Salary Cap Deep Dive: Florida Panthers
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 who 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 for the 2025-26 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 Atlantic Division, next up are the Panthers.
Florida Panthers
Current Cap Hit: $103,050,261 (above the $95.5MM Upper Limit)
Entry-Level Contracts
None who are on the active roster on a full-time basis.
Signed Through 2025-26, Non-Entry-Level
D Uvis Balinskis ($850K, UFA)
G Sergei Bobrovsky ($10MM, UFA)
F A.J. Greer ($850K, UFA)
F Noah Gregor ($775K, UFA)
F Luke Kunin ($775K, UFA)
F Tomas Nosek ($775K, UFA)
D Jeff Petry ($775K, UFA)
F Mackie Samoskevich ($775K, RFA)
D Donovan Sebrango ($775K, RFA)
F Cole Schwindt ($825K, UFA)
G Daniil Tarasov ($1.05MM, UFA)
Potential Bonuses
Petry: $250K
Greer has found a nice role in Florida, setting a career high offensively last season while more than doubling his career high in hits as well. This season, he’s off to an even better start. Given his role and Florida’s top-heavy salary structure though, they may not be able to afford to keep him if his price tag pushes towards the $1.5MM mark. Schwindt was a waiver claim from Vegas last month but played sparingly (before being injured earlier this month) after being in and out of the lineup last season. Unless his role changes considerably, he’s probably going to be capped at the league minimum on his next deal. Realistically, the same can be said for any of Nosek, Kunin, and Gregor.
However, Samoskevich is a much different situation. He accepted a one-way deal this past summer, taking less than his qualifying offer to get the guaranteed salary. In doing so, he’s setting himself up to have salary arbitration rights next summer. If he plays the middle-six role he currently has all season and beats his 31 points from a year ago, he should easily triple this price tag at a minimum; quadrupling it isn’t unrealistic if he has a big second half.
Balinskis performed well last season in his first full year on the third pairing and is being deployed similarly in the early going this year. As is the case with Greer, he’d need to stay around the minimum to stay in Florida while his market value might be more in the $1.5MM range.
Petry had a tough year with Detroit last season which certainly hurt his market. At 37, he’s best served as a third pairing or depth defender and this price tag reflects that. He has four $50K bonuses tied to games played that are achievable if he stays healthy while the other $50K is dependent on a Stanley Cup victory. There’s a good chance he stays near the minimum if he keeps playing beyond this season. Sebrango was claimed off waivers with Florida dealing with injuries. He’s just looking to get established as an NHL regular at this point but his arbitration eligibility could work against him if Florida thinks that filing for a hearing could push him into seven figures, a risk they might not want to take as he should also stay at the minimum.
There were times in this contract that Bobrovsky’s contract looked like a complete anchor on the books. However, he has become a bit more consistent in recent years and when Florida traded Spencer Knight at the trade deadline last season, it suggested that their plan is to stick with Bobrovsky beyond this deal as they don’t have anyone else in their system that’s ready. He’ll be entering his age-38 season in 2026-27 so a long-term deal isn’t likely. However, a two-year pact could be doable, one that might land closer to half this amount. Alternatively, if they were to go with a one-year offer, he’d be eligible for performance incentives which could give Florida some shorter-term wiggle room next season.
Tarasov had a rough year in Columbus, ultimately finishing as the third-string goaltender and getting moved for cheap in the summer. If he can re-establish himself to the level he was at in 2023-24, he could make a case to land closer to $1.75MM or so on his next contract although that’s a price tag Florida likely can’t afford.
Signed Through 2026-27
F Jesper Boqvist ($1.5MM, UFA)
F Eetu Luostarinen ($3MM, UFA)
F Evan Rodrigues ($3MM, UFA)
Free agency hasn’t been kind to Rodrigues which helped explain why he signed a four-year deal for this price tag, a contract that had a chance to become team-friendly pretty quickly. So far, so good on that front. As a player who consistently passes 30 points and can play down the middle in a pinch, he should be able to land something in the $4MM range on his next contract.
Luostarinen has been a player who has produced a point total in the 20s in three of the last four seasons. The production he had last playoffs (19 points in 23 games) was the outlier but for the most part, he has been a third liner making third-line money. With his production generally being more limited, he might not be able to land as much as Rodrigues next time out. Boqvist signed this deal near the trade deadline last season and he might have done better than he would have on the open market where he didn’t have a lot of luck in 2024. As a fourth liner with a bit of versatility, his value should hover somewhere around this mark two years from now.
Signed Through 2027-28
F Jonah Gadjovich ($775K in 2025-26, $905K after)
D Dmitry Kulikov ($1.15MM, UFA)
Gadjovich hasn’t played a lot since joining Florida in 2023 but he has been a serviceable fourth liner who fits the physical style they want to play. As a 13th forward in an ideal situation, keeping him at just over the minimum salary starting next season isn’t a bad deal for them.
The fact Kulikov received a four-year deal last summer was a surprise but he also left a fair bit of money on the table had he opted to go with shorter-term contracts. The end result is that he gets a bit of security while the Panthers get a bargain deal for someone who, when healthy (which he currently isn’t), is still a pretty dependable third-pairing defenseman at this point.
Sharks Reassign Ethan Cardwell To AHL
With the NHL now off for the next three days, there have been a handful of roster moves around the league today. The new rule saying that players must play in at least one AHL game if they’re sent down has limited the number of moves but San Jose was among those to make one. Curtis Pashelka of The Mercury News relays (Twitter link) that the Sharks have assigned winger Ethan Cardwell to AHL San Jose.
The 23-year-old was recalled a little more than a week ago following injuries to forwards Will Smith and Philipp Kurashev. Since the promotion was so recent, Cardwell remained eligible to be sent down even with the roster freeze in effect.
Cardwell got into three games with the Sharks on this stint, bringing his season total to seven. However, the most recent one – last night against Vegas – was particularly tough as he was on the ice for four goals against despite playing a season-low 9:48. He didn’t pick up any points over those three outings, keeping his total for the campaign at one, a goal scored back in early November.
Cardwell has spent the bulk of the season with the Barracuda but injuries have limited him to just 14 games. He has been productive in those outings, however, with three goals and six assists.
With the move, San Jose now has one open roster spot. They can either choose to fill it by calling someone else up as early as Saturday or, if Kurashev is able to return, he can be activated into that vacancy.
Flyers Reassign Aleksei Kolosov
12/22/25: The Flyers announced Monday morning that they have reassigned Kolosov back to AHL Lehigh Valley. The announcement of Kolosov’s reassignment came with an announcement that Vladar has recovered from his injury and will be available tonight for the team’s game against the Vancouver Canucks.
Kolosov didn’t hit the ice during his most recent emergency recall, instead serving as a backup to Sam Ersson. Ersson saved 23 of 27 shots in the team’s shootout loss to the New York Rangers on Saturday.
12/20/25: Needing an extra goalie following the announcement that Daniel Vladar is listed as day-to-day with an upper-body injury, the Flyers have recalled goaltender Aleksei Kolosov from AHL Lehigh Valley. Philadelphia had an open roster spot so no corresponding move needed to be made.
It’s the second recall of the season for the 23-year-old. Kolosov got into two games during his first stint in early November, making one start while coming into the game in relief in the other. He fared well in those outings, turning aside 26 of 28 shots. That’s certainly a positive sign after he struggled mightily in his first taste of NHL action last season which saw him post a 3.59 GAA and a .867 SV% in 17 outings with the Flyers.
Those struggles played a big role in the team going out and signing Vladar in free agency over the summer to try to stabilize things between the pipes which he has certainly done. That has resulted in Kolosov spending most of the year with the Phantoms where he has played in 15 games, compiling a 2.77 GAA along with a .900 SV%.
The team also announced that center Christian Dvorak is also out today with a lower-body injury; like Vladar, he’s listed as day-to-day. His spot in the lineup today will be taken by Denver Barkey, who will make his NHL debut after being recalled on Friday.
Sabres Recall Isak Rosen, Place Conor Timmins On IR
The Sabres have added some extra forward depth in advance of their game this afternoon against the Islanders. The team announced that winger Isak Rosen has been recalled from AHL Rochester. To make room for him on the roster, defenseman Conor Timmins was placed on injured reserve.
Rosen, a 2021 first-round pick, has been back and forth between the two teams this season; this is his third recall of the campaign. Rosen has played in a dozen games with Buffalo this season and has fared well, picking up three goals and four assists while averaging just over 14 minutes per night of playing time. However, his waiver exemption likely works against him as when a spot is needed, sending him down is much safer than potentially exposing a different player to waivers.
Meanwhile, the 22-year-old has been a top-flight producer in the minors with the Americans as well. He leads the league in points per game at 1.47 thanks to tallying a team-high dozen goals with ten assists in just 15 outings. He’s certainly playing well enough to earn a longer look with Buffalo, we’ll see if he gets that chance this time around.
As for Timmins, his placement should come as no surprise. It was revealed on Friday that the blueliner is set to miss the next six to eight weeks due to a broken leg, derailing what had been a solid first half of the season as he is averaging a career-best 19:14 of playing time per night. He’ll now remain on IR until he returns at likely some point in February.
Canadiens Place Kaiden Guhle And Kirby Dach On LTIR
When the Canadiens acquired Phillip Danault a little before the holiday roster freeze, they added a $5.5MM price tag to their books. Even after assigning Jared Davidson to the minors, they still weren’t cap-compliant. As a result, GM Kent Hughes revealed during his media availability today (video link) that the team has placed defenseman Kaiden Guhle and center Kirby Dach on LTIR.
Guhle has been out of the lineup since mid-October due to an adductor injury. The original plan was to simply rehab it but after returning to the ice a few weeks later as he tried to work his way back to full health, the decision was made to have the surgery. The recovery timeline for that procedure is eight to ten weeks, meaning he’s still four to six weeks away from returning. Guhle has averaged over 20 minutes a night of playing time in each of his first three NHL seasons and, when healthy, is a top-four fixture on Montreal’s back end.
As for Dach, he has missed the last month after sustaining a fractured foot. The initial recovery timeline was six to eight weeks and it appears he’s on track as he has resumed skating. Hughes indicated that the 24-year-old won’t be back before the holiday break but shouldn’t be out much longer than that. Dach has five goals and two assists in 15 games this season, his last one before becoming a restricted free agent with a $4MM qualifying offer and arbitration rights next offseason.
With the two placements, Montreal now has around $2.5MM in its LTIR pool, per PuckPedia. That gives them ample room to afford recalls if more injuries strike in the short term. Meanwhile, if they still need LTIR room when Dach returns, they can transfer either Patrik Laine or Alex Newhook on there; both are out for multiple months as well.
Devils Activate Timo Meier, Assign Two To AHL
The Devils made a trio of roster moves before Friday’s freeze. The team announced that winger Timo Meier has been activated off the non-roster list while winger Xavier Parent and defenseman Calen Addison were assigned to AHL Utica.
Meier had been away from the team for a little more than a week due to a family health matter. The 29-year-old is a key cog in New Jersey’s attack and got off to a strong start this season with 11 goals and 12 assists in 30 games while averaging a little under 19 minutes per game of playing time. Considering that the Devils are without five forwards at the moment (headlined by Jack Hughes and rookie Arseny Gritsyuk), his return will certainly be a significant one.
As for Parent, he received his first career NHL promotion earlier this month. The 24-year-old got into five games with the Devils while on recall but was held off the scoresheet while recording two shots and seven hits in 8:34 of ice time per night. Parent has been fairly productive in the minors with the Comets though, chipping in with six goals and six assists through 20 appearances so far.
Addison, meanwhile, received his first recall of the season last weekend but didn’t see any game action. A veteran of 152 career NHL appearances over parts of four seasons, the 25-year-old has gotten into 21 games with Utica, picking up two goals and seven assists. He and Parent will have to play in at least one game with the Comets before becoming recall-eligible again.
As a result of these moves, New Jersey now has one vacancy on its 23-player roster. That spot could be filled before long by one of their players currently on IR or a recall later on from the Comets.
Atlantic Notes: Chabot, Tuch, Matheson
It has been a tough year on the injury front for Senators defenseman Thomas Chabot. He has dealt with a pair of upper-body injuries, the second of which came in his first game back from the first one. They’ll now hope that the second time is the charm as Postmedia’s Bruce Garrioch relayed that the veteran was activated off injured reserve as expected to suit up in their game this afternoon against Chicago. The 28-year-old has been limited to just 18 games so far this season due to those injuries and has done well when he’s in the lineup, picking up 10 points while averaging nearly 22 minutes per game of ice time. Chabot has been one of Ottawa’s better two-way threats from the back end for quite some time and if he stays healthy this time around, he’ll give their blueline a big boost. With his activation, Ottawa’s active roster is now full at 23 players.
More from the Atlantic:
- While former GM Kevyn Adams held contract talks with pending UFA winger Alex Tuch, it appears they were using Tage Thompson’s deal ($7.14MM AAV) as a benchmark, according to Sportsnet’s Elliotte Friedman in his latest 32 Thoughts podcast (audio link). Considering the escalation that’s coming to the Upper Limit of the salary cap in future years, that number is certainly too low relative to what he could get on the open market. New Sabres GM Jarmo Kekalainen has said that working out an extension with the 29-year-old will be a top priority but clearly, there’s a big gap to bridge based on where talks left off. Tuch enters play today with 11 goals and 18 assists in 32 games.
- The Canadiens will get a boost to their back end tonight as they begin a home-and-home set with Pittsburgh. The team announced that Mike Matheson will return to the lineup after missing the last two games with an upper-body injury, taking the place of Jayden Struble who will be a healthy scratch. Matheson, who signed a five-year, $30MM extension late last month, has four goals and 12 assists in 32 games this season while averaging nearly 25 minutes per game of ice time.
Lightning Recall Jakob Pelletier And Jack Finley, Place Brandon Hagel On IR
The Lightning have brought up a pair of wingers in advance of their game tonight against Carolina. The team announced that they have recalled Jakob Pelletier and Jack Finley from AHL Syracuse.
Pelletier is in his first season with Tampa Bay after signing a three-year deal with them in free agency. However, he didn’t make the team in training camp and cleared waivers, paving the way for him to be sent down.
The 24-year-old played in one game with the Lightning in mid-November but has been with the Crunch exclusively beyond that. Pelletier has been quite productive in Syracuse as he’s tied for the league lead in scoring with 15 goals and 16 assists in just 24 games. Nearly a career point-per-game player in the minors (161 points in 163 outings), it will be interesting to see if he gets more of an offensive look with some of Tampa Bay’s better forwards banged up.
To that end, team reporter Benjamin Pierce relays that winger Brandon Hagel will miss his second straight game with an upper-body injury sustained earlier in the week against Florida. While not announced by the team, he has been moved to injured reserve, per the NHL’s Media Site, meaning he’ll likely be out through the holiday break. The 27-year-old has been one of Tampa Bay’s top performers this season, collecting 18 goals and 13 assists in 31 games. Meanwhile, winger Nikita Kucherov is listed as a game-time decision due to illness.
Finley, meanwhile, returns from a conditioning stint that lasted just three games. He did well in those outings, picking up a goal and two assists while getting a chance to play a much bigger role than he did with Tampa Bay. The 23-year-old has been limited to just 11 games with the Lightning this season where he has a goal and an assist while averaging 8:49 per game of ice time. More specifically, he had only suited up twice since November 25th so the timing was right for him to go down and get some work in with the Crunch.
Sabres Fire Associate GM Jason Karmanos
It turns out a GM change wasn’t the only front office move the Sabres are making this week. New GM Jarmo Kekalainen has made his first big change as the team announced that associate GM Jason Karmanos has been relieved of his duties.
The 51-year-old has been involved with an NHL team for the better part of three decades now. Karmanos started his career in Carolina as an assistant GM in 1998 while his father was the principal owner of the team. He remained in that role until 2013.
After a year out of the league, Karmanos resurfaced in Pittsburgh’s front office under GM Jim Rutherford, with whom he worked in Carolina. It wasn’t long before he became an assistant GM there as well, a title he held until being let go in October 2020.
Later that season, now-former Buffalo GM Kevyn Adams brought Karmanos in with a more prominent role as associate GM and GM of AHL Rochester. However, he remained based out of Pittsburgh, often working remotely. At this point, no replacement has been named for either role so in the interim, either Kekalainen or assistants Mark Jakubowski or Jerry Forton will shoulder the extra responsibilities.
Wild Activate Four Players, Place Two On IR
The Wild have been quite active when it comes to roster moves today. Michael Russo of The Athletic relays (Twitter link) that defensemen Jonas Brodin and Jacob Middleton along with forwards Mats Zuccarello and Vinnie Hinostroza have all been activated off injured reserve. In corresponding moves, defenseman Zach Bogosian and Daemon Hunt were both moved to IR.
Brodin has missed a little more than a week with a lower-body injury. The 32-year-old has been his usual reliable self defensively for Minnesota this season, sitting second on the team in blocked shots with 66 while being one of their most-used penalty killers. Through 30 outings, he has three goals and six assists and is logging over 22 minutes per game of ice time for the sixth straight year. With them facing Edmonton’s strong attack this afternoon, his return to their shutdown pairing will certainly be a welcome one.
As for Middleton, he has missed the last couple of weeks with an upper-body issue. After averaging nearly a career-high 22 minutes per game last season, his role has been more limited this year. Through 28 games, the 29-year-old has six assists along with 43 blocks and 42 hits while playing 18:08 per night, slotting in fifth among Minnesota’s defenders. He also takes a regular turn on their penalty kill and should give that unit a boost as well.
Zuccarello has also missed the last couple of weeks with an upper-body injury but that’s not the only time he has been on the shelf this season. As a result, the 38-year-old has been limited to just 15 games so far. However, Zuccarello has been productive in those outings, picking up two goals and ten assists in a little under 18 minutes per night of playing time. He should slot back into a top-six role and deepen Minnesota’s offensive depth.
Hinostroza, meanwhile, had missed the last month with a lower-body issue. Before being sidelined, he had been a regular in the bottom six for the Wild although offensive production was hard to come by as he has just two goals and three assists in 22 games thus far. While Hinostroza has spent a lot of this season on the wing, he is a natural center and with their depth down the middle taking a hit with last week’s trade that saw Marco Rossi go to Vancouver, having another veteran who can play down the middle when needed will help.
As for those landing on IR, Bogosian has missed the last two games with a lower-body injury. If the placement is backdated to December 14th (the day he was injured), he technically would be eligible to be activated as soon as Sunday. Having said that, they have an open roster spot after these moves so if Bogosian was that close to returning, they likely wouldn’t have placed him on IR in the first place. An 18-year NHL veteran, Bogosian has had a fairly limited role when he has been in the lineup this season, logging around 15 minutes per game of ice time while chipping in with two points in 17 outings.
Lastly, Hunt has played sparingly this season, suiting up in just a dozen games, suffering an undisclosed injury in the last of those on Tuesday. The 23-year-old is waiver-eligible and it’s clear that Minnesota doesn’t want to risk putting him on the wire so he has often served as their reserve defender. Hunt has two assists and 18 blocks in a dozen outings but is averaging just 12:26 per night. There is no word on how long he or Bogosian will be out.