The salary cap this season is $82.5 million, $1 million more than the previous three seasons.
"We believe that there is a good probability that the escrow will be paid off this season," Commissioner Bettman said. "It may not be, but it's going to be close we think, which means the flat cap will be replaced by a bigger increase. Revenue is pretty vibrant. We probably did $5.4 billion in [hockey-related revenues] this past season, which is actually about a half a billion more than we projected a year ago when we were starting things up. Things are good."
If the escrow debt is not repaid by the end of this season, the salary cap would rise $1 million next season and instead increase significantly for the 2024-25 season, when the debt would be fully paid off.
The salary cap has been considered flat since 2020-21 because the players have been paying off the escrow balance they incurred in 2019-20, when the season was paused because of the coronavirus pandemic.
During the pause, hockey-related revenues flatlined, but the players were still being paid, thus giving them more than the 50 percent share of HRR allotted to them under the terms of the NHL/NHLPA Collective Bargaining Agreement.
Instead of collecting the debt owed all at once, the NHL spread it out with the idea that it would be paid off in several years. The original projection had the debt being paid off after the 2023-24 season.
"The business is good, and so things are looking possible for it being paid off this year," Commissioner Bettman said. "If we miss it, it'll be close, so it'll be next year."
In addition, Deputy Commissioner Bill Daly confirmed that the target for the next World Cup of Hockey remains February 2024.
Daly, though, said there has been objection to any kind of Russian participation from other European nations that would play in the tournament if the war in Ukraine caused by Russia's invasion remains ongoing at the time of the tournament.
"That's obviously something that is relevant and we take into consideration in connection to making decisions," Daly said.
Daly also said the NHL has considered the ability to allow Russian players to participate in the tournament but not under the Russian flag, though that is not something the European nations are interested in.
"Based on what I understand to be the concerns, it doesn't appear as if that is going to be a fix for the other European countries that want to participate," Daly said.
Commissioner Bettman said the NHL has to be able to wrap up any outlying issues related to planning the World Cup in the near future or risk a delay in the renewal of the tournament, which hasn't been played since 2016.
Daly added the NHL has been waiting to hear from the International Ice Hockey Federation regarding issues they have surrounding the World Cup, but he said the League and NHLPA could hold the tournament without IIHF approval or participation.
"Historically, our World Cups and our Canada Cups have been done with the individual federations and not really through the IIHF, although we've made them a part of it," Daly said. "Particularly with the new administration in the IIHF, we envisioned having a broader partnership that was more far reaching than what we've had certainly in recent years. We want to further that if we can, but if we can't, we can't."
