The NHL salary cap is set for a record-breaking $14 million jump, according to Sportsnet insider Elliotte Friedman. The cap is projected to rise from $104 million this season to $113.5 million in 2027-28, then skyrocket to $127.5 million in 2028-29 — a $23-plus million increase in just three years.
“The NHL gave its first estimate for the 2028-29 salary cap at this week’s Board of Governors meeting, and according to multiple sources, it’s a whopper — $127.5 million. (All figures in U.S. dollars),” Friedman writes. He adds, “The league and NHLPA are in the second of a three-season agreement that sent the ceiling to record levels.”
Friedman notes that commissioner Gary Bettman pointed to revenue projections of roughly $8.1 billion in mixed currency for this coming season as a key driver — growth fueled by a rich U.S. broadcast deal, expanding international game slates, and rising franchise valuations across the league. If that 2028-29 estimate holds, future cap projections could land even higher than anticipated.
How Will This Impact Players and NHL Teams?
The news could mean different things for different teams. Some will see it as a huge relief. Others will struggle. For the players, it’s all good news.
Small-market, budget-conscious teams that already struggle to reach the salary cap floor will find that the new ceilings squeeze them further out of contention. Many are already working hard to reach the cap floor. Some teams struggling to attract big free agents will find that obstacle even harder to overcome. The good teams will get better. The struggling teams will see players jump for better chances to win.
Meanwhile, big-market, big-spending franchises will keep spending. Many will throw outrageous amounts at players, with the new cap only giving them more room to operate. Leo Carlsson’s deal in Anaheim will look like a drop in the bucket by 2029.
For teams like Anaheim, San Jose and Colorado, the jump offers breathing room after locking up Carlsson, Macklin Celebrini and Cale Makar respectively.
Who Will Get the Massive Deals Now?
This new projection will be music to the ears of players like Connor McDavid, Quinn Hughes, and Nikita Kucherov. All are either looking at extensions now or will be in the next couple of seasons.
For Edmonton, it sets up a path to re-sign Connor McDavid without asking him for another team-friendly discount. McDavid’s deal expires after 2027-28, and if he waits to sign until the cap is nearing $127.5 million, he could command as much as $25 million per season — double his current salary.
Kucherov could easily eclipse the $20 million per season mark, making him the highest-paid forward in the NHL.
What will be fascinating to watch is how this impacts the “when” of contract extensions. For players who have the option to sign right away or wait until the cap jumps, there will be real incentives to hold off. With individual salaries capped at 20% of the total ceiling, a higher cap means higher maximum paydays for franchise players. A $14 million jump in one year means potentially making an additional $2.8 million per season.
At the end of the day, expect teams to keep handing out the kind of aggressive, long-term deals seen this past summer.
NHL’s Salary Cap Could Hit a Shocking New Number by 2028-29