The NHL’s salary cap is going up—and that means the league’s financial landscape is shifting fast. For big-market teams, it’s a green light to spend, reload, and take bigger swings in free agency. But for clubs like the Ottawa Senators and Winnipeg Jets, it’s a little more complicated.
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More money floating around the league doesn’t just open doors—it raises the cost of staying in the fight. And in Canada’s smaller markets, where every dollar matters just a bit more, that cost can feel like a weight.
The NHL’s Salary Cap Is Rising—But So Are the Stakes
The 2025–26 season will see the NHL’s salary cap jump to $95.5 million, and it’s expected to jump all the way to $113.5 million by 2027-28. That’s a significant leap from where things stood just a few seasons ago, when the cap flatlined due to the pandemic.
For most of the league, that’s excellent news. More cap space means more flexibility, more room to lock up stars, and more opportunities to build depth. But it also means the market for top players gets more expensive—and staying competitive becomes that much harder if your budget isn’t keeping pace.
The Small-Market Reality Means There’s No Room for Mistakes
That’s the challenge facing the Senators and Jets. These aren’t poor teams—both have solid ownership and passionate fan bases—but they lack the financial muscle of places like Toronto or New York.
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Take Winnipeg, for example. The Canada Life Centre has one of the smallest seating capacities in the NHL, and the club leans heavily on gate revenue to make the books work. That leaves them more vulnerable to swings in attendance or playoff misses.
In Ottawa, there’s more hope on the horizon, especially with the LeBreton Flats arena project finally inching forward. A downtown location would mean more premium seating, better corporate partnerships, and a serious boost to the team’s bottom line. But for now, the Senators are still in an outdated building and working with a limited commercial footprint compared to bigger-market teams.
And then there’s the Canadian Dollar. With most NHL revenues in U.S. Dollars and many expenses paid in Canadian Dollars, exchange…
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