TORONTO — The NHL's salary cap has been set at US$81.5 million for the 2019-20 season after the league and its players' association reached an agreement on Saturday.

A lower limit of $60.2 million and an adjusted midpoint of $70.9 million were also agreed upon by the two sides.

The $81.5 million upper limit is slightly less than NHL commissioner Gary Bettman predicted it would be at the board of governors meetings in December.

Bettman said on Dec. 3 that the league's salary cap will likely fall somewhere in the US$83-million range in 2019-20.

The cap was set at $39 million following the lockout that wiped out the 2004-05 season, but has grown by more than $40 million since then.