Melnyk says Senators plan to spend up to salary cap during 2021-25 window

The Ottawa Senators have staked out a long-term plan for success and it includes undergoing some major spending.

The team held a corporate event in Toronto on Tuesday for close to 200 people, including sponsors and partners. Owner Eugene Melnyk said that following another year or two of rebuilding, the team plans to start spending towards the salary cap in an attempt to go on a five-year run.

"The Senators will be all-in again for a five-year run of unparalleled success - where the team will plan to spend close to the NHL’s salary cap every year from 2021 to 2025," the team stated in a release summarizing Tuesday's event. "He reiterated that the Senators' current rebuild is a blueprint on how to bring the Stanley Cup home to its rightful place in Ottawa."

Ottawa currently boasts the eighth-smallest projected cap hit this season at just over $72 million. Meanwhile, the club also sits last in the league standings, one spot lower than they finished during the 2017-18 season.

The Senators haven't made the playoffs since the 2016-17 campaign when they were eliminated in the Conference Final by the Pittsburgh Penguins in double overtime of Game 7.