NHL Announces Salary Cap Increase, International Tournament Ahead of Stanley Cup Final

The NHL and NHL Players' Association (NHLPA) announced a significant increase in the salary cap for the 2024-25 season, raising it to $88 million from the current $83.5 million.

This substantial boost, revealed just before the Stanley Cup final opener between the Edmonton Oilers and Florida Panthers, marks the first significant cap increase in years.

Following modest $1 million raises in the last two seasons due to the financial impact of the COVID-19 pandemic, this increase marks the first significant cap increase in years.

"I know the general managers and the teams are excited to have more flexibility," NHL Commissioner Gary Bettman stated at his annual press conference before Game 1.

"It means that the revenues are as robust as we've been telling you all."

The cap floor has been set at $65 million.

"It's been a good year for hockey," added NHLPA executive director Marty Walsh.

"Double-digit viewership increases for the most part across the league, revenue's coming in. It puts us in a strong position as a PA just to advocate on behalf of our players."

The league also unveiled details of its newest international event, the NHL 4 Nations Face-Off tournament, scheduled to take place from February 12 to 20 in Montreal and Boston.

This tournament will feature teams from Canada, the United States, Sweden, and Finland.

"Two iconic cities," said NHL Deputy Commissioner Bill Daly. "We have 32 franchises, so we could have put it anywhere. But those two rose to the top. Both very excited about hosting. We're looking forward to being there."

Montreal's Bell Centre will host four games, including the highly anticipated Canada vs. U.S. match on February 16.

Boston's TD Garden will host three games, including the championship game on February 20.

"The good is that I'm excited about it (and) the bad is every single person in Boston is gonna call me looking for tickets," joked Walsh, a Boston native.

This tournament will give fans a chance to see top NHL stars like Connor McDavid and Auston Matthews in international play, serving as a prelude to the 2026 Winter Olympics in Milan and Cortina, Italy.

The NHL announced earlier this year that players will participate in the next two Olympics after skipping the 2018 games for business reasons and missing the 2022 games due to COVID-19.

Walsh's tenure has ushered in a new era of cooperation between the league and the NHLPA. "It's very open, candid, good dialogue," said Bettman.

"We have a good relationship that may be the best that's been in the history of labour relations between the NHL and the NHL Players' Association."

Bettman also addressed the status of former Chicago Blackhawks GM Stan Bowman and head coach Joel Quenneville, who remain ineligible for NHL employment due to their roles in the Kyle Beech sexual assault scandal.

"They have both reached out seeking an opportunity to come back," Bettman noted. "That's something that I have to consider."

In response to a question about the Panthers potentially playing at LoanDepot Park, home of Major League Baseball's Miami Marlins, Bettman expressed interest in exploring options for the Panthers to participate in an outdoor game in the future.