NHL commissioner Gary Bettman confirmed Friday that the league's salary cap will rise $1 million next season.
The league and National Hockey League Players' Association agreed to the rise to $82.5 million prior to the 2021-22 season.
The confirmation comes as Bettman announced the league's revenues are expected to top $5 billion this season.
Bettman said the NHL is projecting that the players will have cleared their pandemic debt to owners by the end of the 2023-24 season, which would lead to the cap increasing further for the 2024-25 league year.
The league's salary cap has sat at $81.5 in each of the past two seasons. The salary cap was set at $79.5 million in 2018-19 after jumping $4.5 million from the previous season.