Let the madness begin.
Free agency in the NHL officially begins this weekend, as players whose contracts are expiring get set to hit the open market.
To be completely blunt, this free agency class is underwhelming. There are not a lot of quality names available, as a majority of the bigger players have re-signed deals with their clubs before hitting the open market.
With that said, there are still a plethora of solid options available that will undoubtedly improve some clubs, and numerous trade targets as well. With the salary cap increasing a bit, it gives organizations a little more flexibility financially, but not by much.
MORE: Top 30 NHL unrestricted free agents in 2023
The Sporting News takes a look at the available cap space for all 32 teams to use during this offseason.
What is the 2023-24 NHL salary cap?
The NHL has set the salary cap at $83.5 million for the 2023-24 season. It is a $1 million increase from the previous year.
The cap floor that all teams must meet is set at $61.7 million. No team is allowed to operate under this number during the season.
When does NHL free agency start?
- Date: Saturday, July 1
- Time: Noon ET
NHL free agency begins on Saturday, July 1, which is the first official day of the 2023-24 NHL season.
Free agency starts at 12 p.m. ET that day. Teams are allowed to talk to their own players before noon on July 1st; however, opposing teams cannot speak to the players until free agency officially begins.
2023-24 projected cap space per team
Entering the 2023 offseason, the Ducks have the most cap space for next season, with just under $40 million available.
The Blackhawks and Red Wings also have more than $30 million in cap space for the 2023-24 campaign.
Here is a look at the projected cap space for each team, according to Spotrac.
Cap space as of June 30
| Team | Projected cap space |
| Anaheim Ducks | $39,048,333 |
| Chicago Blackhawks | $37,594,977 |
| Detroit Red Wings | $30,665,278 |
| Arizona Coyotes | $28,248,460 |
| Carolina Hurricanes | $22,123,083 |
| Seattle Kraken | $20,343,424 |
| Nashville Predators | $18,769,422 |
| Ottawa Senators | $17,073,096 |
| Pittsburgh Penguins | $15,208,158 |
| Buffalo Sabres | $14,459,763 |
| San Jose Sharks | $14,079,166 |
| New York Rangers | $11,762,918 |
| Boston Bruins | $10,937,500 |
| Philadelphia Flyers | $10,372,905 |
| Florida Panthers | $10,262,499 |
| New Jersey Devils | $10,207,500 |
| Winnipeg Jets | $8,992,144 |
| Colorado Avalanche | $8,575,000 |
| Minnesota Wild | $8,293,912 |
| Washington Capitals | $7,313,332 |
| Toronto Maple Leafs | $6,743,551 |
| Vancouver Canucks | $6,444,583 |
| Dallas Stars | $5,144,671 |
| Edmonton Oilers | $5,070,000 |
| Columbus Blue Jackets | $4,754,168 |
| New York Islanders | $4,536,667 |
| Los Angeles Kings | $4,536,666 |
| St. Louis Blues | $3,935,237 |
| Vegas Golden Knights | $3,462,517 |
| Calgary Flames | $2,400,000 |
| Tampa Bay Lightning | $450,000 |
| Montreal Canadiens | $-1,259,165 |