan Hartman ($4MM, UFA)
D Jared Spurgeon ($7.575MM, UFA)
F Nico Sturm ($2MM, UFA)
G Jesper Wallstedt ($2.2MM, RFA)

Hartman has shown some flashes of being a legitimate top-six threat over his six seasons with the Wild which earned him this vote of confidence. However, the first year of the deal wasn’t great while he has now dealt with injury issues in four of those six years. Still, a center who has 20-goal upside when things are going well should be able to command at least a little more than this on the open market two years from now on another multi-year deal. Sturm was Minnesota’s most notable UFA signing this summer, coming over from Florida to help the penalty kill and play in the bottom six. He’ll need to get back into the 20-point range with Minnesota to avoid being cast more into the fourth-line role which would lower his market value.

Spurgeon has been a big-minute, all-situations player for a long time but it has started to catch up with him in recent years. They’ve managed his minutes a bit more lately to the point where he was fourth in ATOI among Minnesota’s blueliners. While that’s an appropriate role for his age, this contract is definitely on the expensive side for someone in that role. If there’s an extension two years from now, it could be worth closer to half this amount, including incentives.

Wallstedt’s deal was a headscratcher when it was signed and it looks even worse now. Following San Jose’s path when they signed Yaroslav Askarov early, he struggled considerably with AHL Iowa last season, posting a .879 SV%. Had they waited, they probably could have signed him for half this amount. Nonetheless, he’s still viewed as a quality prospect and if he performs to those expectations, they should still get a good return on this deal. He’ll need to cut into Gustavsson’s playing time if he wants to get more than an incremental raise in 2027.

Signed Through 2027-28

D Jonas Brodin ($6MM, UFA)
F Marcus Foligno ($4MM, UFA)
F Marco Rossi ($5MM, RFA)
F Yakov Trenin ($3.5MM, UFA)

Few players were in as much trade speculation as Rossi was this summer. For months, it had been well known that he wanted a long-term, big-money contract while Guerin’s preference was a bridge deal. A suitable trade offer wasn’t made, nor did an offer sheet materialize and in the end, Rossi moved toward Minnesota’s preferred option. Coming off a 60-point season, this isn’t bad value for the Wild and notably, the contract is back-loaded, carrying a $6MM salary in 2027-28; that number becomes his qualifying offer when he’ll also have arbitration rights. If all goes as planned in his development, the big payday coming his way will be even higher than the contract he was originally seeking this summer.

Foligno also got an early extension a couple of years back like Hartman did. Unlike Hartman, the offensive upside isn’t there as he has only reached 30 points once in his 14-year NHL career nor does he play center. He’s still an effective third liner but this is on the high side of things for someone who is best known for his physicality. Considering he’ll be 37 when his next contract starts, he’ll probably be year-to-year on his next deals at a lower cost than this. Trenin’s deal was baffling at the time as giving someone who is best suited as a fourth liner this term and money was not necessarily the best of ideas. Clearly, they were banking on a bounce-back offensively and that didn’t come. Trenin can contribute, sure, but his value might be closer to half of this.

Brodin has been a key shutdown defender throughout his 13-year NHL career, playing big minutes and anchoring the penalty kill. Those players typically don’t get big contracts but Brodin, being one of the better players in that role, was the exception with this deal. As market values increase with the cap, this contract will hold up just fine, as long as he stays healthy. Unfortunately, that has been a consistent challenge for him lately.

Signed Through 2028-29

F Joel Eriksson Ek ($5.25MM, UFA)
D Jacob Middleton ($4.35MM, UFA)

Eriksson Ek dealt with some injury issues last year (a common theme for core players on the Wild) but he remains a legitimate top-six center offensively while being one of the top defensive middlemen out there as well. That combination isn’t necessarily a prototypical number one center but it’s a role he often fills with Minnesota. If he was hitting free agency now, he could likely land a contract starting with an eight. This has been a big bargain for a few years and should continue to be moving forward.

Middleton begins this contract that was signed last summer on the heels of a career year. He wasn’t able to duplicate that last season but he was still a key top-four defender who handled some tough defensive minutes. At first glance, this deal might seem a little high but with where market values are going, this should be a fair-value contract even coming off the dip in production a year ago.

Signed Through 2029-30 Or Longer

F Matt Boldy ($7MM through 2029-30)
D Brock Faber ($8.5MM through 2032-33)

Boldy’s contract looked like it had the potential to be a team-friendly one when it was signed. Yes, there was some shared risk with a long-term deal signed when he had around 100 NHL games under his belt but if he lived up to his potential, it would be a favorable one for Minnesota. Now, in a cap environment that’s going to crank up much higher than we’ve seen, it’s even more of a club-friendly deal. He could surpass Eriksson Ek as their best contract before too long while he’s on track to hit double digits for an AAV on his next deal.

Faber had a fantastic rookie season, earning him this deal after just one year; like Boldy, Minnesota moved to sign him early. His sophomore year (played on his entry-level pact) wasn’t quite as high-end but he was still a high-impact performer. It might take a year or two for the offense to come back but this deal should age well while it’s already being used as a new benchmark in contract talks for other young defenders.

Still To Sign

None

Buyouts

F Zach Parise ($833.3K to 2028-29)
D Ryan Suter ($833.3K to 2028-29)

Retained Salary Transactions

None

Carryover Bonus Overage Penalty

$1.1MM

Best Value: (non-entry-level) Eriksson Ek
Worst Value: Trenin

Looking Ahead

Heading into the summer, with the big dead cap charges gone from Suter and Parise’s deals, Minnesota had the flexibility they’d been lacking for a while now. They ultimately didn’t do much with it. The benefit to that is that with more than $4MM in room, they’re in a good spot to bank some space early and then have ample wiggle room to take a big swing or two in the second half if the right trade materializes. If not, they’ll be well-positioned to absorb the entry-level bonuses and avoid the overage penalty for next season.

Speaking of next summer, they have nearly $40MM in cap space, more than half of which will be needed to re-sign Kaprizov and Gustavsson. But after that, they’ll only have a handful of spots to fill. Things look even cleaner for the following year. After some lean years in their spending room, the Wild now have a very promising cap outlook.

Photos courtesy of Jerome Miron and Nick Wosika-Imagn Images.

Salary Cap Deep Dive: Dallas Stars

August 29, 2025 at 9:00 pm CDT | by Brian La Rose Leave a Comment

Dallas Stars

Current Cap Hit: $95,094,916 (below the $95.5MM Upper Limit)

Entry-Level Contracts

D Lian Bichsel (two years, $918K)

Potential Bonuses
Bichsel: $500K

Bichsel split time between Dallas and AHL Texas last season before being a regular for them in the playoffs, albeit with limited playing time. He should crack the roster on a full-time basis this year but still in a third-pairing role, which doesn’t bode well for reaching his bonuses. Given their longer-term cap situation which we’ll get into as we go along, it would be surprising if his next deal isn’t a short-term bridge contract, likely around the $2MM range.

Signed Through 2025-26, Non-Entry-Level

F Nathan Bastian ($775K, UFA)
F Jamie Benn ($1MM, UFA)
F Mavrik Bourque ($950K, RFA)
D Thomas Harley ($4MM, RFA)
D Nils Lundkvist ($1.25MM, UFA)
D Alexander Petrovic ($775K, UFA)
F Jason Robertson ($7.75MM, RFA)

Potential Bonuses
Benn: $3MM

Robertson’s situation has garnered plenty of attention with his name coming up in trade speculation. He’s averaging over a point per game for his career and has notched at least 79 points in four straight seasons. That’s top-line numbers and he’ll be looking for top-line money next summer which should push his cap charge well past the $10MM mark. Notably, his qualifying offer is $9.3MM with salary arbitration rights. Benn re-signed this bonus-laden deal to allow Dallas to keep cap-compliant this season, one that is team-friendly even with the bonuses. $2MM of that is games-played based while the other $1MM is based on team playoff success. If he wants to remain with the Stars beyond this season, it’s probably going to be on a similarly structured agreement.

Bourque was a speculative offer sheet candidate this summer but agreed to this deal before the draft to take that off the table. Had he tested restricted free agency, he’d have landed more than this but the one-year term sets him up for arbitration eligibility and a shot to triple this or more next summer if all goes well. Bastian was a recent signing from the Devils and has been a physical fourth liner throughout his career but his offensive production has largely been limited. That should keep him around the minimum salary barring a big jump in output.

While Robertson’s case has garnered the majority of the attention for next year’s free agency, Harley’s is arguably just as significant. He showed last season that his 2023-24 breakout effort was no fluke, taking on an even bigger role and being just as productive. He is now a legitimate top-pairing player. As a result, this could be a situation where his pay increase next summer is higher than what Robertson’s is going to be. Noah Dobson’s eight-year, $9.5MM AAV contract signed this summer looms large as a viable comparable while ticking past $10MM per season is a real possibility as well. Notably, he’s not UFA-eligible until 2029 so one option that could be considered is another two-year bridge deal more in the $7MM range which could allow their reported desire to work within an internal cap to happen. That would buy them a bit of short-term flexibility at a time when cap space is going to be tight so GM while Jim Nill likely doesn’t prefer to go that way, he might have to.

Lundkvist looked to be heading toward a non-tender to duck arbitration rights for the second straight year before signing this contract for the same amount he made last season. Between some struggles and injuries, 2024-25 was largely a write-off so he’s getting near the point of either needing to take that step forward or understanding that he might not be more than the depth player he currently is. Petrovic spent most of last season in the minors before playing in most of the playoffs in Dallas which should give him a leg up for a full-time spot to start this year. Even so, his track record has only been that of a depth defender thus far and at 33, that’s unlikely to change. He should stay around the minimum salary moving forward although a full year in the NHL could flip his next deal to a one-way pact.

Signed Through 2026-27

F Oskar Back ($825K, UFA)
F Colin Blackwell ($775K, UFA)
G Casey DeSmith ($1MM, UFA)
D Ilya Lyubushkin ($3.25MM, UFA)
F Tyler Seguin ($9.85MM, UFA)
F Sam Steel ($2.1MM, UFA)

A hip issue sidelined Seguin for most of last season although he was a little over a point per game in his limited action. However, he has generally been more in the 50-point range in recent years and this price tag for that type of production isn’t great. He’ll be 35 when his next deal starts and while a multi-year pact should still be doable then, it’s going to come with a multi-million-dollar drop in AAV. Steel inked this deal back before the trade deadline in the midst of his fourth straight season with at least 20 points. Between that and his ability to kill penalties, he should be able to provide decent value on this contract but unless his point production starts to go up, he might not be able to go too much higher than this.

Back had a decent rookie year, getting into 73 games while holding his own in a bottom-six role to secure this deal at a rate that will be below the minimum salary next season. Assuming he remains a regular in this type of role for them, this should work out just fine while Back should be able to push more into the $1.25MM range on his next deal. Blackwell fit in nicely in a depth role last season, earning this new contract along the way. While he had a couple of years in the past with a seven-figure salary, he’s someone who should be staying around the minimum salary on any future contracts.

Lyubushkin was brought in to bring some physicality to the back and stabilize the bottom pairing. He was able to do that for the most part although this contract is on the higher side for that type of role which led to some speculation about his future when they needed to open up cap space. It would be surprising to see him beat this by any significant amount two years from now but another contract in this price range might be doable.

DeSmith is certainly at the lower end of the salary scale for backup goalies as he opted for stability and a winning environment over trying to get the highest price tag. He certainly had a solid first year with numbers that should have him toward the higher end of the backup scale (more in the $3.5MM territory). He’ll be 36 when this deal expires so it’s unlikely that he’ll find a contract in that range but value-wise, he should double this if he looks for top dollar next time out.

Signed Through 2027-28

F Radek Faksa ($2MM, UFA)

Faksa returns after a one-year stint in St. Louis after Dallas needed to clear his contract last summer. While he showed some offensive upside early in his career, he has settled into more of a pure checking role in recent seasons. Between his penalty killing utility and his faceoff skills, he should be able to provide a good return on this contract, even with the points remaining hard to come by. But unless his production improves, he likely won’t command much more than this moving forward.

Signed Through 2028-29

F Matt Duchene ($4.5MM, UFA)
D Miro Heiskanen ($8.45MM, UFA)

With Duchene making it known that he didn’t want to settle for another one-year contract this time around, it looked like his days could be numbered. And then he signed a below-market deal to stay. The trade-off is four years for a 34-year-old which isn’t ideal but he’s coming off an 82-point effort last season and could have plausibly surpassed $7MM on a multi-year contract (though not four years) on the open market.

Heiskanen is the potential internal cap on Harley’s contract and understandably so given his overall track record. (Whether a different salary cap environment makes that feasible remains to be seen.) He’s coming off an injury-riddled year but he’s an all-situations number one defenseman and the market for those has easily pushed past the $10MM mark. He’s heading for another big raise as things stand.

Signed Through 2029-30 Or Longer

F Roope Hintz ($8.45MM through 2030-31)
F Wyatt Johnston ($8.4MM through 2029-30)
D Esa Lindell ($5.25MM through 2029-30)
G Jake Oettinger ($8.25MM through 2032-33)
F Mikko Rantanen ($12MM through 2032-33)

It was quite an interesting year for Rantanen who couldn’t agree to terms with Colorado and didn’t want to agree to terms with Carolina, only to go to Dallas and sign a contract that was believed to be in the neighborhood of what the Avs were offering. That deal was a record-setting pact for a winger (since matched by Mitch Marner in Vegas). Rantanen has consistently been one of the top-scoring wingers in the NHL in recent years and while he didn’t go great in the regular season after the first trade, he showed his ability to carry a line in the playoffs. As is often the case with these types of contracts, surplus value will be hard to come by but as long as he remains the type of player he has been for a lot of his career, this will hold up well.

Hintz isn’t necessarily viewed as a true number one center but with a forward group that’s more driven from the wing, he fits the bill just fine while averaging 33 goals per season over the last four years. It would be surprising to see his output jump up to a true top level but a steady and reliable 70-point center like he is would probably have gotten more than this on the open market this summer. It feels like Hintz’s deal was the internal cap for Johnston, who signed a contract that only bought Dallas one additional year of club control. That will give them a better shot at keeping the core intact, of course, while setting Johnston up to reach unrestricted free agency at 27. That contract could be a whopper if he continues to progress; in a more inflated cap environment, Rantanen’s price tag could be within reach if he keeps improving.

Lindell has been a strong defensive defender throughout his NHL career while typically chipping in with a point total in the mid-20s. He’s capable of playing top-pairing minutes although in the long run, he might be best off in a number three role. As things stand, this is a deal that already holds up well and should continue to do so for the foreseeable future. Already 31, he’ll be 36 when his next contract starts so while a small raise might come his way, it shouldn’t be too much higher, especially on a multi-year pact.

After some high-end performances to start his career, Oettinger hasn’t been able to get quite back to that level over the last couple of years. That said, he’s still a well-above-average starter locked up at a rate we’ve seen a few starters of his caliber receive recently. As long as he performs at a top-10 level or so, this contract should hold up pretty well.

Still To Sign

None

Buyouts

D Ryan Suter ($1.433MM in 2025-26)

Retained Salary Transactions

None

Carryover Bonus Overage Penalty

$368,250

Best Value: (non-entry-level) Harley
Worst Value: Seguin

Looking Ahead

As a result of having several players on contracts considerably below market value, the Stars will enter the season with one of the strongest rosters on paper once again. But they won’t be entering it with much cap space unless they’re willing to go one or two skaters below the maximum on the active roster. That still won’t be enough to bank enough in-season room to do much but that would at least buy them a little wiggle room for injuries.

The cap crunch isn’t going away next summer, either. Harley and Robertson will make navigating the 2026-27 Upper Limit rather difficult, even with an $8.5MM increase. However, the year after that, getting Seguin off the books coupled with a projected $9.5MM bump to the cap ceiling should give them some much-needed wiggle room. But if they wind up having to bridge Harley next summer, that flexibility could be short-lived. That all said, it’s still a good problem to have given that they should once again be a contender in the West; it’s better to have a good cap-crunched roster than a lot of cap space with a weaker group.

Photos courtesy of Jerome Miron and Perry Nelson-Imagn Images.

Salary Cap Deep Dive: Colorado Avalanche

August 27, 2025 at 7:59 pm CDT | by Brian La Rose 1 Comment

Colorado Avalanche

Current Cap Hit: $94,170,000 (below the $95.5MM Upper Limit)

Entry-Level Contracts

F Ivan Ivan (one year, $835K)

There was no shortage of entry-level players trotted out on the fourth line at times last season and chances are that some of them will be back and forth once again. But Ivan got into 40 games with the Avs in 2024-25 and projects to have a similar role this season. Given his limited output, he’s someone who shouldn’t be able to command much more than this on his next deal, especially if he lands a one-way pact.

Signed Through 2025-26, Non-Entry-Level

D Brent Burns ($1MM, UFA)
F Jack Drury ($1.725MM, RFA)
F Daniil Gushchin ($775K, RFA)
F Joel Kiviranta ($1.25MM, UFA)
D Sam Malinski ($1.4MM, UFA)
F Martin Necas ($6.5MM, UFA)
F Victor Olofsson ($1.575MM, UFA)
G Scott Wedgewood ($1.5MM, UFA)

Potential Bonuses
Burns: $4MM

After being unable to agree to terms with Mikko Rantanen on an extension and not wanting to run the risk of losing him for nothing in free agency, GM Chris MacFarland opted to move him for Necas (and Drury). A year later, they might be in the same situation. Necas is coming off a career year and couldn’t agree to terms on a long-term pact last summer in Carolina with the belief that he wanted to test the open market. Now, that price tag has only gone higher given the year he had and the pending changes to the cap. It wouldn’t be shocking to see a long-term contract creep close to the $10MM mark now and if Colorado doesn’t want to pay that, they might have to look into moving him during the season.

Drury wasn’t as impactful of an acquisition as Necas but he certainly gave them some needed extra depth down the middle. He wasn’t able to repeat his 2023-24 performance offensively, however, which could limit his earnings upside. His qualifying offer checks in at $1.675MM with arbitration rights and while he should be able to beat that on another short-term deal, it won’t be a significant increase barring a breakout year. Olofsson had a decent season with Vegas in a supporting role and should have a similar type of role this season. He has had to settle for one-year deals in his first two trips through unrestricted free agency. Barring an uptick in production, he’ll either stay on that path or have to settle for a multi-year pact at a lower price tag than the $4.75MM he was making at the end of his time with Buffalo.

Kiviranta had a career year last season, notching 16 goals. By comparison, his previous personal best in points was 11. Not surprisingly, teams weren’t willing to pay him much more than his usual contract, being unconvinced that this improvement is repeatable. If he can match that this season, he might be able to land closer to $2MM. If he goes back to normal, he’ll be back in league minimum territory for 2026-27. Gushchin is one of many players who will be fighting for a back-of-the-lineup spot but given his production in the minors last year with AHL San Jose and the fact he’s now waiver-eligible, he might have a small leg up on the competition for a spot. Given his limited NHL opportunities so far and the likelihood of limited playing time given how Jared Bednar deploys his fourth line, Gushchin should stay around the minimum salary for next season even if he locks down a roster spot.

Burns comes over from Carolina in a deal that was set up to work within Colorado’s limited cap flexibility. Of the $4MM in bonuses, he’ll each $3MM with his tenth game of the season while the other million will be harder to reach (70 GP with over 23 minutes per contest). While he’s 40, he has shown himself to be capable of still playing in the top four which should make his base salary quite a bargain; they’ll be paying off the bonuses next season though. This type of contract structure could come his way again if he plays beyond this season. Malinski held his own in his first taste of full-time NHL action last season on the third pairing. If he has that same role this year, he should push past the $2MM mark if he remains as effective as he was in 2024-25.

Wedgewood signed this contract with Nashville last summer but he wasn’t there for long, being moved to Colorado not even two months into the season. He thrived in limited action with the Avs and while that probably isn’t repeatable, he’s establishing himself as a late-bloomer in terms of being a legitimate backup option. That should be enough to push him past $2MM per season on his next deal if he can give them even an adequate level of goaltending this year.

Signed Through 2026-27

F Ross Colton ($4MM, UFA)
D Samuel Girard ($5MM, UFA)
F Artturi Lehkonen ($4.5MM, UFA)
D Cale Makar ($9MM, UFA)
D Keaton Middleton ($775K, UFA)

Lehkonen has found another level offensively since being acquired from Montreal while still being a strong defensive player. Now producing as a top-six forward (and playing top-line minutes), his price tag should shoot up on his next deal. Given his quality of linemates though (a quality that few teams can match), that could be a limiter on a new contract, especially if he makes it to the open market. If Colorado re-signs him, a cap charge starting with a six should be doable. Colton wasn’t able to sustain the hot start he had last season but stayed within a similar goal and point-per-game range as he had the previous three years. At this point, that starts to become the trend, not the outlier. He didn’t play much at center last season but his ability to do so will also be a boost to his value. As long as he stays around the half-point-per-game range, Colton should be able to land closer to $5MM on his next contract knowing the demand that will be out there for help down the middle.

It’s hard for a $9MM contract to be a bargain but Makar more than fits the bill. At a time when older top blueliners landed $11MM or more several years ago, Makar has outproduced them since then and has a couple of Norris Trophies under his belt, putting his contract several million below market value already. He will be in line to sign a record-setting contract for a defenseman and while the Avs might prefer to operate on an internal cap and not have him make more than their top forward, that could be a tough sell knowing where the Upper Limit of the cap will be in 2027 (around $113.5MM). $14MM or $15MM on a max-term agreement certainly feels achievable at this point, especially as new benchmarks get set over the next couple of years.

Girard has been a steady second-pairing defender for the bulk of his eight-year career at a time when consistency is highly valued. However, given that he is one of the smallest blueliners in the NHL, his name has been speculated as a possible trade candidate for a while now. Meanwhile, with a lot of teams currently aiming for their back ends to get bigger, that could limit Girard’s earnings potential. Based on his performance, a raise past $6MM should be doable but if his market cools because of his size, that could make reaching that a challenge. Middleton is a depth defender who projects to be the seventh option more often than not. Those players tend to stay close to the minimum salary and that should be the case for him as well on his next contract.

Signed Through 2027-28

D Josh Manson ($4.5MM in 2025-26, $3.95MM in 2026-27 and 2027-28)
F Brock Nelson ($7.5MM, UFA)

Nelson didn’t exactly play great after being acquired but with the Avalanche looking to shore up a second center position that has been in flux as of late, they paid a high price to keep him from hitting the open market. Frankly, given the dearth of impact centers in this year’s class, he likely would have received this or more had he tested free agency. He’ll be 36 (nearing 37) when this deal is up and assuming his production starts to decline by then, he might be more in the $4MM to $5MM range on his next contract which could still be a multi-year pact.

Manson is still a capable physical defensive defender when healthy. But staying healthy has been an issue as he hasn’t made it to 70 games in a season since 2018-19 and that’s factored into the cost of the extension, a small pay cut. It’s on the high side for someone who should be more of a fifth option by then but if they can afford it, it’s not a bad luxury to have.

Signed Through 2028-29

F Gabriel Landeskog ($7MM, UFA)

After missing the better part of three years with continued knee problems, Landeskog returned to the lineup in the playoffs and was pretty impactful considering the layoff. It remains to be seen how he can hold up over a full season and in turn how much value he can still provide relative to his price tag. If he can get back to playing at the level he was before, this should hold up just fine but it’s a big if. And if the knee issues return, he’s a candidate to land back on LTIR.

Signed Through 2029-30 Or Longer

G Mackenzie Blackwood ($5.25MM through 2029-30)
F Parker Kelly ($825K in 2025-26, $1.7MM from 2026-27 through 2030-31)
F Nathan MacKinnon ($12.6MM through 2030-31)
F Valeri Nichushkin ($6.125MM through 2029-30)
F Logan O’Connor ($2.5MM through 2030-31)
D Devon Toews ($7.25MM through 2030-31)

MacKinnon signed this record-setting deal back in 2022 and the record didn’t last for long. Nevertheless, he remains one of the NHL’s premier players, a title he should be able to hold for several more years. Like Makar, despite the high price tag, this is already a below-market contract and should be for a while yet. When Nichushkin has been available to play, he has provided a strong return on this contract, producing at a top-line level. However, between injuries and time away in the Player Assistance Program, he hasn’t been available often enough. If he can be in the lineup more often, this will be a team-friendly deal.

O’Connor has been a reliable checker throughout his career and over the past few seasons, he has produced more than 20 points which helped him secure this contract. He plays third-line minutes overall so as long as he can hold down that role and this type of production, this deal should hold up well for Colorado, especially in an inflationary cap environment. Kelly did well in his first season with Colorado, giving the fourth line some grit and a bit of offensive production, earning this extension. For a fourth liner who can play center, this is a more than reasonable price tag with the cap increasing.

Toews doesn’t get a ton of attention with Makar also in the fold but he has turned into a legitimate top-pairing blueliner, capable of playing in all situations. Like Makar, he’s already several million below market value, a gap that will only increase in the coming years. There’s a good chance he’ll be their best value contract before too much longer.

Blackwood got off to a decent start, relatively speaking, for San Jose before being moved to Colorado where a solid early stretch with them earned him this extension. It seemed a bit too early and a little risky given that he hasn’t had a lot of success as a starter in his career thus far. On the other hand, we’ve seen less-proven netminders crack the $5MM mark in recent years so based on the market, this one was fair, but still surprising.

Still To Sign

None

Buyouts

None

Retained Salary Transactions

None

Carryover Bonus Overage Penalty

None

Best Value: (non-entry-level) Makar
Worst Value: Manson

Looking Ahead

After years of operating in LTIR, Colorado has a pathway toward avoiding that although a carryover injury for O’Connor could make that tricky in the short term. But assuming they stay relatively healthy, MacFarland should be able to bank a bit cap room before the trade deadline, either to use on late-season additions or simply to absorb some of the bonuses that Burns will reach within the first few weeks of the season. They’re not in a spot where they’ll be able to afford a splashy pickup but they should be in better shape than they have been at times when Landeskog was on LTIR.

They’re not in a spot where they’re going to be able to bank a lot of extra space, however. Necas will be a big-ticket signing (or they’ll need a similar replacement), eating likely more than one-third of their current 2026-27 space with at least half a dozen players to sign beyond that. One year later, Makar’s extremely expensive contract will hit the books, putting them well past $65MM in spending on 10 players (more if Necas is ultimately re-signed or replaced) and that’s with Lehkonen and Girard also eyeing new, more expensive deals as well. There’s a way to keep the core together but augmenting that group will be hard over the next few years.

Photos courtesy of Perry Nelson and Ron Chenoy-Imagn Images.

Salary Cap Deep Dive: Chicago Blackhawks

August 22, 2025 at 6:58 pm CDT | by Brian La Rose Leave a Comment

Chicago Blackhawks

Current Cap Hit: $76,837,976 (below the $95.5MM Upper Limit)

Entry-Level Contracts

D Nolan Allan (one year, $825K)
F Connor Bedard (one year, $950K)
D Kevin Korchinski (one year, $918.3K)
D Artyom Levshunov (two years, $975K)
F Frank Nazar (one year, $950K)
D Sam Rinzel (two years, $941.7K)

Potential Bonuses
Bedard: $3.5MM
Korchinski: $1MM
Levshunov: $3.25MM
Nazar: $900K
Rinzel: $500K
Total: $9.15MM

Bedard’s second contract has long been a discussion point. Frankly, it was already being speculated about before he even signed his first deal. But while he has led Chicago in scoring in each of his first two NHL seasons, he hasn’t been as dominant as some thought he might be. Still, he’s tracking to be worth $10MM or more on a long-term deal, an amount that could go up if he gets closer to the point-per-game mark this season. However, knowing there are big jumps coming to the cap for at least the next two years, this might be a case where a bridge deal makes sense, setting him up to cash in a couple of years from now when he’s ideally more established as an elite player. A bridge agreement would still likely run past the $7MM mark. He should hit his $1MM in ‘A’ bonuses while the ‘B’ ones are unlikely.

Nazar earned himself a quick recall and never looked back as he got better as the second half of the season went on. He just signed a new deal which we’ll get to later on but for here, some of his four ‘A’ bonuses should be achievable.

Levshunov played enough to officially burn the first year of his deal but not accrue a season toward UFA eligibility, meaning the Blackhawks still have seven seasons of club control. Assuming they push him to play the full NHL season this time around, he should have a chance at a couple of his ‘A’ bonuses and could have him in a position to bypass a bridge deal and sign a long-term contract. It’s a bit early to predict that one but we’ve seen post-ELC contracts for key blueliners push past $8MM in recent years. Rinzel got his feet wet at the NHL level late last season and was quite impressive, putting him in line to have a full-time spot barring a rough training camp. Like Levshunov, it’s too early to predict a deal (he’s only nine games into his pro career) but if he progresses as expected, his second contract could be pricey while his ‘A’ bonuses will be reachable.

Korchinski was a regular with Chicago in his first professional season but spent the bulk of last season with AHL Rockford. He could go back to the IceHogs but if he stays with the Blackhawks, it’s likely to be in a third-pairing role. If that happens, a short-term second contract would make sense for both sides, one that should check in below $2MM. He has four A’ bonuses in his deal but it seems unlikely he’ll reach any unless he plays a bigger role than expected and is quite productive. Allan split time between the NHL and AHL last season as well although he played twice as many NHL games as AHL ones. He had limited minutes when he was in the lineup and projects to have a similar role this season. That has him in line for a bridge contract in the $1.5MM range.

Signed Through 2025-26, Non-Entry-Level

G Laurent Brossoit ($3.3MM, UFA)
F Jason Dickinson ($4.25MM, UFA)
F Nick Foligno ($4.5MM, UFA)
G Spencer Knight ($4.5MM, RFA)
F Sam Lafferty ($2MM, UFA)
F Ilya Mikheyev ($4.038MM, UFA)*
D Connor Murphy ($4.4MM, UFA)
F Lukas Reichel ($1.2MM, RFA)
D Shea Weber ($7.857MM, UFA)

*-Vancouver is retaining an additional $712.5K on Mikheyev’s deal.

When Chicago re-signed Foligno to a short-term contract, they knew they were likely to be paying a bit of a premium for him. But he wound up playing a fair-sized role while being reasonably productive. He seems like a candidate to be moved by the trade deadline and if he wants to take one last chance at a Stanley Cup when he’s nearing the age of 39, it will need to be a much cheaper deal although some of that can be recovered with some reasonably achievable bonuses. Dickinson was kept at a similar premium and after a couple of decent seasons, last year was a step in the wrong direction as he dealt with injuries while his output was closer to the other years in his career. If he remains that type of player next season, his next deal might be closer to half of this amount.

It wasn’t always pretty for Mikheyev last season but he did put up a 20-goal performance and took a regular turn on the penalty kill, a reasonable showing for someone acquired as a cap dump. It would be surprising to see him beat his current price tag next year but a multi-year agreement in the $3.5MM range wouldn’t be shocking. Lafferty had a particularly rough season with Buffalo last year and a repeat of that performance could have him in PTO territory next summer. Assuming he goes back to the level of previous seasons, a small dip in pay would be more realistic. Reichel seems to be tracking in the wrong direction as his ice time dropped to under 12 minutes a night last season with middling offensive numbers. With him not being UFA-eligible until 2029, another two-year bridge deal might be coming his way, one that would likely check in below $2MM per season if this season is similar to last.

Weber is with his fourth different organization since it was determined that his playing days were over back in 2021. He’s LTIR-eligible but with how far Chicago is below the cap, they shouldn’t need to put him on there. He’ll quietly come off the books next year and that will be that.

Knight was the centerpiece of the Seth Jones trade back around the trade deadline. For a player who was touted as a future starter at the time he was drafted, he has less than 100 NHL appearances over parts of six seasons. Still, he showed last season that he could still be on that trajectory. He isn’t UFA-eligible until 2028 so another short-term deal is possible, one that should check in a little above his current price tag. Meanwhile, a long-term agreement likely pushes past $6MM per season. Brossoit didn’t play at all last season due to a knee injury. Assuming he’s cleared for this year, he might have to start in the minors which wouldn’t bode well for his future earnings. But if he’s able to stay healthy in the minors, he could still surpass the $1MM mark on a one-year deal next summer. If he’s up in the NHL and fares well, something a little less than this might be doable.

Signed Through 2026-27

F Andre Burakovsky ($5.5MM, UFA)
D Louis Crevier ($900K, RFA)
F Landon Slaggert ($900K, RFA)
G Arvid Soderblom ($2.75MM, UFA)
F Teuvo Teravainen ($5.4MM, UFA)

Burakovsky was acquired from Seattle in a cap-clearing move this summer. He isn’t the 61-point forward he was a few years ago with Colorado but they’ll be counting on him to be a floor-raiser in the middle six. That’s a fair bit of money for someone in that role but they’re clearly comfortable paying it. Teravainen was brought in to be a floor-raiser himself last summer and was one of the team’s top point-getters. They have to be pleased with how the first year went and if Teravainen can stay around the same point total, he could probably land another three-year pact in this price range. Slaggert has been up and down since turning pro but the one-way nature suggests he might be eyed as a regular in Chicago this season, albeit in a limited role. If he can stick as even a fourth liner, arbitration eligibility could give him a shot at doubling this in 2027.

Crevier has shown some promise in his limited time on the third pairing over the past two seasons and his size (six-foot-eight) is something that few blueliners possess. He may ultimately be someone with limited overall upside but if he can carve out a niche as a physical penalty killer and hold his own on the third pairing, he can carve out a reasonable career for himself. If he does that over the next couple of years, he could land closer to the $2.5MM mark.

Soderblom bounced back relatively well last season after a 2023-24 campaign that was nothing short of a disaster. Even though the overall numbers weren’t great (he didn’t have the greatest of teams in front of him, after all), Chicago saw fit to give him a longer look. He should have the inside track on the backup spot over Brossoit and will need to take another step forward if he wants a shot at beating this contract two years from now.

Signed Through 2027-28

F Tyler Bertuzzi ($5.5MM, UFA)

In 2023, Bertuzzi hit the open market in search of a long-term, big-money deal and had to pivot quickly on the second day of free agency when he signed a one-year deal in Toronto. Last summer, he got at least the term he was looking for while matching the salary from his time with the Maple Leafs. Like Teravainen and now Burakovsky, Bertuzzi is another bridge veteran who got perhaps a bit more than his market value to sign with Chicago. But after putting up his fifth 20-goal season in the last seven years (the other saw him deal with injury issues), the contract actually held up relatively well. As long as he stays in this range of production (around 45 points), they should get some value from this contract.

Signed Through 2028-29

F Ryan Donato ($4MM, UFA)

Donato’s case was an interesting one to follow last season. He had a breakout year, doubling his previous career high in points from 31 to 62. That’s called a great platform season. But with his track record being that of a depth forward, this contract reflects some shared risk. If Donato can maintain this production, it’ll be quite the team-friendly deal while if he reverts back to his normal form, it will be an above-market pact fairly quickly.

Signed Through 2029-30 Or Longer

F Frank Nazar ($6.6MM from 2025-26 through 2032-33)
D Alex Vlasic ($4.6MM through 2029-30)

Nazar impressed after being recalled in mid-December, playing his way into bigger minutes down the stretch and earning this extension, a notable one for someone with just 56 NHL games under his belt. If he becomes a full-time top-six forward and pushes near the 60-point mark each season, they’ll do okay with this contract. Clearly, they’re banking on him getting past that threshold before long and making it a team-friendly pact.

Vlasic isn’t going to be a big point-getter but he was basically their number one blueliner for big chunks of last season, especially after the Jones trade. To have someone in that role at that price tag is a boon for the Blackhawks even if it’s not really the role that Vlasic is best suited for.

Still To Sign

D Wyatt Kaiser

One of the few remaining RFAs league-wide, Kaiser spent most of last season in Chicago, often as the fourth or fifth blueliner on the depth chart. We’ve seen the market for these types of players sit around $1.5MM on the low end of a two-year bridge while a three-year pact could run them closer to $2.5MM.

Buyouts

D T.J. Brodie ($3.233MM in 2025-26, $258.3K in 2026-27)

Retained Salary Transactions

D Seth Jones ($2.5MM through 2029-30)

Carryover Bonus Overage Penalty

None

Best Value: (non-entry-level) Vlasic
Worst Value: Dickinson

Looking Ahead

As a result of Chicago being in a full-scale rebuild, cap space isn’t an issue for them. They have ample room to absorb any of the bonuses that were reached and still act as a third-party facilitator as they did last season in trades; this is the last year they can do so.

If things go as planned in terms of development, GM Kyle Davidson will get some richer contracts on the books but even with those, the short-term nature of the contracts for their bridge veterans will largely offset those. It’s not unexpected given their situation but the Upper Limit of the salary cap shouldn’t be an issue anytime soon.

Photos courtesy of Charles LeClaire and Brad Penner-Imagn Images.

Salary Cap Deep Dive: Washington Capitals

August 17, 2025 at 6:55 pm CDT | by Brian La Rose Leave a Comment

Washington Capitals

Current Cap Hit: $91,375,000 (below the $95.5MM Upper Limit)

Entry-Level Contracts

F Ryan Leonard (two years, $950K)

Potential Bonuses
Leonard: $1.5MM

As expected, Leonard joined the Capitals once his college season came to an end and while he was largely a regular moving forward, they limited his minutes. That probably won’t be the case this season as a middle-six role seems likely. That should give him a chance to maybe hit one or two of his ‘A’ bonuses worth $250K apiece.

Signed Through 2025-26, Non-Entry-Level

D John Carlson ($8MM, UFA)
F Brandon Duhaime ($1.85MM, UFA)
F Hendrix Lapierre ($850K, RFA)
F Connor McMichael ($2.1MM, RFA)
F Sonny Milano ($1.9MM, UFA)
F Alex Ovechkin ($9.5MM, UFA)
D Trevor van Riemsdyk ($3MM, UFA)

After a rough first half in 2023-24, Ovechkin was better down the stretch that year and carried it over into last season where he went back over a point per game and broke Wayne Gretzky’s goal record. Even at this stage of his career (he’s 39), he still provided above-average value on his contract, something he has largely done even as the most expensive winger in NHL history in terms of total earnings. There has been plenty of speculation as to whether Ovechkin will want to play beyond the upcoming season and if he did, it wouldn’t be shocking to see the Capitals ponder offering a deal with some incentives if they wanted to try to load up for one last kick at the end. Alternatively, returning to finish his career back home in Russia is a very realistic possibility as well.

McMichael had to settle for a bridge deal last season with cap space pretty tight for a Capitals team that spent all of the year in LTIR. The good news is that he had a career year and remains a key part of their long-term plans. With arbitration rights next summer, he’s well on his way to tripling his current price tag if he winds up around the 55-point mark again. Milano missed most of last season due to injury and ran hot and cold in the first year of the deal. As a bottom-sixer counted on to produce as a secondary scorer, that’s a hard niche to maintain. Barring a 15-goal, 30-point season or somewhere thereabouts, Milano could find himself making closer to half of this on his next contract.

Duhaime’s first season with the Capitals was a successful one as he locked down a bigger role and set a new personal best in points. He’s still someone who is more of an energy player than a scorer though which won’t help his value. That said, as an effective bottom-six checker, he should be able to push past the $2MM mark on his next agreement. Lapierre didn’t do much in limited action last season and if it weren’t for the fact he’s now waiver-eligible, he’d probably be on the outside looking in at a roster spot. But waiver eligibility should give him a long leash and now it’s up to him to establish himself as an every-game regular. If he can do that, doubling this contract could be realistic.

Carlson continues to be an above-average offensive performer who can still be counted on to play big minutes. It’s telling, however, that GM Chris Patrick indicated back in the spring that there were no plans to hold offseason extension talks. He’ll be 36 when his next deal starts and while a decline is bound to happen at some point, he still could get a multi-year pact in the $6MM or so range. With what they have tied up in their back end already, perhaps that’s not something they’re willing to do just yet. As for van Riemsdyk, he has fit in well on their third pairing for the last several seasons. Being a right-shot defender, the side that’s always highly coveted, a small increase even heading into his age-35 year seems reasonable.

Signed Through 2026-27

F Anthony Beauvillier ($2.75MM, UFA)
D Declan Chisholm ($1.6MM, UFA)
F Nic Dowd ($3MM, UFA)
D Dylan McIlrath ($800K, UFA)
F Justin Sourdif ($825K, RFA)

Dowd has been a slow developer but he has worked his way from a depth player to a trusted checker who has reached double-digit goals in five straight years. That was enough to more than double his current AAV in exchange for a reasonable two-year term at 35. It would be surprising to see him beat that in 2027 unless the point production heads more toward the 40s than the mid-20s. Beauvillier rebounded a bit after a tough 2023-24 campaign and his playoff showing certainly helped his marketability as well. Barring him getting back to the 40-point threshold, it’s difficult to see his market being too much stronger two years from now. Sourdif is an interesting case with just four NHL games under his belt. The Capitals paid a fairly high price for him (a second-round pick plus a sixth) so they clearly feel he’s capable of being a full-time contributor. If he is, he’ll have arbitration rights in 2027 which would set him up nicely for his next contract.

Chisholm came over from Minnesota at the draft and quickly signed with Washington looking to avoid an arbitration hearing. Last season was basically his first as being a regular so he didn’t have a great case to make for a big raise. But he looks like a late bloomer and if he continues as a regular with the Capitals, he could move past the $2MM mark next time. McIlrath has primarily been an AHL player in recent years, leading to this price just above the minimum. He’s likely to be in a reserve role this season once again which should keep the cost low moving forward.

Signed Through 2027-28

G Charlie Lindgren ($3MM, UFA)
F Dylan Strome ($5MM, UFA)

It took a few years for Strome to establish himself but he has turned into quite the center in recent years for the Capitals, posting a point-per-game showing last season. That type of production for the price of a second liner is quite the bargain. If he can stay around this level of points over the next three seasons, his price tag could move more into the $8MM to $9MM range on his next contract.

Lindgren didn’t have the best of seasons in 2024-25 but his body of work with Washington has been that of an above-average backup. This price comes in a little below the top of the backup market so if he can bounce back a bit relative to last season, Washington should do fine here.

Signed Through 2028-29

F Aliaksei Protas ($3.375MM, UFA)
D Rasmus Sandin ($4.6MM, UFA)

Considering that Protas hadn’t been much of a scorer at the time he signed this contract, the five-year term carried some risk. But after he had a breakout season that saw him score 30 goals (after combining for a total of 13 on his entry-level deal), this looks like quite the bargain already, even if he winds up taking a step back offensively. This is one contract that shouldn’t be an issue for them.

There was always going to be some projection in Sandin’s deal and he did set new career bests offensively last season in the first year of the agreement. Playing behind a couple of veterans who rack up the points and power play time, Sandin’s point ceiling might not be too much higher in the short term but if he continues at the level he did last season, this will work out to be a fair market contract.

Signed Through 2029-30 Or Longer

D Jakob Chychrun ($9MM through 2032-33)
F Pierre-Luc Dubois ($8.5MM through 2030-31)
D Martin Fehervary ($2.75MM in 2025-26, $6MM from 2026-27 through 2032-33)
G Logan Thompson ($5.85MM through 2030-31)
D Matt Roy ($5.75MM through 2029-30)
F Tom Wilson ($6.5MM through 2030-31)

Dubois had a nice bounce-back year after his lone year in Los Angeles didn’t go as well as expected. He has quietly hit the 60-point mark in three of the last four seasons now although his goal production has dipped over the last couple of seasons compared to the previous two. He’s producing like a second center and being paid more like a first. With Strome being on a team-friendly deal, it’s largely a wash when you put them together but Dubois has a ways to go before providing positive value on this contract. Wilson had himself quite the season last year, setting new personal bests across the board including a 33-goal season. If he stays at that level for a few more years, Washington will get enough surplus value out of the contract to cover the back half where his rugged style of play is likely to catch up with him.

Chychrun was Patrick’s big move to help out the back end last summer, acquiring him on the opening day of free agency with the hope that they’d be able to work out a long-term deal. The change of scenery was good for him as he had a career year offensively with 20 goals and 47 points. That, coupled with the announcement of sharper cap increases for three years, was enough for Washington to up its offer to the point of getting this done. It’s higher than any contract handed out to a blueliner in free agency this summer but there’s a good chance that teams would have had higher offers than this had he got that far. That isn’t to say it’s a team-friendly deal by any stretch but rather that they still probably got a small break on the AAV.

Fehervary has been the key shutdown defender for the Capitals in recent years, making his current price tag quite the bargain. That will change with his new contract as it’s on the higher side for blueliners who don’t light up the scoresheet but as the Upper Limit continues to move up, this should hold up okay. Roy fit in well after coming over in free agency from Los Angeles last summer and was the same type of blueliner he has been for several years now. Like Fehervary, it’s on the higher side for a defense-first defender but it shouldn’t be an issue for them.

Thompson had been looking for an opportunity to be a starter and he got it last year when Vegas moved him to Washington. He responded with an impressive 31-6-6 record along with a career-low GAA and a SV% still above league average. That earned him this contract, one that’s below recent comparables for more longer-term starters with longer track records. If Thompson plays at this level moving forward, his deal will become club-friendly rather quickly.

Still To Sign

None

Buyouts

None

Retained Salary Transactions

None

Carryover Bonus Overage Penalty

None

Best Value: (non-entry-level) Protas
Worst Value: Dubois

Looking Ahead

After being very tight to the cap in recent years, Washington is in a much more favorable situation this year. They’re well-positioned to have ample flexibility to open the season and as long as they don’t deal with a rash of injuries, they project to be a potential contender with above-average cap space heading into the trade deadline. That could have them in line to make a bigger splash than they did at the last deadline when they were basically limited to adding Beauvillier on a cheap contract.

Ovechkin coming off the books next summer along with the $8.5MM increase to the Upper Limit also has the Capitals in good shape to either keep their captain and add around him or add multiple players of significance if Ovechkin calls it a career. After some tough years of battling with being deep into LTIR, things are looking up cap-wise for Washington.

Photos courtesy of James Carey Lauder and Charles LeClaire-Imagn Images.

Salary Cap Deep Dive: Pittsburgh Penguins

August 15, 2025 at 9:00 pm CDT | by Brian La Rose 14 Comments

Pittsburgh Penguins

Current Cap Hit: $82,466,429 (below the $95.5MM Upper Limit)

Entry-Level Contracts

F Rutger McGroarty (two years, $950K)
D Owen Pickering (two years, $886.7K)

Potential Bonuses
McGroarty: $500K
Pickering: $250K
Total: $750K

The hope was that McGroarty would lock down a full-time spot last season but it didn’t happen. Instead, he spent most of the season with Wilkes-Barre/Scranton but showed well down the stretch which could give him a chance amidst a fairly deep group of depth forwards. Even if he does play regularly, he’s unlikely to hit his two ‘A’ bonuses.

Pickering might be in the mix on the back end but their offseason defensive depth additions make it likely as things stand that he starts in the minors. With 25 NHL games last season, he’s tracking towards a bridge deal, especially if he spends a good chunk of the year in the AHL.

Signed Through 2025-26, Non-Entry-Level

F Noel Acciari ($2MM, UFA)
D Alexander Alexeyev ($775K, RFA)
D Connor Clifton ($3.333MM, UFA)
F Connor Dewar ($1.1MM, UFA)
D Mathew Dumba ($3.75MM, UFA)
F Kevin Hayes ($3.571MM, UFA)*
F Danton Heinen ($2.25MM, UFA)
F Blake Lizotte ($1.85MM, UFA)
F Evgeni Malkin ($6.1MM, UFA)
F Anthony Mantha ($2.5MM, UFA)
D Ryan Shea ($900K, UFA)
G Arturs Silovs ($850K, RFA)
F Philip Tomasino ($1.75MM, RFA)

*Philadelphia is retaining an additional $3.571MM on Hayes’ deal.

Potential Bonuses
Mantha: $2MM

Let’s face it, this is quite the long list and that’s by design for GM Kyle Dubas who is setting up for maximum flexibility over the next couple of summers.

One part of that flexibility will be the end of Malkin’s contract. A deal that took way longer than expected to hammer out, giving him four years at the age of 35 seemed to carry some risk but it has held up alright as he has notched 200 points in 232 games over that stretch although he is slowing down now. With that in mind, he might not provide a particularly strong return on this final season but overall, they did reasonably well on this contract. Malkin’s future with Pittsburgh and the NHL in general will be in question after this as the Penguins might not want to keep a player who would be 40 on a team that’s trying to rebuild while Malkin may not want to go elsewhere after spending what will be 20 years with the Penguins. If he does, a one-year pact with lots of performance bonuses will be the deal other teams will offer.

The hope was that a change of scenery for Hayes might get him going after a tough year in St. Louis but instead, his role was reduced further and his performance dipped more. It’s hard to see that changing but his track record is still good enough that he could land around $3MM or so on another short-term deal as long as this season is around how he did last year. Mantha comes over from Calgary following an injury-riddled year that caused him to miss the final 69 games due to ACL surgery. When he’s on, he can be an effective top-six piece but has done so sporadically to the point where he needed a one-year deal last summer coming off an inconsistent season. If he rebounds, he could get back to the $4MM range but that’s far from a given. His bonuses are fairly simple; he’ll receive $250K at every ten-game increment he plays from 10 to 80.

Heinen was acquired from Vancouver as part of the Marcus Pettersson trade last season and did okay with his new team. He’s capable of putting up decent production from a bottom-six role which earned him this contract last summer but he’s not far removed from having to take a PTO either. If he hovers around the 30-point mark again, he could command a similar price tag to this on the open market next summer. Acciari’s first two seasons in Pittsburgh haven’t lived up to expectations. More of an impactful player offensively in 2022-23, his production the last two years hasn’t added up to that mark. He’s still a physical fourth liner who can kill penalties and win faceoffs but barring an uptick in output this season, Acciari is likely heading for a small dip in pay.

From a point-per-game perspective, last season wasn’t bad for Lizotte but the injury bug got him again for the second straight year. While he can be a 30-point player when healthy, he needs to show he can stay in the lineup for closer to a full 82 games to have a shot at besting this deal next summer. Tomasino had some decent moments after being picked up from Nashville. It’s too early to say that he could be part of their longer-term plans which is why the one-year pact made sense for both sides. He was non-tendered to avoid arbitration rights in June before re-signing and that could be his fate again unless there’s an uptick in his production. Dewar also went through the non-tender process six weeks ago but, like Tomasino, quickly re-signed. After seeing low minutes in Toronto, he fared better down the stretch but will need to be more of a third liner than a fourth if he wants to get to another level in terms of his contract instead of going year-to-year at only a bit above the league minimum.

Dallas signed Dumba last summer, feeling that he could still be a serviceable second-pairing player. That didn’t happen. Instead, he struggled in a very limited role before being scratched entirely in the playoffs and traded away with draft compensation for taking on the final year of his deal. It’s possible that he rebounds but it’s also possible that he has a very limited role again. At this point, he’d be hard-pressed to reach half of what he’s making now. Clifton wasn’t able to establish himself as more of a third-pairing option with Buffalo in his two seasons with them before being moved in an offseason swap as well. He’s a more reliable option than Dumba at this point and his market should be okay next summer, just with a price tag closer to the $2MM mark instead of more than $3MM once again.

Shea is a success story from Group Six free agency. While not many of those players find better opportunities elsewhere, he did just that, going from never seeing NHL action in Dallas to playing in 70 games with Pittsburgh over the last two seasons, landing him two straight one-way deals. With still a limited role, it’s hard to see him going much higher than this but it’s still a nice turnaround for someone earmarked as a full-time AHLer just a couple of years ago. Alexeyev hardly played at all last season, leading to a non-tender from Washington. He’ll need to at least establish himself as more of a viable sixth option or he could be heading toward two-way offers moving forward. He’s still arbitration-eligible but unless he breaks out and has a big year, he’s a safe bet to be non-tendered again next offseason.

Silovs was brought in via a recent trade with Vancouver to take a run at a full-time NHL backup spot. He had that going into last season with the Canucks but struggled mightily. However, he had a solid year with AHL Abbotsford before playing a key role in their Calder Cup victory, making it unlikely he’d slip through waivers. If he can establish himself as being at least a suitable full-season backup, doubling this price tag with arbitration rights is doable.

Signed Through 2026-27

F Justin Brazeau ($1.5MM, UFA)
F Sidney Crosby ($8.7MM, UFA)
D Erik Karlsson ($10MM, UFA)*
F Thomas Novak ($3.5MM, UFA)
D Parker Wotherspoon ($1MM, UFA)

*-San Jose is retaining an additional $1.5MM on Karlsson’s contract.

Crosby is quietly beginning a new contract with the Penguins this season although it’d be easy to miss that considering he has had the same cap hit since 2008, a price tag he has provided significant surplus value on. At 38, he might still provide plenty of value on this contract coming off a 91-point season which shows he still has plenty left in the tank. He’s been featured in plenty of trade speculation given that he’s nearing the end of his career and the Penguins aren’t close to contention but with full trade protection, Crosby will get to decide his fate. But no matter where he winds up (and staying in Pittsburgh remains the overwhelmingly likely outcome), he’s a safe bet to continue to provide positive value money-wise.

Novak was brought over near the trade deadline in a trade with Nashville. He didn’t come close to reaching the 40-point mark for the third straight year, instead barely amassing half of that despite some solid underlying numbers. If he can even get into the mid-30s offensively, this deal should hold up well given the high demand for centers. Brazeau was a full-time minor leaguer just a couple of years ago and only has one full NHL season under his belt. However, he did well enough to land this deal in free agency. If he puts up another couple of double-digit goal campaigns, he should be able to push past $2MM in 2027.

Karlsson hasn’t been able to come close to reaching 100 points again as he did in his final season in San Jose but he has remained one of the better offensive blueliners in the NHL. His defensive warts notwithstanding, he’s someone who can still handle big minutes and while his price tag is an overpayment for his current performance, it’s probably only a few million above market value at most. If he’s still an above-average offensive threat two years from now, a two-year deal even at 37 could be doable, albeit at a significantly lower price tag. Wotherspoon had his best showing last season with Boston, holding his own in 55 games with the Bruins to earn the first seven-figure deal of his career. If he can remain a capable third-pairing player over his time on this contract, doubling this price tag could be doable.

Signed Through 2027-28

G Tristan Jarry ($5.375MM, UFA)
D Kris Letang ($6.1MM, UFA)
F Rickard Rakell ($5MM, UFA)
F Bryan Rust ($5.125MM, UFA)

Rust has become a reliable scorer for Pittsburgh, reaching the 20-goal mark for the sixth straight time last season, a year that saw him score a career-best 31 times. He has slotted in nicely on the top line and having a capable top liner at this price point is a nice bargain. Even if he’s better suited as a second-liner at times, this contract is still team-friendly in that role. He’ll be 36 when his next deal starts which might hurt his free agent case but if he’s still scoring at this rate, he could still beat this price tag. Rakell’s tenure with the Penguins has had its ups and downs but last year was certainly the former as he had a career year with 70 points. $5MM for that value is great. On the other hand, he only had 37 the previous year which isn’t great value for that price tag. If he can even settle in around 50 points moving forward, he’ll have a shot to beat this price as a 35-year-old in 2028.

As expected, Letang did well in the first couple of seasons of his deal before taking a bit of a step back last season. At 38, that decline is probably going to continue. The good news is that they’ll have ample cap flexibility to deal with it but it would be surprising to see him playing anywhere close to the type of role he’s playing now in three years.

Jarry has shown flashes of being a legitimate starter over the years. The problem is that they remain flashes and are at times followed by extended struggles and there were plenty of those last season to the point where finding a trade option seems unlikely. He’ll get another chance to lock down the number one spot with Silovs clearly not ready for a huge role yet but he will need to turn things around or risk becoming a buyout candidate before long.

Signed Through 2028-29

D Ryan Graves ($4.5MM, UFA)

Graves was brought in to stabilize the back end two years ago. That hasn’t happened and instead, he has struggled mightily in reduced minutes. If Pickering or even Caleb Jones (who signed a two-year, $900K one-way deal this summer) makes a real run at a roster spot, Graves could find himself on waivers and in the minors with a reduced cap charge of $3.35MM. If Pittsburgh needed cap space, he’d be a strong buyout candidate.

Signed Through 2029-30 Or Longer

None

Still To Sign

None

Buyouts

D Jack Johnson ($916.7K in 2025-26)

Retained Salary Transactions

None

Carryover Bonus Overage Penalty

None

Best Value: (non-entry-level) Rust
Worst Value: Graves

Looking Ahead

For the upcoming season, the Penguins have plenty of cap space and as Dubas has shown, he’s willing to spend that money to add future assets. With this being the final season of direct third-party trade facilitation, it wouldn’t be shocking to see that continue at some point.

At the moment, Pittsburgh has over $53MM in cap space for 2026-27 and over $87MM in flexibility for 2027-28. Few teams have anywhere close to that, meaning that Pittsburgh is well-positioned to try to spend to get back into contention as soon as Dubas decides that it’s time to flip the proverbial switch.

Photos courtesy of Charles LeClaire-Imagn Images

Salary Cap Deep Dive: Philadelphia Flyers

August 12, 2025 at 9:00 pm CDT | by Brian La Rose 4 Comments

Philadelphia Flyers

Current Cap Hit: $95,129,762 (below the $95.5MM Upper Limit)

Entry-Level Contracts

F Alex Bump (three years, $950K)
F Nikita Grebenkin (one year, $875K)
F Jett Luchanko (three years, $942.5K)
F Matvei Michkov (two years, $950K)

Potential Bonuses
Luchanko: $400K
Michkov: $3.3MM
Total: $3.7MM

Michkov was able to come to North America two years earlier than expected and didn’t disappoint. While there were some ups and downs, that’s to be expected from a rookie while his 63 points led all rookie forwards (though he finished fourth in Calder Trophy voting). Michkov appears to be well on his way to becoming the type of franchise winger Philadelphia hoped he’d be when they drafted him in 2023 and if he lives up to the hype, a long-term contract could run the Flyers upwards of $9MM. He maxed out on his four ‘A’ bonuses worth $250K apiece last season and as long as he stays healthy, he should be able to do so again this season. The rest of the bonuses are ‘B’ ones and those are unlikely to be reached.

Luchanko surprised many by making the roster out of training camp last season and with at least one forward spot likely up for grabs this time around, he could be in the mix again this year although that nine-game threshold will loom large. That won’t apply for Bump and Grebenkin who should also be in the mix. Luchanko (technically) and Bump haven’t started their contracts yet so it’d be foolhardy to project their next ones while Grebenkin is likely heading for a bridge deal. A one-way pact that keeps the cap hit a little lower – somewhere a little above what he’s making now – would make sense.

Signed Through 2025-26, Non-Entry-Level

F Rodrigo Abols ($800K, UFA)
F Bobby Brink ($1.5MM, RFA)
F Nicolas Deslauriers ($1.75MM, UFA)
D Jamie Drysdale ($2.3MM, RFA)
F Christian Dvorak ($5.4MM, UFA)
G Samuel Ersson ($1.45MM, RFA)
G Ivan Fedotov ($3.275MM, UFA)
D Dennis Gilbert ($775K, UFA)
D Noah Juulsen ($900K, UFA)
D Egor Zamula ($1.55MM, RFA)
F Trevor Zegras ($5.75MM, RFA)

The Ducks decided to pull the plug on Zegras, allowing Philadelphia to step in with an offer that many would qualify as underwhelming but it was enough to get him. He is coming off another injury-riddled season while producing at a 46-point pace, well below the two seasons of 60-plus points he has under his belt from earlier in his career. That, coupled with a high-priced bridge deal, hurt his value. Owed $5.75MM for a qualifying offer with arbitration rights, another season like his last two will make him a non-tender candidate or a club-elected arbitration candidate where they could offer a 15% cut in pay. Dvorak comes over from Montreal in one of the bigger overpayments of the summer for a player who has yet to reach 40 points in his career. However, getting him just on a one-year deal as a bridge veteran required the overpayment. If he can play at a similar level as last season, a multi-year pact in the $4MM range shouldn’t be out of reach if he opts not to do another above-market one-year agreement.

Deslauriers played quite sparingly last season and when he was in the lineup, playing time was rather hard to come by. He was an every-game player when he first joined Philadelphia but that’s no longer the case. Enforcers can still generate some open-market interest but he should check in closer to the minimum salary next summer. Year one of Brink’s bridge deal went quite nicely as he upped his production to 41 points. Assuming he stays around that number, he’ll have a chance at doubling his current price tag with arbitration rights. Abols got his first taste of NHL action last season and the Flyers saw fit to hand him a small raise on a one-way deal, suggesting that they view him as a roster regular this year. At 29, it’s a bit late for a breakout year but if he can grab a full-time spot and have some success, getting a seven-figure pact next summer might be achievable.

Drysdale managed to stay healthier last season compared to the previous two seasons but staying in the lineup on an every-game basis continues to be a challenge. He still has three more RFA years left which presents an opportunity for effectively a second bridge deal next summer. If that happens, he could land in the $3.5MM per season range with arbitration rights. Alternatively, if the sides want to work out a longer-term agreement, it might take closer to $6MM per year on the AAV to get that done. Barring a breakout year, another short-term deal might make the most sense for both sides.

Juulsen came over in free agency this summer after spending the last four seasons in Vancouver. He has largely filled the seventh spot over that span and is likely to have a similar role with the Flyers, ensuring that he’ll stay relatively close to the minimum next summer as well. Gilbert was also brought in via free agency after splitting last season between Buffalo and Ottawa. Like Juulsen, his role has largely been limited at this stage of his career so unless he can establish himself as a full-time regular, he should be staying in this price range as well.

At the time Ersson signed his contract, it seemed a little strange with it being a bridge deal that came a year early. But since then, he has become their undisputed starter. He hasn’t necessarily thrived in that role but he’s gaining enough experience to put together a decent case as he becomes arbitration-eligible next summer. It would be surprising to see GM Daniel Briere hand him a long-term deal but a short-term pact with a price tag at more than double his $1.6MM qualifying offer is realistic. Fedotov quickly signed this deal soon after coming over from Russia, an agreement that seemed to be in place when he first came to North America. Unfortunately, it hasn’t worked out. He struggled in his first full NHL campaign as a backup and it’s quite possible that he’s waived in training camp and sent to the minors where his cap hit would drop to $2.125MM if he clears. Given his previous track record, there might be a team or two who wants to give him a look next summer on a cheaper deal but it would likely fall closer to the $1MM mark.

Signed Through 2026-27

D Ryan Ellis ($6.25MM, UFA)
F Tyson Foerster ($3.75MM, RFA)
F Garnet Hathaway ($2.4MM, UFA)
G Daniel Vladar ($3.35MM, UFA)

Foerster has reached the 20-goal mark in his first two full NHL seasons and finished one behind Michkov for the team lead in that department last season. But the Flyers elected to kick the can down the road on a long-term pact, working out this bridge deal that gives him a $4MM qualifying offer and arbitration rights at the end of it. If he stays on this trajectory, he could land closer to $7MM on his next deal. Hathaway got a small raise to sign an early extension last summer. An impactful fourth liner, he ultimately might have left a bit of money on the table doing so but he stays in a spot he’s comfortable with. Given he’ll be 35 when he begins his next contract, it would be surprising to see him land more than another two-year agreement in 2027, one that should land around this price point.

Ellis hasn’t played since November 2021 due to ongoing back trouble and isn’t expected to play again. He’s LTIR-eligible but if he winds up on there, the Flyers will have to contend with a bonus carryover penalty for whatever bonuses their youngsters (like Michkov) achieve, one that would count against their 2026-27 cap. Of course, keeping him on the books in full this year limits their flexibility. Neither outcome is particularly appealing but they’ll have to decide what’s the lesser of two evils.

Vladar came over in free agency from Calgary with Briere trying to do something to shore up a goaltending position that has been a big weak spot. He showed some flashes at times with the Flames although he’s not the most proven player either, allowing the Flyers to get him at a backup-level price tag. If he can establish himself as being part of the solution, pushing past $5MM next time is feasible. If he remains more of a mid-level backup, then he’s likely to remain more in this range.

Signed Through 2027-28

D Nick Seeler ($2.7MM, UFA)

Seeler was a depth defender with a role like Juulsen and Gilbert had until he joined the Flyers but now has become a reliable part of their third pairing. For someone who typically plays around 17 minutes a night, this deal is a little on the high side but by the time it expires, it might be a team-friendly cost. He’ll also be 35 when this deal is up which might put him in a year-to-year position moving forward.

Signed Through 2028-29

F Noah Cates ($4MM, UFA)

Earlier this summer, it looked as if Cates was looking just to sign a short-term deal and then see what unrestricted free agency could bring but he and the Flyers ultimately settled on a medium-term pact that bought the team three extra years of team control. He has a couple of years at close to 40 points already and if he can get over that threshold, Philadelphia should get a reasonable return on investment here.

Signed Through 2029-30 Or Longer

F Sean Couturier ($7.75MM through 2029-30)
F Travis Konecny ($8.75MM through 2032-33)
D Travis Sanheim ($6.25MM through 2030-31)
F Owen Tippett ($6.2MM through 2031-32)
D Cameron York ($5.15MM through 2029-30)

Konecny has shown steady progress over the last several seasons, increasing his point output in four straight years while setting new career highs in that regard in the last three. This deal, signed last summer, felt a little high at the time but that may have changed now. On top of Konecny hitting 76 points last season, he continues to be an all-situations player and logged 20:36 per night of ice time. A top-line player putting up close to 80 points would likely have landed this contract on the open market this summer based on the deals that went to wingers Nikolaj Ehlers (Carolina) and Brock Boeser (Vancouver). So as long as Konecny stays around this level, they should do relatively well with this contract, especially as the salary cap continues to jump for the next few years.

Couturier has largely recovered from the injury trouble that cost him more than a year and a half and has been a decent contributor for them. However, he’s getting paid to be a top-line contributor for several more years and it’s hard to see his production getting back to that level. He remains a strong defensive player and faceoff specialist so he should be able to be a quality piece for a while yet, just one that’s going to be overpaid relative to the value he can provide. Tippett saw his production drop last season but he still managed to reach 20 goals despite a small dip in ice time. Given his size and the physicality he’s capable of bringing, this contract is still probably below market value given the premium that power forwards command. As long as he stays in this point range – and that seems likely – this should hold up fine.

After a blip in 2022-23, Sanheim has re-emerged as Philadelphia’s top defender but doesn’t produce offensively anywhere near that level. But at this price point, he doesn’t necessarily need to score more than he is as he’s at more of a second (or soon to be third) option. If he can log number one minutes and play well doing so, this will become a very team-friendly deal quickly. York looked to turn the corner in his development in 2023-24 but last season was a rocky one. For his level of performance in 2024-25, his deal, signed this offseason, is on the high side but it’s a sign that the team believes he can get back to being a number two or three defender. If he can, they’ll do well with this contract.

Still To Sign

None

Buyouts

F Cam Atkinson ($1.758MM in 2025-26)

Retained Salary Transactions

F Kevin Hayes ($3.571MM in 2025-26)
F Scott Laughton ($1.5MM in 2025-26)

Carryover Bonus Overage Penalty

None

Best Value: (non-entry-level) Ersson
Worst Value: Couturier

Looking Ahead

In an ideal world, the Flyers would like to avoid using LTIR but that is going to be tricky, especially with Foerster being unlikely to start the season healthy. Even if they drop Fedotov down, that might not be enough space to keep them compliant. If they do go into LTIR, Briere will have a fair bit of flexibility to work with to add midseason but if not, they’ll be a money-in, money-out team.

With all the contracts coming off the books after the upcoming season, things won’t be anywhere near as tight moving forward. Without a lot of long-term commitments, the Flyers will have plenty of options to reshape their roster, they’re just going to have to wait one more year to get there.

Photos courtesy of Nick Wosika and Timothy T. Ludwig-Imagn Images.

Salary Cap Deep Dive: New York Rangers

August 10, 2025 at 7:58 pm CDT | by Brian La Rose 1 Comment

New York Rangers

Current Cap Hit: $94,722,024 (below the $95.5MM Upper Limit)

Entry-Level Contracts

D Scott Morrow (one year, $916.7K)

Potential Bonuses
Morrow: $350K

Morrow was part of the return for K’Andre Miller earlier this summer and he will look to establish himself as a full-time NHL player with his new team after playing sparingly with the Hurricanes. Unless he can become a regular inside the top four, it’s unlikely his bonuses will be reached. A bridge deal is likely down the road with a good showing this season potentially pushing that price past the $2MM mark.

Signed Through 2025-26, Non-Entry-Level

F Jonny Brodzinski ($787.5K, UFA)
F Artemi Panarin ($11.643MM, UFA)
G Jonathan Quick ($1.55MM, UFA)
D Braden Schneider ($2.2MM, RFA)
D Carson Soucy ($3.25MM, UFA)

Potential Bonuses
Quick: $300K

Panarin’s pending free agency is shaping up to be one of the more intriguing ones. Signed to a record-setting deal the last time he hit the open market back in 2019, that won’t be the case next summer but he should still have strong value. Panarin has produced more than a point per game in each of his six seasons with the Rangers, while he’s fourth among all NHL players in points over that stretch, behind Connor McDavid, Leon Draisaitl, and Nathan MacKinnon. Pretty good company to be in. However, he’ll also be 34 and nearly 35 when his next contract starts so his best days will soon be behind him. A more medium-term agreement (three or four years) makes sense here and it’s possible such an agreement could land around the $10MM mark per season.

Brodzinski has done well the last couple of years, establishing himself as a back-of-the-roster player with a bit of offensive skill as he’s coming off a double-digit goal season. Capable of playing center and the wing, he’s the type of lower-cost role player that could get a bit more interest next summer, giving him a chance to push past the $1MM mark for the first time in his career.

Soucy was acquired near the trade deadline in a move GM Chris Drury might already be regretting as he played limited minutes down the stretch. He’s pricey for a sixth defender, especially with the team being tight to the Upper Limit. That said, Soucy might still land close to this amount on the open market next summer. Schneider had a solid first season of his bridge contract while locking down a top-four role for the first time. He’s someone they’d probably like to sign to a longer-term deal next time out but that might run them closer to $6MM. If they can’t afford that, then a one-year pact closer to $4MM might be the short-term fix.

Quick is back for his third season with the Rangers on his third one-year deal, an agreement that keeps going up in price each year. His base salary isn’t likely to go too much higher, at least with New York as they look to keep the second-string spot affordable. His bonuses are games played and performance-based but none of them are freebies; he’ll have to play with some regularity and perform well to get some of them.

Signed Through 2026-27

F Sam Carrick ($1MM, UFA)
F William Cuylle ($3.9MM, RFA)
F Justin Dowling ($775K, UFA)
F Adam Edstrom ($975K, RFA)
F Juuso Parssinen ($1.25MM, RFA)
F Taylor Raddysh ($1.5MM, UFA)
F Matt Rempe ($975K, RFA)
D Urho Vaakanainen ($1.55MM, UFA)

With the Rangers concerned about a possible offer sheet for Cuylle, they were able to get this done quickly enough to avoid the chance of that happening. It’s on the higher end for a player who only has 66 career points under his belt but power forwards get paid early and often and this deal should hold up fine. A long-term pact with arbitration rights next time out could come close to doubling this cost. Raddysh came over in free agency from Washington where he managed a respectable 27 points in largely a limited role. He’s not that far removed from a 20-goal campaign back with Chicago either but he’s likely to fill a regular spot in the bottom six. Unless he can get back to that offensive form he briefly showed with the Blackhawks, Raddysh is likely to remain in this price range.

Parssinen’s stock has dropped after a season that saw him slide down the depth chart in Nashville and Colorado before being moved to the Rangers at the trade deadline where he still didn’t reach 10 minutes a night of playing time. On the other hand, he’s still just 24 and has some room to stabilize. He’ll be owed a $1.3MM qualifying offer with arbitration rights so he’ll need to show he can lock down a full-time role over the next two years or become a potential non-tender candidate as New York will want to keep its back-of-roster spots cheap. Carrick was a low-cost add in free agency last summer and fared pretty well in a depth role, picking up 20 points and winning over 54% of his faceoffs. If he can do that for two more years, he could set himself up for a jump closer to the $1.75MM mark.

Edstrom and Rempe both had brief stints with Hartford last season in between seeing largely fourth-line minutes with the Rangers, making bridge deals the obvious way to go. They received identical contracts that buy the team more time to assess how much upside there still is. If they progress, something in the $1.5MM after arbitration rights could be doable. Dowling comes over from New Jersey after playing in a career-high 52 NHL games last season. He’s someone whose roster spot could be a little tenuous while history has shown that he’s likely to stay at the minimum salary moving forward.

Vaakanainen came over from Anaheim as part of the Jacob Trouba trade and got an opportunity to play largely a regular role upon returning from an injury. The 2017 first-round pick has been more of a depth player throughout his career but had arbitration rights which was enough to land him a small raise to avoid the risk of going to a hearing. He’ll need to show he can be more than a depth option if he wants to get more than this moving forward.

Signed Through 2027-28

None

Signed Through 2028-29

D Adam Fox ($9.5MM, UFA)
F Vincent Trocheck ($5.625MM, UFA)

Trocheck has turned into a nice bargain for a second center. While he wasn’t able to match his career-best point output from 2023-24 last season, he was still fourth on the team in scoring while bringing a solid defensive game and high-end faceoff skills to the table. If he would have been unrestricted this summer, he likely would landed at least a couple million more per season.

Fox wasn’t able to surpass the 70-point mark for the fourth straight year last season but he still finished in the top ten league-wide for points by a defenseman. He’s third overall for points by a blueliner in the last half-decade and considering he’ll only be 31 when this deal expires, he’s in a good spot to earn a max-term contract with a price tag that should land closer to the $12MM mark if he’s still in top form by then.

Signed Through 2029-30 Or Longer

D William Borgen ($4.1MM through 2029-30)
D Vladislav Gavrikov ($7MM through 2031-32)
F Alexis Lafreniere ($7.45MM through 2031-32)
F J.T. Miller ($8MM through 2029-30)
G Igor Shesterkin ($11.5MM through 2032-33)
F Mika Zibanejad ($8.5MM through 2029-30)

Zibanejad’s contract was always going to carry some risk in the back half but it has held up relatively well in the first three seasons of it as he’s amassed 225 points. As long as he can play at a top-six level, they’ll at least get reasonable value but those final few seasons remain likely to be an issue. Miller was brought in for a second stint with the Rangers in a midseason trade with Vancouver. A lot of what was just written about Zibanejad also applies here although Miller has been over a point per game in three of the last four years with the one miss coming last season when he almost got there. All else being equal, his deal might provide a better return for a little longer than Zibanejad’s.

Early last season, Lafreniere got off to a solid start, averaging a point per game over the first few weeks, suggesting he had turned the corner in his development. That was enough to get this early extension worked out. However, he managed just 38 points in 75 games after the contract, a 41-point pace over a full season. That type of production for $7.45MM isn’t what they’re expecting or paying him for. It will be interesting to see how he fares under new head coach Mike Sullivan. If Sullivan can help him take that next step, this contract should hold up just fine or even become a bargain if the offense really takes off. But if he stays in that 40-50-point range, it could become a problem fairly quickly.

Gavrikov was their big addition this summer, giving them a legitimate top-half defender (who effectively replaces the Miller moved in the trade with Carolina). Considering the dearth of quality options available, it’s fair to suggest he left money on the table to join New York. He won’t produce enough to make the contract a bargain but this one should hold up just fine. Borgen’s, on the other hand, looks like an above-market deal before he has even played a game on it. For a player who is best off as a fifth option, the term and dollars are both high. Granted, he very well could have come close to this in free agency with the state of the defensive market but that doesn’t make it a good deal for New York.

Shesterkin wanted to set the new benchmark for goalies and while it took trading Trouba to create enough space in the league’s Projected Off-Season Cap Accounting formula to do it, they eventually got it across the finish line. Given the record-breaking nature of the contract, it’s never going to be a true bargain and if he’s not elite in any given year, it’ll be a drag on their books. But he’s considered one of the best in the game for a reason and New York has him locked up for the long haul; it’s a bet they were certainly comfortable with making.

Still To Sign

G Talyn Boyko
G Dylan Garand

Neither netminder has played at the NHL level yet though Garand sits third on the depth chart. Both players will likely be heading for low-cost two-way deals.

Buyouts

None

Retained Salary Transactions

None

Carryover Bonus Overage Penalty

None

Best Value: (non-entry-level) Trocheck
Worst Value: Borgen

Looking Ahead

Drury has been rather aggressive with shaking up his roster, dealing away several core players in the last eight months to open up enough flexibility to make some other moves. The end result is a different group and time will show if it’s a better one. Looking at things strictly from a cap perspective, not a whole lot has changed. They’re still very tight to the Upper Limit and only Morrow is waiver-exempt so papering him down (the new rule for that doesn’t start this season) won’t open up a lot of extra flexibility. As soon as an injury hits, they’ll be a money-in, money-out team in 2025-26.

Drury should have more options next summer when his cap space jumps up to nearly $30MM. Of course, there’s a big-ticket contract in Panarin’s to contend with while Schneider will be eyeing a big raise as well. Those two will take up more than half of that space but after that, there will be more wiggle room to work with. They won’t necessarily get as much of a jump the following summer with Cuylle needing a pricey new contract and a lot of other roster spots to fill but the Rangers should still be in a more favorable cap situation then compared to now.

Photos courtesy of Wendell Cruz and Charles LeClaire-Imagn Images.

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Salary Cap Deep Dive 2025

St. Louis Blues

Entry-Level Contracts

Signed Through 2025-26, Non-Entry-Level

Signed Through 2026-27

Signed Through 2027-28

Signed Through 2028-29

Signed Through 2029-30 Or Longer

Still To Sign

Buyouts

Retained Salary Transactions

Carryover Bonus Overage Penalty

Looking Ahead

Nashville Predators

Entry-Level Contracts

Signed Through 2025-26, Non-Entry-Level

Signed Through 2026-27

Signed Through 2027-28

Signed Through 2028-29

Signed Through 2029-30 Or Longer

Still To Sign

Buyouts

Retained Salary Transactions

Carryover Bonus Overage Penalty

Looking Ahead

Minnesota Wild

Entry-Level Contracts

Signed Through 2025-26, Non-Entry-Level

Signed Through 2026-27

Signed Through 2027-28

Signed Through 2028-29

Signed Through 2029-30 Or Longer

Still To Sign

Buyouts

Retained Salary Transactions

Carryover Bonus Overage Penalty

Looking Ahead

Dallas Stars

Entry-Level Contracts

Signed Through 2025-26, Non-Entry-Level

Signed Through 2026-27

Signed Through 2027-28

Signed Through 2028-29

Signed Through 2029-30 Or Longer

Still To Sign

Buyouts

Retained Salary Transactions

Carryover Bonus Overage Penalty

Looking Ahead

Colorado Avalanche

Entry-Level Contracts

Signed Through 2025-26, Non-Entry-Level

Signed Through 2026-27

Signed Through 2027-28

Signed Through 2028-29

Signed Through 2029-30 Or Longer

Still To Sign

Buyouts

Retained Salary Transactions

Carryover Bonus Overage Penalty

Looking Ahead

Chicago Blackhawks

Entry-Level Contracts

Signed Through 2025-26, Non-Entry-Level

Signed Through 2026-27

Signed Through 2027-28

Signed Through 2028-29

Signed Through 2029-30 Or Longer

Still To Sign

Buyouts

Retained Salary Transactions

Carryover Bonus Overage Penalty

Looking Ahead

Washington Capitals

Entry-Level Contracts

Signed Through 2025-26, Non-Entry-Level

Signed Through 2026-27

Signed Through 2027-28

Signed Through 2028-29