Welcome Matt: Salary cap expected to rise when Pettersson's Canucks contract expires

Some good news for the Vancouver Canucks today as NHL Deputy Commissioner Bill Daly expects the salary cap to increase significantly after next season.

So two more seasons of spending $82.5 to $84.5 million on players (not including injuries) and a convenient hike in time for Elias Pettersson’s next contract.

The NHL’s salary cap has stayed relatively flat to account for the lost revenues from the pandemic. It is going up just $1 million for this coming season.

Pettersson’s deal expires in the summer of 2024, when he will still be a restricted free agent and have arbitration rights. Vasily Podkolzin’s contract expires that summer, too.

In Pettersson’s case, you might remember the last round of negotiations lingering into training camp and the sides agreeing on a short-term deal just to resolve the matter. That was the previous Canucks management group kicking the can down the road, and strengthening Pettersson’s bargaining position assuming an upwards career trajectory.

He didn’t look great through the first third of last season, but Petey got it back on track and should be in line for a rich extension two years from now. Luckily for the Canucks, they should be able to give it to him.

Daly’s pronouncement is welcome news across the NHL. Teams were planning on a bigger hike for the 2025-26 season, not 2024-25.

The Canucks already have $40 million in salary commitments for the ’24-25 season, a list that includes Thatcher Demko, Quinn Hughes, and Oliver Ekman-Larsson.

The increase makes it easier to fit the existing contracts, extensions for Pettersson and Podkolzin, and deals signed over the next two seasons.

Alas, it will still be tricky to re-sign Bo Horvat and J.T. Miller as the team has $61 million committed to just 13 players for next season.

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