By Canadian Press

NHL salary cap to increase by $1 million per team for 2023-24 season

Jun 28, 2023 | 10:20 AM

TORONTO — NHL teams will operate with a salary cap of US$83.5 million in 2023-24, a modest increase of $1 million over this past season.

The NHL and NHL Players’ Association also announced a salary floor of $61.7 million for next season.

The numbers were determined after the NHL and NHLPA arrived at a salary midpoint of $72.6 million per team based on hockey-related revenue.

Wednesday’s announcement put to rest talk of a salary-cap increase for 2023-24 beyond the projected bump of $1 million.

Commissioner Gary Bettman had suggested earlier that a larger increase may be possible as players continue to pay owners back via escrow — the system that guarantees a 50/50 split of hockey-related revenue.

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The NHL has had a hard salary cap since it was negotiated into the CBA that ended the 2004-05 lockout.

This report by The Canadian Press was first published June 28, 2023.

The Canadian Press