Bettman: NHL salary cap could rise by around $4M for 2023-24

The NHL salary cap could see a sizable increase earlier than expected.

Commissioner Gary Bettman said Tuesday that the escrow balance is likely to be paid off by the players at the end of this season, and if it is, the salary cap will increase by around $4 million this summer, according to TSN's Pierre LeBrun.

The latest report before the season projected a $1-million increase for next season for a cap ceiling of $83.5 million, which Bettman confirmed will still happen if the escrow balance isn't fully paid off by the players.

The report also projected a cap ceiling of around $88 million in 2024-25 and $92 million in 2025-26. It's unclear how the potential spike in 2023-24 would affect future seasons.

The NHL salary cap was stuck at $81.5 million for the last three seasons due to lost revenues from the COVID-19 pandemic. It rose to $82.5 million for 2022-23.

Before the pandemic, the salary cap rose every season from 2013-14 until 2019-20.