On Oct. 1, NHL Commissioner Gary Bettman projected the salary cap could rise from $88 million to $92.5 million for the 2025-26 season. He cautioned that figure was "way preliminary" and was based on the $4.5 million rise from the 2023-24 cap of $83.5 million

Some observers are already speculating the cap could rise higher than that if hockey-related revenue for this season remains strong.

On Nov. 16, Sportsnet's Elliotte Friedman reported the league and the NHL Players' Association could discuss raising the cap between $7 million and $9 million for next season. Three days later, Bettman acknowledged anything was possible but said Friedman's numbers "weren't anywhere close to accurate."

A big increase like those mentioned by Friedman would push the cap to between $95 million and $97 million next season. That would lead to a frenzy of moves in the offseason as many teams seek to exploit the unexpected windfall.

As things stand, a raise of $4.5 million is still substantial, signaling the flat cap era from 2020-21 to 2023-24 is finally over. It will lead to considerable activity in the trade and free-agent markets next summer.

Several teams will be better-positioned than others to become big spenders in next summer's free agent market if they wish to. Some are rebuilding teams that could use their plentiful cap space to accelerate their roster improvement. Others are playoff contenders that could use it to improve their chances for a Stanley Cup run.

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Anaheim Ducks

The Anaheim Ducks have been rebuilding since Pat Verbeek took over as general manager on Feb. 4, 2022. He's compiled a roster that features promising young players like forwards Leo Carlsson, Mason McTavish, Trevor Zegras, and Cutter Gauthier, defensemen Olen Zellweger and Pavel Mintyukov, and goaltender Lukáš Dostál.

After spending the last two seasons near the bottom of the NHL standings, the Ducks have shown signs of improvement in 2024-25. Their young core of talent has the potential to become a playoff contender soon.

Verbeek could be enticed to boost his roster via free agency if the Ducks should clinch a playoff berth or finish just outside the postseason picture. He's dipped into the free-agent pool, signing Frank Vatrano and Ryan Strome in 2022 and Alex Killorn, Radko Gudas, and Brian Dumoulin in 2023.

With a projected $37.1 million if the cap rises by $4.5 million, Verbeek will have considerable room to add at least one significant player in the prime of his career. That's assuming the Ducks GM is given the green light from ownership to spend up to the cap.

Landing the right player via free agency could speed up the Ducks' rebuilding process, perhaps turning them into a perennial playoff contender starting next season. It would still leave Verbeek more than enough to re-sign restricted free agents like Dostál, and McTavish, and even to re-sign Vatrano, who is UFA eligible in July.

Calgary Flames

Calgary Flames general manager Craig Conroy was a busy seller in last season's trade market. From November 2023 to June 2024, he traded away goaltender Jacob Markstrom, defensemen Noah Hanifin, Chris Tanev, and Nikita Zadorov, and forwards Elias Lindholm and Andrew Mangiapane.

Despite the selloff, Conroy maintains he's retooling his roster instead of tearing it down. On Sep. 6, The Hockey News' Jim Parsons cited Sportsnet's Elliotte Friedman that the Flames GM wants to maintain a balance between veterans and young players to ensure the club remains competitive.

Conroy must be pleased with what he's seen from the Flames thus far as they jockey for a wild-card berth in the Western Conference. There's still a lot of hockey to be played this season and no certainty they can clinch a berth, but the fact they're in the hunt right now is a promising sign that the players have bought into Conroy's plan.

The Flames are projected to have $40.3 million in cap space for 2025-26 if the cap rises to $92.5 million. Conroy will invest some of that in signing restricted free agents like Conor Zary, Matt Coronato, and Kevin Bahl. He could also re-sign or replace pending UFAs like goalie Dan Vladar and inconsistent winger Andrei Kuzmenko.

Conroy could also use that plentiful cap room to pursue a quality UFA player who could fit well within his club's long-term plans. He could go after a right-shot, second-line two-way center, a need he mentioned he wanted to address in October.

Chicago Blackhawks

Chicago has been rebuilding since Kyle Davidson became general manager in March 2022. During that time, they've added promising young players like Connor Bedard and Lukas Reichel and brought in veterans like Taylor Hall, Todd Bertuzzi, Teuvo Teräväinen, Alec Martinez, TJ Brodie, and Nick Foligno.

Davidson remains focused on restocking his prospect pipeline. However, he's also brought in veterans via trades and free agency to buy time for his young talent to develop. Those additions were meant to ease the burden on Bedard, who's become their foundation player.

The Blackhawks will have a projected $33.3 million if the cap reaches $92.5 million. That should provide Davidson with enough to re-sign or replace pending UFAs like Hall, Martinez, Pat Maroon, and Ryan Donato.

Davidson must be careful adding or replacing veterans as they could impede younger players trying to crack the roster. Nevertheless, he must maintain a competitive roster to prevent frustration from creeping into the lineup, especially for Bedard during his formative NHL years.

That cap space can be used to address short-term roster needs. Davidson's priority could be shoring up the depth at center and on the blue line.

Columbus Blue Jackets

The sudden passing of Johnny Gaudreau in August removed his $9.8 million average annual value through 2028-29 from their salary-cap payroll. It left them well under the $65 million salary-cap minimum to start this season, but the league and NHLPA granted an exemption given the circumstances.

Blue Jackets general manager Don Waddell will have to spend next summer to be cap-compliant for 2025-26. If the cap rises to $92.5 million, he'll have a projected $45.6 million to work with.

Waddell could put some of that cap space toward re-signing restricted free agents like Dmitri Voronkov, Jordan Harris, and Daniil Tarasov. He could also attempt to re-sign pending UFAs like Ivan Provorov, Dante Fabbro, and Mathieu Olivier.

The Blue Jackets began to rebuild in 2021 under former general manager Jarmo Kekäläinen. Waddell could continue that process but he could also use that cap room to hasten things along.

Waddell could also attempt to make a big splash or two via free agency next summer if ownership agrees to let him spend close to the cap ceiling. That could give the Jackets an advantage to pursue one or two big-ticket players who could help them move closer to playoff contender status.

San Jose Sharks

If the salary cap reaches $92.5 million for 2025-26, the San Jose Sharks will have a projected $40.4 million of cap space. That will give general manager Mike Grier plenty of room to re-sign restricted free agent scorer Fabian Zetterlund and perhaps retain pending UFA forward Mikael Granlund and goaltender Alexandar Georgiev.

Grier has been rebuilding the Sharks since becoming their general manager on July 5, 2022. Under his watch, they've added promising young players like Will Smith and 2024 first-overall pick Macklin Celebrini.

The Sharks GM has also brought in some veteran depth, Since 2023, he's acquired Granlund, Georgiev, Tyler Toffoli, Alexander Wennberg, Vitek Vanecek, Jake Walman, and Cody Ceci via free agency and trades.

Grier could make another significant move or two via free agency next summer if ownership allows him to spend close to the cap ceiling. He must ensure that he has a competitive group of veterans to provide leadership and experience to his rising young stars.

The Sharks must spend to add a veteran goaltender once they promote Yaroslav Askarov full-time next season. They could re-sign Georgiev or Vitek Vanecek or test the UFA market. They could also use a replacement for Granlund if he goes to market.

Toronto Maple Leafs

Toronto Maple Leafs general manager Brad Treliving faces a potentially busy offseason. Forwards Mitch Marner and John Tavares are eligible to become unrestricted free agents on July 1. Meanwhile, winger Matthew Knies will seek a substantial raise after coming off his entry-level contract.

Tavares will have completed a seven-year contract worth an average annual value of $11 million. He'll have to accept a pay cut to stay in Toronto. Meanwhile, Marner is in his prime and will seek a raise over the $10.9 million AAV of his current contract.

Fortunately for Treliving, he could have a projected $26.7 million in cap room under a $92.5 million cap next season. That's enough room to retain those three forwards assuming he signs Marner for $13 million, Tavares for $6.5 million, and Knies for $5 million.

If Marner, Tavares, or both opt to sign elsewhere, it'll leave a big gap on the Leafs' forward lines. In that case, Treliving will have sufficient room to make a major signing to replace them.

The Leafs could be prepared to use whatever money they intend to invest in Marner to sign Mikko Rantanen if the Colorado Avalanche forward becomes available. They could opt for a more affordable option like gritty Florida Panthers center Sam Bennett.

Washington Capitals

Entering 2024-25, the Washington Capitals weren't expected to be anything more than a playoff bubble team. With their 2018 Stanley Cup championship run fading into history, the focus was on captain Alex Ovechkin's pursuit of Wayne Gretzky's record of 894 career goals.

However, the Capitals have exceeded expectations thus far, jockeying for first place in the overall standings. If they maintain that pace throughout the season and win a playoff round or two, the front office could be tempted to boost the roster to give Ovechkin one last shot at a Cup run before his potential retirement when his contract expires in 2026.

Under their former general manager Brian MacLellan and their current GM Chris Patrick, the Capitals have transitioned aging players out of the lineup, replacing them with promising young players from within their prospect pipeline. However, they've also added veterans like Pierre-Luc Dubois, Jakob Chychrun, Dylan Strome, and Lars Eller.

The Capitals will have a projected cap space of $28.8 million for 2025-26 under a $92.5 million cap. Patrick could invest some of it in re-signing pending UFA defenseman Jakob Chychrun and goaltenders Charlie Lindgren and Logan Thompson.

Patrick should have enough space to re-sign those three and perhaps make a significant free-agent addition next July. He could pursue a scoring winger or bolster his defense corps.

Winnipeg Jets

The Winnipeg Jets have been a competitive regular-season club, reaching the playoffs in six of the last seven seasons. Postseason success, however, has been elusive, winning just one round since 2021.

This season saw the Jets bolt from the gate, winning 17 of their first 20 games. Barring a total collapse, they should qualify for the postseason again. However, another early playoff exit could force general manager Kevin Cheveldayoff to consider some changes to his roster.

With a projected $39 million under a $92.5 million cap for 2025-26, Cheveldayoff has plenty of cap space to re-sign or replace pending UFAs like Nikolaj Ehlers, Neal Pionk, and Alex Iafallo. He'll have enough to retain restricted free agents like Gabriel Vilardi and Dylan Samberg.

If Cheveldayoff retains all of them, he could still have sufficient room to make a significant addition or two via free agency. He'll have much more if he allows his UFAs to hit the open market, using that space to find suitable replacements.

Shoring up the blue line could be the priority, especially if Pionk departs. Adding a top-six forward will also be top of mind if Ehlers hits the open market.

Standings via NHL.com and salary info via PuckPedia.