The NHL’s salary cap could reach approximately $127.5m for the 2028-29 season, according to a preliminary estimate reported by Sportsnet’s Elliotte Friedman. The figure is not a final confirmed cap, but it would mark a sharp rise from the current $104m ceiling and could materially affect how clubs approach long-term contracts.
The reported projection also sits above the $113.5m cap expected for 2027-28. If the 2028-29 estimate proves accurate, the ceiling would have increased by $23.5m in two years from its current level.
The reports suggested the projected growth could reshape contract planning across the league. It is particularly relevant to the 2028 unrestricted free-agent market, which is reported to include Connor McDavid, Auston Matthews and Zach Werenski.
A preliminary figure with major planning implications
Friedman’s reported estimate has been linked to rising NHL revenues. According to The Hockey Writers, commissioner Gary Bettman indicated that revenue projections for the coming season were approximately $8.1bn in mixed currency.
The reported $113.5m projection for 2027-28 would already represent an increase on the current ceiling, before the larger estimated rise for the following season. As a preliminary estimate, the $127.5m figure should not be treated as a confirmed spending limit.
The Hockey Writers reported that a quickly increasing ceiling could leave some clubs with more room around major commitments, while creating difficulties for teams already struggling to reach the salary-cap floor.
That distinction matters because a higher ceiling would not affect every club in the same way. Teams with major commitments already on their books could have more room to construct the rest of their roster if the projected growth materialises. Conversely, the report said clubs already struggling to reach the salary-cap floor could face challenges. Because the figure is described as a preliminary estimate, its practical effect on individual teams remains uncertain.
The projection could also alter how existing long-term agreements are viewed. Deals agreed under a $104m cap may account for a smaller proportion of a team’s available spending if the ceiling moves towards $127.5m. That does not guarantee that every expensive contract will become good value, but it could influence the calculations made by clubs and agents when negotiating contracts that cover the later years of the decade.
- Current cap: $104m.
- Projected 2027-28 cap: $113.5m.
- Reported preliminary 2028-29 estimate: approximately $127.5m.
- Potential increase from the current ceiling: $23.5m.
Why the 2028 free-agent class matters
McDavid and Matthews are both reported to be due to become unrestricted free agents in the summer of 2028, with Werenski also in that group. Their timing means any substantial cap rise could be an important part of the market in which their next contracts are negotiated.
The Hockey News said salary records have already moved quickly. Colorado’s Cale Makar reportedly agreed an eight-year extension worth $163.2m, carrying a $20.4m annual value, to become the league’s first $20m-per-year player. The same report said Macklin Celebrini’s $18.8m annual value had surpassed Leo Carlsson’s $18m figure before Makar’s agreement set a new high.
Those recent deals provide context for why a cap projection matters even before it is formalised. A higher ceiling can expand the room available to retain elite players, but the exact value of future contracts will still depend on individual negotiations and each club’s wider spending commitments.
For now, the $127.5m number should be treated as an early indication rather than a settled financial limit. The reported gap between the current cap and the 2028-29 estimate nonetheless illustrates the scale of the possible change.