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Salary Cap Deep Dive 2025

Salary Cap Deep Dive: Chicago Blackhawks

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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, first up are the Blackhawks.

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.

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Salary Cap Deep Dive: Washington Capitals

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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 Metropolitan Division, last up are the Capitals.

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.

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Salary Cap Deep Dive: Pittsburgh Penguins

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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 Metropolitan Division, next up are the Penguins.

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.

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Salary Cap Deep Dive: Philadelphia Flyers

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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 Metropolitan Division, next up are the Flyers.

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.

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Salary Cap Deep Dive: New York Rangers

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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 Metropolitan Division, next up are the Rangers.

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.

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Salary Cap Deep Dive: New York Islanders

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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 Metropolitan Division, next up are the Islanders.

New York Islanders

Current Cap Hit: $89,368,333 (below the $95.5MM Upper Limit)

Entry-Level Contracts

D Isaiah George (two years, $838.3K)
D Matthew Schaefer (three years, $975K)
F Maxim Shabanov (one year, $975K)

Potential Bonuses
George: $80K
Schaefer: $3.5MM
Shabanov: $3.5MM
Total: $7.08MM

The Islanders were the successful team out of a field of money to sign Shabanov out of Russia.  One of the top scorers in the KHL last season, it’s fair to say they’ll be counting on him to be at least a secondary producer this year.  In doing so, he could have a shot at hitting some of his ‘A’ bonuses of which he has four at $250K apiece.  Notably, Shabanov will be arbitration-eligible next summer which will put some extra emphasis on the upcoming season.

Schaefer was the number one pick in the draft back in June despite missing most of the season due to injury.  By signing his entry-level deal, the NCAA route is off the table so it’s the NHL or junior hockey for him.  If he stays the full year and becomes a top-four piece, some of his four ‘A’ bonuses will be achievable as well.  It’s not normal to put an ‘if’ in front of a number one pick playing in the NHL right away but with Schaefer, it’s far from a given.  George didn’t look out of place in 33 games with the Isles last season.  His situation may be tied to Schaefer making the team or not but it stands to reason he’ll at least see some NHL action again, allowing him to reach some of his ‘B’ bonus for games played.  George is trending toward a low-seven-figure bridge deal two years from now.

Signed Through 2025-26, Non-Entry-Level

D Adam Boqvist ($850K, RFA)
D Tony DeAngelo ($1.75MM, UFA)
F Marc Gatcomb ($900K, RFA)
F Anders Lee ($7MM, UFA)
F Jean-Gabriel Pageau ($5MM, UFA)
G David Rittich ($1MM, UFA)

After a tough 2023-24 campaign, Lee bounced back last season with his highest point total since 2017-18.  He finished second on the team in points which is more like what they expect from their captain.  However, Lee will be entering his age-36 year on his next deal and teams have gotten stingier with contracts given to players that age in recent years.  Even a three-year agreement might be deemed too risky unless it was for a big cut price-wise.  A two-year pact could be doable at a small dip in pay or, alternatively, teams could push for one year plus achievable games-played bonuses to allow for more in-season flexibility.  Both are viable options for him next summer.

A year ago, it looked like the Islanders might have to attach a sweetener to clear Pageau’s contract but instead, they spurned trade interest in him this summer.  He’s someone who is steadily around the 35-40-point mark and with his defensive ability and faceoff prowess, he should have good interest next summer.  Besting this price tag might be tough for Pageau but another multi-year pact with an AAV starting with a four might be doable.  Gatcomb was a serviceable fourth liner in the second half of last season, a good showing after getting his first NHL deal at 25 last summer.  He’ll need to show that can hold that role down over a full season and if he does, that could jump him into the $1.5MM range next year.

DeAngelo was a midseason signing after being lured away from his KHL contract and it was a good move as he was his usual productive self while also logging over 23 minutes a game.  His defensive concerns will continue to limit his earnings upside but a good full-season showing could give him a shot at a multi-year deal in the $3MM range next summer.  Boqvist saw limited minutes after being a midseason waiver claim and signed with a small raise instead of what was likely to be a non-tender to avoid arbitration eligibility.  He’ll still be arbitration-eligible summer which will probably work against him again barring a breakout season.  As someone who profiles as a sixth defender at best, he’s likely going to stay close to the minimum salary unless his role drastically changes.

Rittich was brought in as goaltending insurance via free agency.  He wound up making 31 starts for the Kings last season although his .886 SV% was well below average.  Still, he has been a serviceable backup in the past if need be and if he isn’t needed to hedge against injuries, his contract can come off the books entirely if he’s in the minors (if he’s not claimed off waivers).

Signed Through 2026-27

F Casey Cizikas ($2.5MM, UFA)
F Jonathan Drouin ($4MM, UFA)
F Emil Heineman ($1.1MM, RFA)
F Simon Holmstrom ($3.625MM, RFA)
F Kyle MacLean ($775K, RFA)
F Kyle Palmieri ($4.75MM, UFA)
F Maxim Tsyplakov ($2.25MM, UFA)
G Semyon Varlamov ($2.75MM, UFA)

Palmieri was in trade speculation right up to the deadline with the belief that the lack of a trade meant a handshake agreement was in place with then-GM Lou Lamoriello.  It appears new GM Mathieu Darche largely upheld that agreement with this contract.  Palmieri quietly posted 24 goals and 24 assists last season and near-50-point production for under $5MM in this market isn’t bad value.  He’ll be 36 when he needs a new contract and, like Lee, his options may be more limited at that time.  When healthy, Drouin was quite productive with Colorado, notching 37 points in 43 games but injuries have now been an issue for him in five of the last six seasons.  While he was able to get more than one year this time around, it’s still a below-market contract for what a top-six forward should be receiving.  He’ll need to stay healthy and keep producing if he wants a shot at a long-term deal two years from now.

Holmstrom has only been a full-time NHL player for the last two seasons but has quickly worked his way from being a role player to a secondary core piece at both ends of the ice.  The lower-cost bridge deal bought Darche some extra short-term flexibility but it sets up Holmstrom well two years from now when he’ll have a $3.75MM qualifying offer and arbitration rights.  Assuming he’s able to at least stay at this level, a jump to something starting with a five might be the next step.  Cizikas getting six years four summers ago was a bit of a shocker although it has held up relatively well so far.  He’s still a contributing fourth liner who can move up in a pinch and help a bit on the penalty kill.  In a market where some fourth liners are starting to get higher salaries, this isn’t as much of an overpayment as it might have first seemed.

Tsyplakov was believed to also be nearing a new deal before the GM change but this one wasn’t upheld with the sides working out this agreement a little before an arbitration hearing.  He had a solid first season in North America after coming over from the KHL and even if he stays in a third-line role, this deal should hold up well.  With a couple more years under his belt come 2027, his market could be an interesting one.  Heineman came over as part of the Noah Dobson trade after a decent rookie season that saw him score double-digit goals while primarily playing on the fourth line.  Assuming he even stays at that pace, he could land closer to $1.75MM in two years while some offensive improvement could allow him to easily clear $2MM.  MacLean was a regular fourth liner although he wasn’t used a lot, nor did he produce much.  If he stays in this role, he’s likely to stay close to the minimum moving forward.

When Varlamov received a four-year deal two years ago at 35, it was supposed to be the last two seasons that would be the concerning ones.  However, he was limited to just 10 appearances last season and is only set to start skating soon, necessitating the Rittich signing as insurance.  At his best, Varlamov can be an above-average backup but with the injuries, that’s a big question mark moving forward.

Signed Through 2027-28

F Anthony Duclair ($3.5MM, UFA)

Duclair was last summer’s impact acquisition but he wasn’t very impactful offensively, notching just 11 points in 44 games while dealing with some injuries along with a leave of absence following some public criticism from head coach Patrick Roy.  With limited cap space, they’ll need him to pull his weight moving forward or his deal might be one they’re looking to get out of in a hurry.

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Salary Cap Deep Dive: New Jersey Devils

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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 Metropolitan Division, next up are the Devils.

New Jersey Devils

Current Cap Hit: $89,368,333 (below the $95.5MM Upper Limit)

Entry-Level Contracts

D Seamus Casey (two years, $950K)
F Arseni Gritsyuk (one year, $925K)
D Simon Nemec (one year, $918.3K)

Potential Bonuses
Casey: $350K
Gritsyuk: $500K
Nemec: $3.25MM
Total: $1.1MM

Gritsyuk has come over after some productive seasons in the KHL to ideally deepen their attack offensively.  His contract has a November 15th European Assignment Clause so even if he starts in the minors with Utica, he can’t stay there for long.  If he can stick with New Jersey full time, he could have a chance of getting at least one of his ‘A’ bonuses.

Casey was quite productive in a limited stint with the Devils last season where he had eight points in 14 games while producing at a similar per-game rate with Utica.  He could be viewed as a regular this season or could be the first recall with the latter making his bonuses unlikely and likely moving him toward a bridge deal in 2027.  Nemec saw very limited time with New Jersey, instead spending a big chunk of the season with the Comets, an outcome he wasn’t too pleased with.  He’s likely to fill a depth role if he’s up with the big club which makes his $1MM in ‘A’ bonuses unlikely.  A short-term second contract makes sense for both sides; if Nemec can lock down a regular role this season, it could land around the $2MM mark.

Signed Through 2025-26, Non-Entry-Level

F Paul Cotter ($775K, RFA)
F Evgenii Dadonov ($1MM, UFA)
G Nico Daws ($812.5K, RFA)
F Juho Lammikko ($800K, UFA)
G Jacob Markstrom ($4.125MM, UFA)*

*-Calgary is retaining an additional $1.875MM of Markstrom’s contract

Potential Bonuses
Dadonov: $2.25MM

Dadonov provided Dallas with some solid secondary scoring last season, notching 20 goals and 20 assists despite playing less than 14 minutes a night.  However, given his age (36), his offers were bonus-laden.  He can hit $1.25MM of those by simply reaching 50 games (250K for each ten) with some additional incentives unlockable by team playoff success.  Given that Dadonov acknowledged his offers were similar to this one, it’s safe to say that this type of structure will likely be what he receives moving forward as well.

Lammikko spent the last three years in Switzerland but was brought back to North America with a one-way deal.  He’s likely to battle for a spot on the fourth line and when you factor in his performance in his first stint in the NHL, there could be a bit of room to grow the contract but he’s likely to stay around the $1MM mark next time out.  Cotter potted 16 goals last season despite being in the bottom six while being one of the more physical players in the league.  That type of output will look good in an arbitration hearing and while they’re not direct comparables, it wouldn’t be shocking if his camp was eyeing the $3MM per season that Columbus gave to Mathieu Olivier a few months ago.

Markstrom had a solid first season in New Jersey, helping to stabilize a position that had its challenges before then.  However, he’ll be 36 when his next deal kicks in.  A three-year deal might be doable but it’d be surprising to see him land around the $8MM mark that some other proven starters have received.  A small raise on his full cap hit could be doable though.  Daws projects to be the third goalie but it would be surprising to see him get through waivers unclaimed so if the Devils don’t want to risk it, they’ll have to keep him up with the big club.  If that happens and his playing time is limited, he might not be able to command much more than his $892.5K qualifying offer.

Signed Through 2026-27

D Brenden Dillon ($4MM, UFA)
F Cody Glass ($2.5MM, UFA)
F Nico Hischier ($7.25MM, UFA)
F/D Kurtis MacDermid ($1.15MM, UFA)
F Dawson Mercer ($4MM, RFA)
F Stefan Noesen ($2.75MM, UFA)
F Ondrej Palat ($6MM, UFA)

Hischier’s contract looked a little risky when it was first signed as he was coming off a 47-point sophomore season.  While expectations were still high for the first-overall pick, this deal wouldn’t have aged well if the offense didn’t come around.  But it did do just that as he has become one of the top defensive centers in the NHL while reaching the 60-point mark in four straight seasons.  Since Hischier started in the NHL at 18, he’ll only be 28 when his next contract begins, meaning he’s a strong candidate for another max-term pact, seven years with New Jersey or six elsewhere.  A sizable raise should be coming his way as he could push past the $9MM mark on his next contract.

Palat’s contract simply hasn’t worked out as planned.  Signed to be a secondary scorer, he instead has seen his per-game output drop to the lowest rates of his career with a corresponding drop in ice time to under 14 minutes per game.  Assuming that trend continues, he’s someone they might be looking to incentivize a team to take while a buyout could be on the table next summer as well.  Palat still has some value but his market rate is less than half of what he’s making.  It wasn’t that long ago that Mercer looked like a can’t-move core piece but his output has tailed off the last two seasons as well.  After putting up 56 points in his sophomore year, he has only put up 33 and 36 since then.  He’ll be owed a $4.25MM qualifying offer two years from now with arbitration rights but as things stand, he’d be hard-pressed to land any sort of notable raise.

Noesen parlayed a pair of quietly efficient seasons in Carolina into this deal, one that more than doubled his career earnings.  The early return looks positive as he’s coming off a career year and played higher up the lineup than he did with the Hurricanes.  If this continues, he could push more toward the $4MM range next time.  New Jersey originally didn’t plan to re-sign Glass but assessed what the center market was going to look like and ultimately brought him back.  He has shown flashes of top-six upside but has largely been a bottom-six option in his career, meaning that this is the price range he’ll continue to be in unless he can break through offensively.  MacDermid has sparsely played in recent years and when he has suited up, playing time has been minimal.  While they’d like to keep an enforcer around, he’s also a candidate to be waived if they need more money to re-sign a certain restricted free agent that we’ll get to shortly.  Given his limited usage, he might be closer to the minimum salary on his next contract.

Dillon was his usual self in his first season with New Jersey.  He was last in ATOI among full-time blueliners but still logged right around his career average in playing time.  He killed penalties, blocked shots, and played with physicality and as we’ve seen in recent years, that profile is starting to cost more.  However, Dillon will be turning 37 early in his next contract so he could be in a spot like Dadonov where he’ll have to go year-to-year moving forward.

Signed Through 2027-28

D Dougie Hamilton ($9MM, UFA)
D Jonas Siegenthaler ($3.4MM, UFA)

In his prime, Hamilton was a premier offensive defender.  He’s not in his prime now but is still an above-average one, albeit one who has dealt with some injury issues the last couple of years.  No longer a top-pairing player, his contract skews toward the above-market side and will likely remain there for the next three years.  By the time he hits the open market again at 35, his price tag might be closer to half of this amount.  Siegenthaler has been a reliable stay-at-home player in New Jersey but, like Hamilton, has had some injury issues.  He’ll need to stay healthier moving forward if he wants to push past the $4MM mark on his next contract.

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Salary Cap Deep Dive: Columbus Blue Jackets

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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 Metropolitan Division, next up are the Blue Jackets.

Columbus Blue Jackets

Current Cap Hit: $79,157,499 (below the $95.5MM Upper Limit)

Entry-Level Contracts

F Adam Fantilli (one year, $950K)
D Denton Mateychuk (two years, $886.7K)

Potential Bonuses
Fantilli: $3.2MM
Mateychuk: $750K
Total: $3.95MM

Fantilli was drafted with the hope that he could become a legitimate number one center.  He appears to be on his way to getting there after being moved back down the middle full-time last season while building off his rookie season nicely.  The $1MM in ‘A’ bonuses could very well be hit if he progresses as expected in 2025-26, putting him in a good spot to bypass a bridge contract if that’s a route GM Don Waddell wants to go.  A long-term agreement could run past the $9MM per season mark.

Mateychuk was a midseason recall and quickly earned the confidence of head coach Dean Evason.  He was a very productive blueliner in AHL Cleveland before the promotion but hasn’t had a big chance to showcase that part of his game yet.  If he gets that chance this year, he could have a chance to earn some of his three ‘A’ bonuses but if he remains in more of a fourth or fifth role, that will be tricky.  As things stand, Mateychuk appears likelier to land a bridge agreement on his next contract but if he locks down a more prominent spot on the depth chart by 2027, that could change.

Signed Through 2025-26, Non-Entry-Level

F Zach Aston-Reese ($775K, UFA)
F Yegor Chinakhov ($2.1MM, RFA)
F Charlie Coyle ($5.25MM, UFA)
G Jet Greaves ($8.125K, RFA)
D Erik Gudbranson ($MM, UFA)
F Boone Jenner ($3.75MM, UFA)
F Cole Sillinger ($2.25MM, RFA)

Coyle was acquired from Colorado this offseason to give the Blue Jackets some extra depth down the middle.  He’s coming off a quiet year that saw him record just 35 points but he’s only a year removed from a 60-point campaign.  Assuming he’s able to get back to at least the 40-point range, Coyle should be able to hit the UFA market next summer with a shot at matching his current price tag on a three or four-year agreement.  Jenner has been a very effective two-way center when healthy.  However, he has missed significant time in five straight seasons which will affect his next contract.  When he’s healthy and in form, he’s a big center who is above average on faceoffs and scores more than 20 goals a season.  That player would normally get $6MM or more on the open market.  But with the injuries, his market value might dip closer to $5MM or so.

Sillinger just turned 22 and already has four NHL seasons under his belt and has taken some gradual strides offensively but isn’t quite proven as a second-line middleman just yet.  Notably, he’ll only be two years away from UFA eligibility next summer while also having arbitration rights.  If the sides can’t agree on a long-term pact, a one-year second bridge contract could run the team around $3.5MM while a medium-term agreement might land closer to $5MM per season.  On the other hand, if he takes a jump forward and Waddell is ready to lock him up long-term, the price tag could push past the $6MM mark.  It’s not often someone this age is in this contractual spot since few 18-year-olds play in the NHL right away and with his development so far, there’s a wide range of outcomes.

Chinakhov has been in the media a lot lately with his trade request being made public in recent weeks.  He’s only one year removed from putting up 16 goals in 53 games but injuries and a long stretch as a healthy scratch limited him to just seven in 30 outings last season.  If he gets back to his 2023-24 form, he’d be in line for a short-term deal that pushes past $3MM per season but if he’s used as he was down the stretch, he could conceivably enter non-tender territory next summer as well.  Aston-Reese was an training camp waiver claim from Vegas last fall and earned this one-year extension soon after.  As a fourth liner who typically plays limited minutes, he’s likely to stay at or near the minimum salary moving forward.

Gudbranson’s contract came as somewhat of a surprise three years ago given that he was more of a fourth or fifth defenseman at the time.  It actually has held up a bit better than expected although last season was largely a write-off due to injuries.  In a perfect world, he should be more of a third-pairing player by the time his next contract begins so at least a small dip should be expected.  That said, right-shot defenders often get paid more than expected so perhaps he surprises again.

Greaves needs to get into at least seven NHL games this season with at least 30 minutes played per game to actually remain a restricted free agent.  If not, he’d become a Group VI UFA.  Considering that he projects to be part of the goaltending tandem next season, it’s safe to say that he’ll easily get there, barring injury.  He was a big part of their late-season push but still has just 21 NHL games under his belt right now.  A solid showing this season could move him closer to the $2MM mark while if he takes over as the starter moving forward, it wouldn’t be shocking to see him more than double that on a deal that buys out a couple of UFA seasons.

Signed Through 2026-27

D Jake Christiansen ($975K, UFA)
F Kent Johnson ($1.8MM, RFA)
F Isac Lundestrom ($1.3MM, UFA)
F Kirill Marchenko ($3.85MM, RFA)
G Elvis Merzlikins ($5.2MM, UFA)
F Dmitri Voronkov ($4.175MM, RFA)

Voronkov received his bridge deal just last month on the heels of a solid second NHL season that saw him record 24 goals and 23 assists.  The short-term contract made sense for both sides to better assess if he can become even more impactful offensively before locking in a long-term agreement.  Assuming he stays on this trajectory, it wouldn’t be surprising to see his next contract surpass the $6MM threshold.  Marchenko appears to be well on his way to an even bigger raise on his next deal.  He very quietly put up 31 goals and 74 points last season, legitimate top-line numbers for a middle-six price tag.  He has surpassed the 20-goal plateau in each of his three NHL seasons and at the rate salaries are set to increase, he could plausibly double his current price tag two on his next contract.

Johnson received a bridge deal last summer on the heels of a tough season.  That contract already looks like a big bargain as he locked down a full-time spot in the top six and had more points than his previous two seasons combined.  At this rate, he could get into the $6MM or $7MM range as well with arbitration rights when his deal is up.  Lundestrom comes over from Anaheim after the Ducks elected to non-tender him.  He has been more of a depth player in recent years, unable to live up to his first-round billing.  The fact he can kill penalties gives him some utility but he’ll need to be a lot more impactful if he wants to get past the $2MM threshold on his next deal.

Christiansen was a full-timer on the NHL roster for just the first time last season which didn’t give him much leverage in contract talks.  He also averaged just 12:32 per game in 2024-25 which was one of the lower marks for a regular.  If he can work his way up to 15 or 16 minutes a night, he could push closer to $1.5MM on his next deal.  It also wouldn’t be overly shocking if he was on waivers at some point on this deal if he’s pushed out of a roster spot.

While Merzlikins showed promise early in his career, he simply hasn’t been able to play at the level of an NHL starting goalie with much consistency.  Frankly, his performance has been that of a backup at best more often than not.  At this point, landing a deal paying half of what he’s getting now could be a challenge barring him turning things around over the next couple of seasons.

Signed Through 2027-28

D Zach Werenski ($9.583MM, UFA)

Werenski’s contract raised some eyebrows at the time it was signed but after they lost Seth Jones to Chicago, they weren’t in a spot where they could risk losing their top defender.  After injuries wrecked the first year of the agreement, he has played at a true number one level, an all-situations player who logs heavy minutes and puts up plenty of offense.  He led the Blue Jackets in scoring last season, averaging just over a point per game while finishing second in Norris Trophy voting.  Given the inflationary trend of the market (particularly on the back end), Werenski appears to be on his way to landing another raise three years from now on another long-term agreement.

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Salary Cap Deep Dive: Carolina Hurricanes

at CDT | by 5 Comments

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 Metropolitan Division, first up are the Hurricanes.

Carolina Hurricanes

Current Cap Hit: $84,855,709 (below the $95.5MM Upper Limit)

Entry-Level Contracts

F Jackson Blake (one year, $905.8K)
D Alexander Nikishin (one year, $925K)
F Logan Stankoven (one year, $814.1K)

Potential Bonuses
Nikishin: $3MM
Stankoven: $32.5K
Total: $3.0325MM

Blake and Stankoven will be on very team-friendly contracts for one more season before their long-term agreements kick in.  We’ll cover them in more detail at that time while noting that Stankoven’s bonus is tied to games played; as long as he stays healthy, that should easily be met.

Nikishin’s long-awaited NHL debut wound up taking longer than expected as he didn’t suit up for Carolina right away after joining the team, leading to some brief concern that a formal agreement wouldn’t be finalized.  But he ultimately signed and projects to be a regular for the Hurricanes this season.  Some of the $1MM of ‘A’ bonuses might be reachable but the $2MM of ‘B’ bonuses are highly unlikely.

Signed Through 2025-26, Non-Entry-Level

G Frederik Andersen ($2MM, UFA)
F Mark Jankowski ($800K, UFA)
F Tyson Jost ($775K, UFA)
D Mike Reilly ($1.1MM, UFA)

Potential Bonuses
Andersen: $750K

Jankowski was a late-season pickup from Nashville and fared well with eight goals down the stretch.  However, he has largely been a depth piece in his career so while a small raise is coming his way no matter what thanks to the pending increase in minimum salary, his next deal might not land too much higher than that.  Jost was up and down last season and had a very limited role when he was in the lineup for the Hurricanes.  As things stand, he’s someone who’s likely to remain around the minimum salary.

Reilly missed most of the season while recovering from a procedure on his heart to correct an issue discovered while he was out with a concussion.  He has been more of a sixth or seventh defender in recent years and projects to land in that same range with the Hurricanes.  That should keep him around this range moving forward.

When healthy, Andersen has been a decent starter but staying healthy has been a big challenge.  He has failed to reach 35 games in three straight years and four of the last five.  That particular games played mark is notable as that’s the first threshold of his bonuses for $250K with another $250K coming at 40 games (plus $250K if Carolina makes it back to the East Final and he plays in half the games or more).  There isn’t much risk with this contract as if the injury issues return, he’s still a lower-cost second option while if he’s healthy and meets those bonuses, he’s probably going to provide a lot of value at that price.  Because of the injuries, it wouldn’t be surprising to see him going year-to-year from here on out with structures similar to this.

Signed Through 2026-27

D Jalen Chatfield ($3MM, UFA)
D Shayne Gostisbehere ($3.2MM, UFA)
G Pyotr Kochetkov ($2MM, UFA)
F Jordan Martinook ($3.05MM, UFA)
F Jordan Staal ($2.9MM, UFA)

Martinook was more of a depth player over his first few seasons with the Hurricanes but has become one of their more versatile forwards and is often deployed in the middle six.  The end result has been three straight seasons over 30 points.  But even with the cap set to jump, it’s hard to forecast a sizable raise on his next contract.  A few more years with a small raise might be doable though.  Staal, on the other hand, took a big pay cut on this deal to stick around.  He’ll be heading for his age-39 year in 2027-28 so a one-year deal with incentives is likely if he decides to keep playing with the combined value coming in around his current price tag.

Gostisbehere was brought back last summer for a second stint with the team to be a depth player at even strength but a power play specialist.  He was exactly that, notching 27 of his 45 points with the man advantage.  The even strength limitations and his smaller stature limit his earnings upside but this is a niche role he can fill for a few more years.  If he has a couple more years of 40-plus points, an AAV starting with a four next time is doable on a short-term deal.  Chatfield had largely been a third-pairing player until last season when he was trusted with a bigger role.  He isn’t a big point producer but if he gets through these next two seasons around the 18-19-minute mark at the level he played last season, he could push past $4MM as well in 2027 on a longer-term agreement than the three-year pact he inked last summer.

Kochetkov’s contract was a curious one.  Signed back in late 2022 with hardly any NHL time under his belt, it has aged pretty well so far as he has carried the bulk of the work for the first two seasons of the agreement.  While his overall consistency is a bit spotty compared to some netminders, the good outweighs the bad and if you have a strong-side platoon goalie at this price, you’re doing well.  If Kochetkov continues on this trajectory, his next deal could land around the $5MM mark.

Signed Through 2027-28

F Taylor Hall ($3.167MM, UFA)

Hall was the other part of the original Mikko Rantanen deal but unlike Rantanen, he decided he wanted to stick around.  The former Hart Trophy winner certainly isn’t that caliber of player anymore although he’s still a decent secondary scorer.  Even if he’s on the third line, if he stays around the 42 points he had last season, Carolina should do fine with this deal.  He’ll be almost 38 heading into 2028-29, however, so one-year contracts are likely beyond this one.

Signed Through 2028-29

F Eric Robinson ($1.7MM, UFA)
F Andrei Svechnikov ($7.75MM, UFA)
D Sean Walker ($3.6MM, UFA)

Svechnikov bypassed the bridge contract to sign a max-term agreement four years ago with the hope that he’d be providing surplus value in the back half.  He’s not quite there yet especially coming off a down year but his performance the previous two seasons suggests he can get to that level still.  At a minimum, he’s a second liner with good size and physicality and with the forecasted jumps coming to the cap, he could beat this deal four years from now, even if he stays at his 2024-25 form.  Robinson had a career year last season, fitting in extremely well in Carolina’s system for the first time, earning a four-year agreement in the process.  For someone who has reached double digits in goals in three of the last four years, there’s a good chance this deal works out well in the long run.

Walker’s career year in 2023-24 landed him a five-year deal last summer and it looked like he had established himself as a second-pairing blueliner.  His usage last season was a step back, however, ranking last out of their six regular defenders.  This price tag is on the high side for a sixth option but right now, it’s a luxury they can easily afford.

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