Navigating the salary cap is one of the more important tasks for any GM. 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 see struggles and front office changes.
PHR will look at every NHL team and give a thorough look at their cap situation for the 2023-24 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 CapFriendly.
New York Rangers
Current Cap Hit: $83,603,531 (over the $83.5MM Upper Limit)
Entry-Level Contracts
F William Cuylle (two years, $828.3K)
D Braden Schneider (one year, $925K)
Potential Bonuses
Cuylle: $82.5K
Schneider: $400K
Total: $482.5K
Cuylle has done a nice job in a full-time bottom six role in his first taste of NHL duty. His offensive numbers aren’t going to stand out by any stretch but it’s a nice way to ease him in. This will certainly limit his earnings upside on his next contract, however; a bridge deal in the $1.5MM to $2MM range might be his best-case scenario. Bonus-wise, his are based on games played so right now, he’s trending to reach that full amount.
Schneider has been a regular on New York’s back end dating back to last season but his role has been rather limited so far as basically a permanent third-pairing piece. That should have his next contract around the $1.5MM mark as well. For him, his bonuses are ‘A’ ones and the only ones he might have a shot at are blocked shots (needs to finish in the top two for defensemen) and plus/minus (top three among Ranger blueliners). At the moment, he doesn’t qualify to reach either of them.
Signed Through 2023-24, Non-Entry-Level
F Nick Bonino ($800K, UFA)
F Jonny Brodzinski ($762.5K, UFA)
D Erik Gustafsson ($825K, UFA)
F Kaapo Kakko ($2.1MM, RFA)
D Ryan Lindgren ($3MM, RFA)
F Tyler Pitlick ($787.5K, UFA)
G Jonathan Quick ($825K, UFA)
F Blake Wheeler ($800K, UFA)
Potential Bonuses
Quick: $100K
Wheeler: $300K
Total: $400K
After getting 40 points last season, it looked like Kakko was heading in the right direction but he has struggled this year. Still, it’s unlikely New York will give up on the 2019 second-overall pick. However, they might want to go much higher than his $2.4MM qualifying offer. Wheeler took a well below-market contract to go to the Rangers and while his numbers are down compared to his time in Winnipeg, he’s also playing lower in the lineup. He’s worth more on the open market if he wants to max his money out next summer or he could stick with this route on a potential contender. His bonuses are based on games played and have already been achieved.
Bonino made sense as a low-cost depth option with what should have been some offensive upside although he hasn’t been able to display that this season. This close to the league minimum, he could land a similar deal on the open market next summer but could also be a PTO candidate. Pitlick has been on near-minimum deals over the last couple of seasons and as a depth player this season, that’s unlikely to change. He could get a contract at a similar price point in the summer or might have to go the PTO route as he did the year before. Brodzinski, meanwhile, has been a dominant AHL scorer but hasn’t produced much in the NHL. While he’s also likely going to stay around the league minimum, he should be able to at least land a one-way contract for next season.
Lindgren is one of New York’s more interesting expiring deals this summer. He’s a very effective defensive defenseman but simply doesn’t put up many points to help drive his price tag up. His qualifying offer is $3.6MM and he should get more than that but his ceiling might be closer to the $4.5MM range even with arbitration rights. Notably, he’s a year away from UFA eligibility. Gustafsson, meanwhile, is the exact opposite. He is a productive offensive defender but struggles considerably in his own end. Settling for this contract after a 42-point campaign suggests that teams aren’t willing to pay a premium for the points knowing his defensive struggles and the need to shelter him at five-on-five. A small raise past the $1MM mark wouldn’t be shocking but it’s hard to project a big increase.
Expectations weren’t high for Quick after a rough 2022-23 campaign but he has been a difference-maker for the Rangers this season. However, he just turned 38 so it’s unlikely there will be teams looking at him as a starter or a strong-side platoon option. If he wants to go for the money, he could do better than this on the open market but it wouldn’t be surprising to see him stay or take a similar deal to this one with a contender for next season. The details of his bonuses aren’t known.
Signed Through 2024-25
D Zachary Jones ($812.5K, RFA)
F Alexis Lafreniere ($2.325MM, RFA)
D K’Andre Miller ($3.82MM, RFA)
G Igor Shesterkin ($5.667MM, UFA)
F Jimmy Vesey ($800K, UFA)
With Lafreniere scuffling through his first few NHL seasons, it came as no surprise that he followed Kakko in signing a bridge deal. He’s fared a bit better in his first year under Peter Laviolette although he hasn’t yet become that consistent top threat that they hoped he’d be when they picked him first overall in 2020. If he keeps at his current pace and then takes another small step forward next year, he’ll certainly do enough to beat his $2.65MM qualifying offer. But will New York be convinced that he’s worthy of that long-term big-money contract in the $7MM range if that happens? Or might they try one more bridge deal (likely a one-year pact) worth closer to half that? It’s still early but there is a wide range of outcomes when it comes to his next deal.
Vesey opted to avoid going through free agency, instead choosing to sign this contract in-season last year. It gives him some stability while he has outperformed the deal so far as a capable depth scorer. Having bounced around in his career will hurt him a bit if he gets to free agency next time as teams will wonder if he’s turned a late corner or if he’s just a fit for how the Rangers play. Still, a small raise at a minimum should be doable.
Miller had no choice but to take a bridge deal over the summer as well given New York’s limited cap space. He continues to be a valuable two-way piece on their back end despite not seeing much power play time. Miller will be owed a $4.646MM qualifying offer in 2025 but his next contract could check in closer to double his current one if a long-term agreement is worked out. Jones, on the other hand, has had a very limited role so far. He’ll need to lock down a full-time spot if he wants to reach the seven-figure mark on his next deal.
Shesterkin has been one of the top goalies since coming over for the 2019-20 campaign although his first half of this season has been more pedestrian. Still, the 28-year-old is regarded as one of the top netminders league-wide and he’ll be well-positioned to capitalize on that reputation on this next contract. He’ll likely look to Winnipeg’s Connor Hellebuyck (seven years, $8.5MM on his recent extension) as a starting point for discussions.
Signed Through 2025-26
F Artemi Panarin ($11.643MM, UFA)
D Jacob Trouba ($8MM, UFA)
No one will ever call Panarin’s contract – the richest for a winger in NHL history – a bargain but at the same time, it’s fair to say that he has lived up to it so far, producing at a 105-point per 82-game rate to put him among the top-scoring forwards in the league. There’s little reason to think a big collapse is on the horizon but that concern should come into play on his next deal, one that’s likely to be more of a medium-term agreement at a small discount on his current rate given the age risk.
Trouba hasn’t been able to get back to the offensive highs he reached in his final season with Winnipeg but for the tough minutes he logs, the captain is still providing some value on this deal. Having said that, if he wants to land any sort of sizable raise, he’ll need to rediscover at least some of that scoring touch. Otherwise, his next deal should check in close to this one.
