Navigating the salary cap is one of the most important tasks for a front office.  Teams that can avoid total cap chaos by walking the tightrope of inking players to deals that match their value (or compensate for future value without breaking the bank) remain successful.  Those who don’t often see struggles and front office changes.

As we do each year, PHR will look at every NHL team and give a thorough look at their cap situation for the 2026-27 season, though in a slightly different format than before.  This will focus more on players who are regulars on the roster versus those who may find themselves shuttling between the AHL and NHL.  All cap figures are courtesy of PuckPedia.  We’re currently covering the Atlantic Division, next up are the Panthers.

2026-27

Upper Limit: $104MM
Current Cap Charge: $103,965,714
Cap Space: $34,286
Potential Bonuses: $250K (most likely to be reached)
Dead Cap: $150K (2025-26 bonus carryover penalty)

Expiring Contracts (RFA): F John Beecher ($850K)

Beecher wasn’t able to pass through waivers unclaimed last season as a big center.  The Panthers will likely have to decide if they want to attempt it in training camp or find a way to keep him as a depth forward.  Barring a breakout showing, he’s likely to stay close to the minimum and is a safe non-tender candidate to get around arbitration eligibility.

Expiring Contracts (UFA): F Lars Eller ($850K + $250K in bonuses), F Garnet Hathaway ($1.2MM*)

*Philadelphia is retaining an additional $1.2MM on Hathaway’s contract.

Hathaway was brought in from Philadelphia this summer to help replace some of the grit they lost when A.J. Greer went to Anaheim.  Given how much he has slowed down in recent years, it’s hard to see him matching his full salary on his next deal but something in the $1.5MM to $1.75MM range could be doable.  Eller will reach $200K of his bonuses at 60 games played while the final chunk is Cup-dependent.  He is now limited to being a fourth liner at this stage of his career and it’s likely he’ll stay at or near the minimum if he gets a deal for his age-38 year.

2027-28

Projected Upper Limit: $113.5MM
Current Cap Charge: $103,765,714 (20 players signed)
Cap Space: $9,734,286
Potential Bonuses: None
Dead Cap: None yet but likely to be some sort of small bonus carryover again

Even with a $2MM increase coming to Eetu Luostarinen’s contract (more on him later), the Panthers don’t have many spots to fill and a fair bit of money to play with.  It’s entirely possible that GM Bill Zito will be able to add another core piece next summer as things stand.

Expiring Contracts (RFA): None

Expiring Contracts (UFA): D Uvis Balinskis ($875K), F Jonah Gadjovich ($905K), D Dmitry Kulikov ($1.18MM), G Jacob Markstrom ($6MM), G Akira Schmid ($2MM), F Cole Schwindt ($875K), F Brady Tkachuk ($8,205,714)

Tkachuk was Zito’s big splash this offseason with the team sending three first-round picks and a second-rounder to reunite the brothers.  He shouldn’t be asked to be a top liner like he was in Ottawa but he should still command top-line money or close to it on the open market.  Jumping past the $12MM mark seems very doable if he makes it to free agency.  Gadjovich and Schwindt are both depth players who will likely stay close to the minimum salary while the Panthers will probably want to keep those roster spots close to the minimum as well.

Kulikov surprisingly received a four-year deal two years ago at 33.  He won’t get that next time around and a lot will depend on his desire to stay in Florida.  If he’s still a serviceable third-pairing player, he could jump past the $2MM mark on a short-term deal.  But if he wants to stay with the Panthers, he will probably have to take a little less than that.  Balinskis is a serviceable depth defender and should have enough of a track record when this deal is up to command a pricey enough deal to price himself out of Florida.  He could jump past $2.5MM per season if all went well, a price tag they can’t afford for a depth defender.

They will have a new goalie tandem this season, headlined by Markstrom, who has struggled in recent years relative to his track record.  At 36, they’re banking on a rebound performance.  If Markstrom bounces back, another short-term deal around this price tag could be realistic.  But if he continues to falter, a steep drop to a backup salary might be where he goes.  Schmid, meanwhile, comes over from Vegas, where he was squeezed out of a spot when Carter Hart returned from injury.  He will be aiming to prove that he’s a reliable backup at a minimum, which could push his price tag past $3MM.  If he gets a bigger opportunity and runs with it, the cost to keep him will shoot up from there.

2028-29

Forecasted Upper Limit: $123MM
Current Cap Charge: $83.725MM (13 players signed)
Cap Space: $39.275MM
Potential Bonuses: None
Dead Cap: None

There are two big spots to fill, that being re-signing Tkachuk and adding or re-signing a starting goalie.  The rest of the vacancies are more depth spots so even if this cap room drops before the 2028 offseason (if they add someone next summer, for example), there’s a way to keep the core intact still.

Expiring Contracts (RFA): None

Expiring Contracts (UFA): None

2029-30

Forecasted Upper Limit: $133.5MM (8.5% increase)
Current Cap Charge: $83.725MM (13 players signed)
Cap Space: $49.775MM
Potential Bonuses: None
Dead Cap: None

Expiring Contracts (RFA): None

Expiring Contracts (UFA): F Aleksander Barkov ($10MM), D Seth Jones ($7MM*), F Anton Lundell ($5MM), F Matthew Tkachuk ($9.5MM)

*Chicago is retaining an additional $2.5MM per season on Jones’ contract.

Barkov didn’t play at all last season due to injury but there’s no reason to think he won’t still be a top-line two-way center moving forward.  Offensively, he’s not going to produce at a high enough level to really max out money-wise on his next contract but even though he’ll be entering his age-35 season when his next contract starts, he should be able to add a few million per year on his next deal.  Assuming that Tkachuk’s injury troubles are behind him, he should go back to being a top-line winger.  Getting back to the 100-point mark could be tough but he’ll only be 32 when his next deal begins.  He could get another long-term pact with several million per season extra as well.

Then there’s Lundell.  He was miscast as a top-line pivot last season but still held his own in that role.  But the second line is his best spot where his well-rounded offensive game and high-end defensive play can stand out.  He bypassed a bridge contract with this deal, one that will allow him to reach unrestricted free agency in his 20s, a similar strategy to what some of the top RFAs did this summer.  The market for second-line centers has already jumped up considerably but at this time, Lundell will be a UFA-eligible second liner still in his prime years.  If he wants a max-term contract, he could get it easily with an AAV more than double his current price tag.  If he wants a shorter-term pact to take another run at a UFA deal, he could still reach the $10MM per season mark.

Jones has fit in nicely on Florida’s back end where he’s not being asked to shoulder quite as much of the workload as he was in past stops.  It’s reasonable to think he can continue playing at this level for a few more years, meaning they’ll get some good value out of this deal.  He should still be able to secure a multi-year pact (heading into his age-36 season) at a small raise from his full price tag now.

Signed For 2030-31 And Beyond

For that season, there will be a new CBA in place so trying to forecast the cap and cap space basically becomes a guessing game.  Accordingly, we’ll go back to the old Deep Dive format for players signed beyond the 2030-31 campaign.

Before jumping into the rest of the players, the 2030 offseason is going to be a pricey one for the Panthers.  It wouldn’t be shocking in the slightest to see them use more than the projected cap increase to re-sign their players on expiring contracts.  This is where we could see a bit of a cap crunch again.

F Sam Bennett ($8MM through 2032-33)
D Aaron Ekblad ($6.1MM through 2032-33)
D Gustav Forsling ($5.75MM through 2031-32)
D Radko Gudas ($1.5MM through 2031-32)
F Brad Marchand ($5.25MM through 2030-31)
D Niko Mikkola ($5MM through 2033-34)
F Eetu Luostarinen ($3MM in 2026-27, $5MM from 2027-28 through 2034-35)
F Sam Reinhart ($8.625MM through 2031-32)
F Carter Verhaeghe ($7MM through 2032-33)

Reinhart hasn’t been able to repeat his 57-goal breakout performance but they’re not paying him to maintain that rate.  He has hovered around the point-per-game mark the last two seasons, giving them top-line production.  This price tag for that return is still reasonable.  He’ll be entering his age-37 season for his next contract so it seems unlikely he’d command much more than this on a short-term pact next time.

Bennett’s contract is one that the perception may change on over time.  Yes, it’s a high price tag for a 50-point player but within a couple of years, the market may get there for second-line pivots anyway.  Add his physicality and playoff success to the table and all of a sudden, as long as Bennett stays healthy, Florida might do better than expected with this deal.  He’ll also be 37 when his next deal begins and the wear and tear on his body by then might have him looking year-to-year after that.  Verhaeghe’s output has dipped after a pair of seasons of more than 70 points; now, he’s in the 50s.  The price is a little high now for that production but that should change over the next couple of seasons.  He’ll be 38 when his next contract starts and at that point, his production may be down even more, making the thought of beating this price a little less likely.

When healthy, Marchand is on a bargain contract at the moment as a safe bet to play at a 50-point pace (or more) again.  But the deal runs until he’s 43.  He won’t be able to produce enough to justify the cost by the end of it.  Clearly, the Panthers are more worried about the value in the first few years over the lack of value in the final few seasons.  Luostarinen is a capable third liner who has shown flashes of offensive upside, albeit inconsistently.  Considering there are bottom-six players who signed deals around the $4.5MM mark this summer, going slightly higher for someone who can chip in a bit more offensively feels reasonable from Florida’s perspective.  He’ll be heading into his age-37 deal as well when his next contract starts and by then, he may be more of a limited role player than he is now.

Ekblad certainly took less than he could have to re-sign with Florida last summer.  He’s not a number one defender anymore but he’s being paid like a number three now.  He should be able to live up to that for a while.  Another player who will be 37 when the deal ends, he could still get a small increase on a short-term deal if he’s still holding down a second-pairing role.  Forsling’s production has dipped in three straight years now but there’s a reason he has received down-ballot Norris votes in two of the last three seasons and it’s not his offense.  He’s also in the number three price range and there’s no reason to think he can’t hold down that role throughout this contract.  He’ll be 36 when this deal expires and he could get a short-term pact at a nice raise.

Mikkola’s deal raised some eyebrows when it was signed last year but with where the market has gone, it should work out.  He’s more of a fourth or fifth option and this deal is a little on the high side for that role for now but in a few years, that should change.  He’ll be 38 at the end of this agreement and likely a full-time third-pairing player by then which suggests this price tag may be out of reach at that time.  Gudas getting six years at 36 was strange but it’s at a low enough cost to not hurt them much.  Barring consistent injury issues, they’ll be fine with this contract, one that will certainly be his last.

Outlook

Florida certainly has an aging roster but most of their long-term contracts range from reasonable to team-friendly.  While there are a couple of seasons ahead where cap trouble awaits, there are others where they could conceivably add to their core.  After a tough 2025-26 season, they appear to be well-positioned to bounce back for a while yet.

Photo courtesy of John E. Sokolowski-Imagn Images via Reuters Connect.