NHL's Salary Cap Set To Rise Again To $64 Million

It seems almost baffling now that we lost the entire 2004-05 season because players and owners could not agree on the financial state of the league. While players obviously wanted their share of the pie, owners relentlessly contended that the league could not continue in its then-situation of economic peril if player costs were not reduced. And thus, a much debated salary cap was instituted that called for team payrolls to not exceed $39 million for the 2005-06 campaign.

But according to the collective bargaining agreement, that figure could rise each year based on league-wide revenue. And every year since the lockout, that's exactly what has occured. Now, coming off the 2010-11 season in which the cap was at $59.4 million, teams and player agents have been informed that they should expect another $4.6 million addition. According to TSN, the salary cap will be $64 million - a staggering $25 million increase over the course of six years.

The salary floor will move to $48 million.

This will naturally be welcomed news to all high payroll teams that desperately need that extra cushion. The Philadelphia Flyers immediately come to mind as a squad that needs to ink recently acquired goaltender Ilya Bryzgalov before he can go unrestricted on July 1, but will have a hard time squeezing his salary in based on the reported $6-7 million per season he is reportedly seeking. The New York Rangers, who are juggling whether or not they can buy out Chris Drury or wish to do the same with Wojtek Wolski, will also benefit from an extra $5 million their pockets to pursue pending-free agent center Brad Richards.