Salary Cap Deep Dive: New York Rangers

Navigating the salary cap is one of the most important tasks for a front office.  Teams that can avoid total cap chaos by walking the tightrope of inking players to deals that match their value (or compensate for future value without breaking the bank) remain successful.  Those that don’t often see struggles and front office changes.

PHR will look at every NHL team and give a thorough look at their cap situation heading into the 2024-25 season.  This will focus more on players who are regulars on the roster versus those who may find themselves shuttling between the AHL and NHL.  All cap figures are courtesy of PuckPedia.  We’re currently covering the Metropolitan Division, next up is the Rangers.

New York Rangers

Current Cap Hit: $87,376,524 (below the $88MM Upper Limit)

Entry-Level Contracts

F William Cuylle (one year, $828K)
F Adam Edstrom (one year, $847K)
F Matt Rempe (one year, $820K)

Potential Bonuses
Cuylle: $57.5K (games played)

Cuylle’s first full NHL season was a solid one for someone who primarily played on the fourth line.  It’s unlikely that he’ll play much higher up this year and with New York’s long-term cap situation, it’s safe to say they’ll be looking for a bridge deal, one that should check in around the $1.4MM mark.  Edstrom is someone who could bounce back and forth this season and in that case, New York will probably ask him to accept closer to the $775K minimum in exchange for a one-way contract.  Rempe quickly became a fan favorite for his pugilistic skills but will need to be trusted to play more than six minutes a night if he’s to push for any sort of pricey second contract.  As things stand, he’s likely to land around $1MM on a bridge agreement if he stays up full-time in 2024-25.

Signed Through 2024-25, Non-Entry-Level

D Zachary Jones (813K, RFA)
F Kaapo Kakko ($2.4MM, RFA)
F Alexis Lafreniere ($2.325MM, RFA)
D Ryan Lindgren ($4.5MM, UFA)
D K’Andre Miller ($3.872MM, RFA)
G Jonathan Quick ($1.275MM, UFA)
D Chad Ruhwedel ($775K, UFA)
G Igor Shesterkin ($5.67MM, UFA)
F Reilly Smith ($3.75MM, UFA)*
F Jimmy Vesey ($800K, UFA)

*-Pittsburgh is retaining an additional $1.25MM of Smith’s contract.

Potential Bonuses
Quick: $25K (20 starts plus a save percentage of .915 or more)

Smith was acquired on the opening day of free agency as New York’s free agent plans seemingly didn’t pan out.  On the surface, they probably only wanted someone on a one-year deal so the pivot to this made sense.  Smith is coming off a down year with Pittsburgh but is only a year removed from a 56-point effort.  If he can get back to that, he could maintain his full $5MM salary for a few more years but the likelier scenario is something in the $4MM range.  Kakko accepted his qualifying offer early to take one more run at things in New York.  Until he can become more than a third liner, however, it’s hard to foresee him getting much more than this.  Vesey, meanwhile, had one of his best years last season and a repeat performance could allow him to potentially double his price tag but the Rangers will need to keep that salary slot closer to where it is now.

Lafreniere is one of the more intriguing pending restricted free agents from the 2025 class.  After struggling through his entry-level contract (resulting in this bridge deal), he was much more impactful last season, showing the skill that made him a top pick before following it up with a strong playoff run.  Still just 22, there’s cause for optimism that Lafreniere could still beat his numbers from a year ago which will only send the price tag up even more.  Assuming that he can at least maintain his 2023-24 output, Lafreniere’s next contract should push past the $6MM mark at a minimum; it wouldn’t be surprising to see it go to a seven.

Lindgren settled for a one-year deal earlier this summer, one that will grant him unrestricted free agency at 27.  However, his offensive numbers are rather limited; he has yet to reach the 20-point mark.  That should limit him on the open market although a small raise from this price tag could be doable.  Miller is another player who had to settle for a bridge deal given New York’s cap situation at the time.  He wasn’t quite as impactful statistically last season but still played top-pairing minutes, putting him on track for a fair-sized raise.  His qualifying offer checks in at $4.546MM, already a sizable jump but he could also command $6MM or more on a long-term agreement.

Jones hasn’t been able to lock down a full-time spot in the lineup which won’t help his case in contract talks.  His qualifying offer goes up to just over $866K next summer and if he’s not more established by then, he could be a non-tender candidate with an eye on filling that spot with someone making the minimum.  Ruhwedel has been a capable seventh defender for several years now but isn’t likely to make much more than the league minimum moving forward.

While Shesterkin is coming off a quieter year by his standards, he still was one of the top netminders in the league last season and has been for the past four seasons.  Accordingly, he is believed to be looking for what would be a record-breaking contract; Carey Price ($10.5MM) is the holder of the priciest deal given to a goalie in NHL history.  Doubling his current AAV could be doable in the process.  Quick had a bounce-back year after a tough 2022-23 showing, earning himself a small raise in the process.  With Shesterkin being more of a workhorse, they will only need Quick to play 25-30 games which he should be capable of doing.  Given his age (38), it’s fair to suggest he’ll be on one-year deals from here on out.

Signed Through 2025-26

F Jonny Brodzinski ($788K, UFA)
F Artemi Panarin ($11.643MM, UFA)
D Braden Schneider ($2.2MM, RFA)
D Jacob Trouba ($8MM, UFA)

Panarin set and still holds (for now, at least) the record for the highest cap hit for a winger.  It’s hard to say the contract has been a bargain but it’s fair to say he has lived up to it so far.  Panarin has the fourth-most points of any player over the past five seasons (since he signed in New York) so they’ve gotten a solid return so far.  That said, he’ll be entering his age-35 year when his next contract starts so it’s reasonable to think the cap hit will be coming down and it will be a question of how long the deal becomes with the longer the term, the lower the AAV.  Brodzinski started last season off strong in the minors to earn a recall and never went back, earning this contract in the process.  If he stays in a depth or reserve role, it’s unlikely he’d command a big raise but even securing more one-way deals at this point of his career (he’s 31) would be a nice outcome for him.

Trouba was shopped around over the summer although no trade came to fruition.  He’s on an expensive contract for the role he fills (a third defender) but he’s still a more than capable player in that role.  Still, even if he rebounds over the next two seasons, he’ll be looking at a multi-million dollar pay cut although a multi-year pact should still be doable.  Schneider was the latest player to take a bridge contract this summer.  He has been held under 16 minutes a game in each of his first three seasons; it’s safe to say they’ll be expecting him to take a step forward in that regard.  His qualifying offer checks in at $2.64MM with arbitration rights in 2026 so if he’s still on the third pairing by then, that could be a problem.

Signed Through 2026-27

F Sam Carrick ($1MM, UFA)
F Filip Chytil ($4.438MM, UFA)
F Chris Kreider ($6.5MM, UFA)

Kreider didn’t produce much in the first season of this contract but since then, he has 127 goals over the last three years, putting him seventh among all NHL players over that span.  Given his physical playing style, it’s possible that injuries could be an issue toward the end of the deal when he’ll be 36 and potentially going year to year after that.

Chytil has battled concussion issues at times, including missing most of last season which makes him a bit of a wild card.  This is a high price tag for someone projected to play on the third line although if he’s healthy, he should be more productive than a typical third liner.  But with the injury history, it’s hard to foresee him getting this type of commitment unless he has three seasons of good health.  Carrick came over in free agency to anchor the fourth line after a good showing between Anaheim and Edmonton last season.  If he can maintain that for the next three years, a late-career raise could come his way even though he’ll be 35 on his next contract.

Signed Through 2027-28 Or Longer

D Adam Fox ($9.5MM through 2028-29)
F Vincent Trocheck ($5.625MM through 2028-29)
F Mika Zibanejad ($8.5MM through 2029-30)

Zibanejad has had some of his best offensive seasons over the past three years and at 31 and still playing a prominent role, there’s little reason to think he’ll take a big step back on that front over the next few years.  By the time this contract ends, it’s unlikely he’ll be playing nearly 20 minutes a game but that’s not a concern that they’ll have to worry about for a while.  Trocheck has found another gear offensively since joining the Rangers two years ago and is coming off a season where he put up low-end number one center production while making considerably less than that.  That might not be maintainable over the remaining four years of the deal but even if he settles back in around the 50-point mark by then, they’ll get good value here.

Fox has been quite consistent offensively over the past three seasons, ranging between 72 and 74 points over that span, putting him fourth among NHL blueliners over that time.  He makes a bit more than the three ahead of him but sits $2MM below the top-paid rearguard league-wide.  There’s little reason to think that Fox shouldn’t be able to at least stay around that type of production for the bulk of the remainder of his contract.  While it’s unlikely he’ll set a record-breaking deal next time out (others might surpass the current benchmark by then), he could make a case to add a couple million per season on his next agreement, one that could be a max-term deal as well.

Buyouts

None

Retained Salary Transactions

None

Still To Sign

None

Best Value: (non-entry-level) Lafreniere
Worst Value: Trouba

Looking Ahead

As is the case with a lot of contenders this year, cap space is going to be hard to come by for the Rangers who will be hard-pressed to afford an injury recall as things stand.  With that in mind, they’ll have to get creative if they’re going to add to their roster before the March trade deadline.

The greater concern is beyond the upcoming season.  They already have more than $58MM in commitments to just 10 players for 2025-26 with Shesterkin, Miller, and Lafreniere all heading for significantly pricier contracts.  Those three alone should cost more than $20MM combined, potentially closer to $25MM if they all have big seasons.  They can afford that but that would be it for big spending while potentially needing to move Trouba out as well.  Panarin and Trouba (if he is still around) are up in 2026, giving them a bit more wiggle room at that time but things could be dicey for 2025-26 at a minimum.

Photos courtesy of USA Today Sports Images.