Matthew Tkachuk is Coming Back. How the Panthers Work Him Under the Cap

SUNRISE — With star forward Matthew Tkachuk due to return in the coming days or weeks, the Florida Panthers will have to, once again, scramble a bit when it comes to the salary cap.

This is nothing new.

It is also something they are not all that concerned about.

According to PuckPedia.com, the Panthers are currently about $1.9 million under the NHL’s $95.5 million salary cap.

That includes getting approximately $7.6 million in cap relief by having Tkachuk and captain Sasha Barkov on long-term injured reserve.

In years past, the Panthers would have been able to wipe off the full cap hit of Tkachuk ($9.5 million) and Barkov ($10m) while they were on LTIR and then work it back in upon their return.

This year, they can only deduct the NHL average salary (around $3.8 million) per player if they think said player will return either in the regular season — in the case of Tkachuk — or the playoffs (Barkov).

So, instead of getting a $19.5 million cap savings with Barkov and Tkachuk on LTIR as would have been the case last year, Florida is getting $7.6 million.

The Panthers would be able to give themselves plenty of salary cap space if they put Barkov on full LTIR after he had reconstructive knee surgery upon getting hurt on the first day of on-ice action at training camp in September.

They are not going to do that.

At least not right now.

The Panthers are hopeful Barkov may be able to play in the postseason.

By putting him on full LTIR, that would mean a big cap savings. But it also means Barkov could not play at all this season. Even the playoffs.

Word is, the Panthers are going to wait and see how Barkov’s rehabilitation and meetings with the medical experts go as the weeks and months go on.

With as hard as Barkov is working on a potential return to the team, that is not only fair but deserved.

So, how do the Panthers get Tkachuk in under the cap without pulling the so-called ‘nuclear option’ on Barkov?

Using very basic sportswriter math, the Panthers are about $2 million under yet have to fit almost $4 million upon the activation of Tkachuk.

So, where do you find $2 million?

Right now, injured forwards Cole Schwindt (arm) and Jonah Gadjovich (upper body) are on IR — but have not been placed on LTIR.

Both have been out of the lineup with their injuries long enough to be retroactively placed on LTIR, and can be designated as such at any time.

That would save the Panthers about $1.6 million and still allow for those two to come back when they are healthy.

Paul Maurice said both could be back as early as March.

So, worry about their cap hits when the time comes.

Florida may also get Dmitry Kulikov back in March.

Again, a cap hit concern for another day.

Right now, moving Gadjovich and Schwindt to LTIR pulls the Panthers close to being able to get Tkachuk under the cap.

But it is not enough.

Moving a player off the roster in an effort to get them to AHL Charlotte — perhaps Jack Studnicka or Donovan Sebrango — would free up about $775,000.

That move, plus the LTIR designations for Gadjovich and Schwindt, should give the Panthers enough space to welcome No. 19 back into the lineup.

And they cannot wait to welcome him back.

The question is, when will that be?

Stay tuned.

ON DECK: GAME No. 40

THE 2026 NHL WINTER CLASSIC

NEW YORK RANGERS at FLORIDA PANTHERS

• When: Friday; 8 p.m.
• Where: LoanDepot Park, Miami
• National TV: TNT/truTV (US); Sportsnet/TVA (Canada)
• Streaming: HBO Max
• Radio: WQAM; WBZT 1230-AM (Palm Beach); WCTH 100.3-FM (Florida Keys); SiriusXM
• Panthers Radio Streaming: SiriusXM 931 or 932, NHL App
• Last Season vs. Rangers: Panthers Won 2-1
• This Season vs. Rangers — At Panthers: Winter Classic; April 13. At Rangers: March 29.
• All-time Regular Season Series: Rangers lead 62-36-8, 6 ties
• Postseason History: Rangers won 4-1 (1997, 1st round); Panthers won 4-2 (2024 ECF)
• Up Next for the Panthers: Sunday vs. Colorado Avalanche, 5 p.m.