George Richards, FHN Publisher
The Florida Panthers were able to play above the NHL’s salary cap during the 2025 Stanley Cup Playoffs what with Matthew Tkachuk missing the final 25 games due to injury in which he was placed on LTIR.
That money saved allowed the Panthers to load up at the NHL Trade Deadline and acquire key players (Seth Jones, Brad Marchand) as well as quality depth (Nico Sturm, Vitek Vanecek.)
The LTIR loophole for the playoffs is going away this season — and it will affect the Panthers as much as any team in the NHL.
With Tkachuk having surgery to repair a sports hernia and his groin injury last month, the Panthers will be without his services for at least the first few months of the season.
Which, to them, is fine; the Panthers planned on that outcome, and according to PuckPedia, go into the season $4.5 million over the NHL’s $95.5 million salary cap when you count Tkachuk.
When he goes on LTIR, the Panthers should be about $5 million under.
What happens when Tkachuk comes back, however, is a mystery — at least publicly.
The Panthers, almost certainly, have a plan.
When Tkachuk comes back and his $9.5 million cap hit is reinstated, the Panthers will be over the salary cap at least how things stand today.
And with the NHL and NHLPA agreeing that the new CBA provision that teams have to ice a team in the playoffs that fits under that $95.5 million salary cap goes into affect this season and not in 2027, the Panthers will have to be cap compliant for Game 1 of the postseason.
Last year, with Tkachuk in the lineup along with the likes of Jones and Marchand, the Panthers iced a team in Game 6 of the Final against the Oilers that had a cap hit of $91.25 million — which was $3.25 million over.
There will be no wiggle room this postseason.
Of course, the key word here is ‘ice.’
The Panthers, as well as every other playoff team, will be able to go over the salary cap in the playoffs by adding players from their AHL team or, in the case of goalie Cooper Black who was Florida’s No. 3 throughout the postseason, the ECHL.
They just will have to be cap compliant when the puck drops.
And that may not be as hard to do as it sounds.
The Panthers are expected to open the 2025-26 season with 23 players on their active roster — not counting Tkachuk.
With Tkachuk on LTIR, the Panthers should be around $5 million under the cap.
Florida does have to find $4.5 million somewhere — either by trade, or by having someone else injured — upon his return to be cap compliant.
But when the playoffs come, the Panthers will have 20 players to fit in under that $95.5 million salary cap.
Not counting trades, the Panthers would be able to carve $1.5 million off by benching Jesper Boqvist.
Adding, say Luke Kunin and Uvis Balinskis, adds $1.65 million to the bench.
That leaves the Panthers about $1 million shy of being cap compliant for the playoffs.
Which means someone will be traded before the playoffs begin.
Evan Rodrigues and Eetu Luostarinen each carry $3 million cap hits and have to be considered trade candidates right now.
This certainly impacts the Panthers who have built a deep roster with aggressive spending and, at least last season, LTIR.
Tough decisions on trades are coming and may limit Florida’s ability to maintain the same depth that fueled its recent playoff dominance at least this season.
With the Panthers being heavily invested in the Olympics with perhaps as many as 10 players participating, depth will come into play this postseason more than any other.
Next season, of course, the salary cap goes up substantially to $104 million which should mitigate the concerns Florida is going to have this postseason.