TribLIVE

| Sports


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

NHL teams spending freely during free agency

Chaz Palla | Tribune-Review - The Penguins' Craig Adams clears the puck away from the Bruins' David Krejci during a penalty kill in the third period of Game 3 of the Eastern Conference final, Wednesday, June 5, 2013, at TD Garden in Boston.
<div style='float:right;width:100%;' align='right'><em>Chaz Palla | Tribune-Review</em></div>The Penguins' Craig Adams clears the puck away from the Bruins' David Krejci during a penalty kill in the third period of Game 3 of the Eastern Conference final, Wednesday, June 5, 2013, at TD Garden in Boston.
Getty Images - The Flyers' Chris Pronger keeps his stick on the ice while watching a play develop during third-period action against the Jets on Nov. 19, 2011, in Winnipeg, Manitoba.
<div style='float:right;width:100%;' align='right'><em>Getty Images</em></div>The Flyers' Chris Pronger keeps his stick on the ice while watching a play develop during third-period action against the Jets on Nov. 19, 2011, in Winnipeg, Manitoba.

Penguins/NHL Videos

Monday, July 8, 2013, 12:01 a.m.
 

Financial issues fueled the NHL lockout that left arenas in the dark for nearly four months last season.

The first few days of the league's free-agency period are proof that the millions lost during the lockout have not crippled spending.

If anything, spending has been triggered.

NHL general managers spent more than $350 million in guaranteed contracts before the free-agency period was 10 hours old July 5.

This marked the biggest spending spree on Day 1 of free agency since July 1, 2009. Many around the league were surprised by the financial aggressiveness on display.

Right wing Craig Adams, the Penguins NHL players' association representative, was encouraged.

“It's a really good thing to see,” said Adams, who signed a two-year contract worth $700,000 annually to return to the Penguins.

“It's free agency. It's the way that the system is supposed to work. It's nice to see guys getting rewarded like this around the league. A lot of guys have done really well for themselves so far.”

The salary cap has dropped to $64.3 million for the 2013-14 season after exceeding the $70 million mark for the recently finished campaign. However, many in the Penguins' organization and around the league expect the salary cap to spike above the $70 million mark by the 2015-16 season, and believe it could even hit that level for the 2014-15 season.

Instead of bracing for the lower cap this season, teams instead are preparing for down the road when their spending target figures to rise. Even the Penguins, who usually leave around $1.5 million under the salary cap in the summer because of possible in-season moves, have spent to the limit. In fact, they figure to exceed the cap this summer once all of their moves are complete, and they likely will be required to trade a player to sneak under the cap.

Teams are permitted to spend 10 percent over the salary cap in the summer so long as they are under the cap when the season begins in October.

“The good thing,” Penguins general manager Ray Shero said, “is that we have some time. We're going to take our time and see what happens.”

Few general managers were taking their time when the free-agency period opened. For NHL players, who were told during the lockout that many NHL teams were in trouble financially because of large contracts that had become the norm, this is a satisfying period.

“I'm really happy for all the guys around the league who are doing so well for themselves right now,” Adams said. “Good for them. Good for all of them. It's a positive thing for us to see.”

Josh Yohe is a staff writer for Trib Total Media. Reach him at jyohe@tribweb.com or via Twitter @JoshYohe_Trib.

Subscribe today! Click here for our subscription offers.

 

 

 
 


Show commenting policy

Most-Read Penguins

  1. Finding perfect pairing for Ehrhoff key for Penguins
  2. Trade for Winnik gives Penguins competition among bottom six
  3. Penguins notebook: No discipline for Capitals’ Wilson
  4. Penguins add scoring depth by dealing for Maple Leafs’ Winnik
  5. Rossi: Winnik nice, but not enough for Penguins
  6. Penguins eye move for former center Staal
  7. Capitals’ duo more productive than Crosby, Malkin
  8. Penguins’ Crosby, Hornqvist thriving when paired together
  9. Penguins finally find way to beat Capitals
  10. Penguins cornering market on Quebec natives in NHL
  11. Penguins GM: Team needs, will keep Martin for Stanley Cup run