Why New York Rangers salary cap situation is so precarious in 2025-26

At first blush, it’d appear that the New York Rangers will be in good shape with projected salary cap space for the 2025-26 season, despite needing to re-sign three key players, including goalie Igor Shesterkin.

Assuming the cap rises another $5 million, which is just a guesstimate at this juncture, that would set the ceiling at $93 million for each team to spend in 2025-26. As of today, the Rangers are committed to $58.189 million in salary, excluding any bonuses, for the season after next.

However, that’s only 10 of a projected 22 contracts to fill out the roster. The Rangers currently have seven forwards and three defensemen under contract for 2025-26. None of the top three goalies in the organization — Shesterkin, Jonathan Quick nor Louis Domingue — is signed past this upcoming season.

Of players who likely will be on the NHL roster in 2023-24, six right now would be unrestricted free agents next summer and seven would be restricted free agents.

So, how quickly will that roughly projected $34 million in cap space be used up by the Blueshirts?

Let’s take a look, keeping in mind there’s no way to predict trades or signings over the next 12 months. So, we will focus simply on players within the organization right now.

Related: Igor Shesterkin not obligated to give discount on contract like Knicks star did

Rangers must re-sign three key players before 2025-26 season

Let’s begin with the obvious. The Rangers must re-sign Shesterkin, who’ll be an unrestricted free agent, and future cornerstones of the franchise Alexis Lafreniere and K’Andre Miller, who will be hitting restricted free agency with arbitration rights.

Many experts peg the total to re-sign all three to be around $24 million annually. Shesterkin alone could command half that amount, with it being reported that his agents are seeking 14 percent of New York’s salary cap total for the star goalie, roughly $12.9 million per season. That AAV may be more digestible as the cap rises each year and when Artemi Panarin’s $11.64 million cap hit comes off the books in 2026. But it’s a big number, especially for a goalie.

If Lafreniere continues to improve this coming season and surpasses 30 goals, he’s in line for a major pay bump from his current $2.325 AAV. You’d think the Rangers want to buy out his first few years of unrestricted free agency, so his would be a longer-term contract. Can New York keep it under $6 million per season? Perhaps only if they do a two-year contract, which would walk the former No. 1 overall pick right into unrestricted free agency in 2027.

Miller has a higher AAV than Lafreniere now ($3.87 million) but on a longer-term deal, he likely would make less then the forward. Still, Miller will be a due a decent raise.

Each of these three is eligible for a contract extension now. But no matter when their contracts are finalized, let’s stick with the $24 million annual number to get all three signed.

That leaves roughly $10 million to sign nine players to fill out the roster.

Related: Rangers all-time best free agent lineup

Ryan Lindgren, Kaapo Kakko X-factors projecting Rangers salary-cap space for 2025-26 season

The next most expensive contract the Rangers need to worry about ahead of the 2025-26 season is one for Ryan Lindgren. The 26-year-old defenseman is unsigned now and has a salary arbitration hearing set for Aug. 2. Though it’d appear here that it makes more sense to lock Lindgren up on a longer-term contract since a one-year agreement in arbitration walks him into unrestricted free agency after this coming season, several reporters, including Mollie Walker and Arthur Staple, believe Lindgren will land a one-year deal.

But assuming he gets a longer-term deal now or later, that’s likely another $4 million-plus contract, putting the Rangers at a projected $6 million of cap space with eight roster holes to fill. Of course, the Rangers could pivot, let Lindgren walk in free agency next summer, and find an external option for less money since there isn’t an internal option within the organization ready to replace him in the next year.

Another X-factor here is the future of Kaapo Kakko. The 23-year-old forward could be traded anytime between now and next season’s deadline. Or he could be moved next offseason. Or if he plays well this season, he could land a new contract since he’s a restricted free agent again in 2025.

Kakko is due $2.4 this season and would be headed for some kind of raise with his next contract. Trading him and slotting in, say, either Brennan Othmann or Gabe Perreault in 2025-26 on an entry-level contract saves the Rangers cap space. But it’d be harder to do if Kakko finally plays to his potential and produces a big season in 2024-25 just as Lafreniere did a year ago.

If Lindgren and Kakko each are on the roster for the 2025-26 season, that’s likely at least $7 million annually to retain the pair. It’d seem difficult for the Rangers to make things work if they re-sign both.

Related: ‘Wait till you see’ Matt Rempe next season, former NHL enforcer exclaims

Filling out rest of Rangers roster in 2025-26

Dylan Garand – Credit Hartford Wolf Pack

Of the players set to become UFAs next offseason, the biggest savings will come when Reilly Smith and his $3.75 million cap hit comes off the books. You’d have to believe that a younger player on his entry-level contract — Perreault, Othmann, Brett Berard — will snag his roster spot.

Jimmy Vesey only makes $800,000 and will be a UFA. If the Rangers can get him at a similar price, he’d be a key bottom-six player to retain.

With Shesterkin’s expected massive new contract, Quick may be a luxury at over $1 million to keep as the No. 2 goalie. Then again, he may retire after next season anyway. Dylan Garand and his entry-level contract could be on the roster therefore in 2025-26.

RFAs like Will Cuylle, Matt Rempe, Zac Jones and Adam Edstrom should see small salary bumps next offseason.

But, as you can see, there’s precious little breathing room for the Rangers in 2025-26, at least as constituted today.

However, they could trade captain Jacob Trouba next offseason before the final season of his contract and save $8 million. The Rangers would have to go out and find a replacement in their top six on defense, but that’s the one move they can make to create significant breathing room.

Clearly, though, Rangers general manager Chris Drury has his work cut out for him, now and for the coming year.

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