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NHL salary cap projected to be around $71 million

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The NHL's salary cap is expected to rise to $71 million for the 2014-15 season.

Gary A. Vasquez-US PRESSWIRE

NHL owners are going to be able to spend a little more money this offseason, which is great news for upcoming free agents and any player that's in the market for a new contract.

The NHL's board of governors met on Monday at Pebble Beach, Calif., and according to TSN's Darren Dreger the projection for the 2014-15 salary cap that was presented is upwards of $71 million, which would be the highest it has ever been.

The salary cap for this season, the second year of the NHL's current collective bargaining agreement, is set at $64.3 million. The NHL lost half of the 2012-13 season to a lockout, and the league is already spending at its prelockout level just two years later.

There are already four teams that have more than $60 million in cap space committed for next season according to CapGeek: Chicago ($64.8 million spread between 17 players), Boston ($62 million for 17 players), Washington ($62 million for 22 players), and Vancouver $60 million for 16 players).

The nearly $7 million increase is the largest year-to-year increase the cap has had since it was put into place prior to the 2005-06 season.

Along with the salary cap projection, the board of governors also approved the NHL's new 12-year Canadian television contract with Rogers Communication.

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