The NHL announced last week that the salary cap for the 2008-09 season will be $56.7 million. More importantly the salary floor will be $40.7 million. This means at least three teams - the Los Angeles, Atlanta, and Columbus - will have to jump into the free agent market to raise their payroll by at least $10 million.
The 12% salary cap increase does not mean that across the league players can expect a 12% salary increase. Afterall, almost 500 players are currently under contract. For example, the Toronto Maple Leafs have 15 players already under contract for a total cap hit of $38 million which includes their buyouts. That would mean that the restricted and unrestricted free agents reap the benefit of the increase revenue available when the cap increases. Whether or not teams spend up to the cap limit, we are going to see some significant escalation in salaries when this week is up. Further feeding the frenzy will be the small number of decent free agents this year so it will be a strong sellers' market. If Marion Hossa signs with the highest bidder, he could see a contract that would put him near the top of the pay scale.
Prior to the lock out low market teams would pretty much sit out the first week of the free agent auction and move it to pick up the left overs. But now Columbus, Los Angles and Atlanta needs to spend big dollars just to reach the minimum while other big market teams that are already committed to some large contracts are the ones that will be spectators.
12 years ago
