Where the New York Rangers’ Salary Cap Stands Heading Into the 2025 NHL Draft: Crunch Time on Broadway…see more…
As the 2025 NHL Draft approaches, the New York Rangers find themselves navigating a critical financial juncture. With expectations mounting in New York after another competitive season, the Blueshirts’ front office faces a complex salary cap puzzle that could determine the franchise’s immediate trajectory. The team’s cap flexibility—or lack thereof—will shape not only their draft-day strategies but also their approach to trades, extensions, and free agency.
Cap Snapshot: A Tight Squeeze at the Top
As of June 27, 2025, the NHL’s salary cap is set at $88 million for the upcoming 2025–26 season, an increase from $83.5 million last year. Despite the bump, the Rangers are expected to enter the draft with approximately $5.4 million in available cap space—before accounting for key restricted and unrestricted free agents.
This modest breathing room comes after an offseason that already saw some maneuvering, including the buyout of Barclay Goodrow’s contract earlier this month, saving the team $3.6 million this season. However, much of the team’s budget is tied up in long-term deals for cornerstone players.
Here’s a look at the major cap hits currently on the books:
Artemi Panarin – $11.64M (3 years left)
Mika Zibanejad – $8.5M (5 years left)
Adam Fox – $9.5M (5 years left)
Igor Shesterkin – $5.66M (1 year remaining)
Chris Kreider – $6.5M (2 years left)
Vincent Trocheck – $5.625M (5 years left)
Jacob Trouba – $8.0M (2 years left)
That’s over $55 million committed to just seven players, underscoring the limited flexibility Rangers GM Chris Drury will have unless key moves are made.
Upcoming Contracts: The Big Decision on Igor Shesterkin
The largest question looming over Madison Square Garden is the future of Igor Shesterkin. Arguably the team’s most valuable asset, the 2022 Vezina Trophy winner is heading into the final year of his current contract. Shesterkin’s next deal is expected to exceed $10 million annually, which would make him the highest-paid goalie in the NHL.
Sources indicate that preliminary extension talks have begun, with both parties expressing mutual interest. However, any deal would need to be meticulously structured to avoid capping the Rangers out long-term. Drury may have to decide whether to front-load the deal or explore a bridge contract—both options carrying significant cap implications.
RFAs and UFAs: Key Depth Players in Limbo
In addition to Shesterkin, the Rangers have several pending RFAs and UFAs that must be addressed before July 1:
Restricted Free Agents (RFAs):
Braden Schneider (D) – Expect a bridge deal in the $2.5–$3M range.
Kaapo Kakko (RW) – A qualifying offer looms, but trade rumors are heating up amid underwhelming production.
Zac Jones (D) – Depth option, low-cost re-sign.
Unrestricted Free Agents (UFAs):
Alexander Wennberg (C) – Late-season acquisition; could be a cap casualty unless he takes a discount.
Erik Gustafsson (D) – Veteran presence on the blue line; likely walks unless Rangers clear space.
Jonathan Quick (G) – Unlikely to return; Rangers may promote internally or explore a cheap veteran backup.
The RFAs alone could absorb nearly all the team’s current cap space, emphasizing the importance of clearing room if the team intends to improve or retain depth.
Draft Strategy: Trade-Backs or Cap Dumps?
Holding the 28th overall pick, the Rangers are not in a premium position to snag a franchise-changing prospect, but the team could use the pick as leverage. League sources suggest the front office is entertaining calls to trade back in the first round to acquire multiple lower picks or to attach the pick to a salary dump.
One name that keeps surfacing is Jacob Trouba. Though a key leader, his $8 million cap hit has become burdensome given the rise of younger defensemen like Schneider and Jones. If the Rangers can find a suitor—possibly one with cap space and a need for veteran leadership—they could regain cap room and move up in the draft.
Drury’s other option is to use the pick as part of a deal for a middle-six forward, an area that became a clear weakness during the playoffs.
Prospect Pipeline and Entry-Level Contracts
One small silver lining for the cap situation is the emergence of affordable talent. Players like Brennan Othmann, Will Cuylle, and Gabe Perreault (the latter just completed a standout year at Boston College) are expected to compete for NHL spots. All are on entry-level deals, which allows the Rangers to plug holes without inflating the payroll.
Drury and head coach Kris Knoblauch (hired last season) are placing renewed emphasis on youth development. If the front office resists the temptation to sign expensive veterans, it could usher in a slightly more sustainable roster model.
Possible Trade Scenarios and Buyout Options
As cap-strapped contenders often do, the Rangers could also explore creative solutions like:
Trading Kaapo Kakko, who hasn’t fully developed into a top-six forward, could net a cheaper asset or draft pick.
Shopping Chris Kreider, though unlikely due to his no-move clause and locker room influence.
Packaging Filip Chytil, whose $4.4M cap hit remains on the books despite his uncertain health status post-concussion.
Another wildcard is a second buyout, potentially involving Vincent Trocheck if his production drops. However, buyouts create dead cap space, something Drury is wary of adding in the long term.
Final Outlook: Tight But Not Hopeless
The Rangers’ cap situation heading into the 2025 NHL Draft is delicate but manageable. The team must strike a balance between keeping its competitive core intact while integrating youth and preparing for Shesterkin’s looming mega-deal. Chris Drury’s ability to navigate this tightrope will define the franchise’s path over the next five years.
There are no easy decisions ahead, but with a top-tier roster, promising young talent, and a clear commitment to contention, the Rangers remain a force in the Eastern Conference. However, without intelligent cap maneuvering, that window could close faster than anticipated.
Draft day in Las Vegas will be more than just about prospects—it will be a test of the Rangers’ financial foresight.
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