The second most important thing in NHL free agency is cap space.Â
As we all know, the most important piece for NHL free agency in 2026 is whether or not the state you’re looking to play in has a state income tax. I don’t mean to rile up the fans of teams residing in blue states and Canada when I point out that four of the last six Stanley Cup champions have hailed from no-income-tax states.Â
As we enter the free agency period — beginning on July 1 — it’s a good time to take a look at who’s saved the most quarters in a mason jar to spend on free agents this offseason.Â
Here’s a look at where all 32 teams rank in terms of cap space as of June 25.
Teams With Most Cap Space in NHL Entering Free Agency
| Rank | Team | Cap Space (millions) |
| 1 | San Jose Sharks | $46.27 |
| 2 | Anaheim Ducks | $38.77 |
| 3 | Pittsburgh Penguins | $37.86 |
| 4 | Philadelphia Flyers | $33.68 |
| 5 | Columbus Blue Jackets | $32.36 |
| 6 | Chicago Blackhawks | $30.81 |
| 7 | Detroit Red Wings | $29.05 |
| 8 | New York Rangers | $25.70 |
| 9 | Nashville Predators | $25.35 |
| 10 | St. Louis Blues | $22.91 |
| 11 | Seattle Kraken | $22.59 |
| 12 | Vancouver Canucks | $21.99 |
| 13 | Calgary Flames | $20.53 |
| 14 | Winnipeg Jets | $20.13 |
| 15 | Ottawa Senators | $19.58 |
| 16 | Toronto Maple Leafs | $18.80 |
| 17 | Los Angeles Kings | $18.33 |
| 18 | Boston Bruins | $15.42 |
| 19 | Buffalo Sabres | $13.80 |
| 20 | Utah Mammoth | $13.33 |
| 21 | Tampa Bay Lightning | $13.17 |
| 22 | New Jersey Devils | $13.15 |
| 23 | Washington Capitals | $12.73 |
| 24 | Carolina Hurricanes | $11.11 |
| 25 | Montreal Canadiens | $10.98 |
| 26 | New York Islanders | $10.68 |
| 27 | Minnesota Wild | $9.42 |
| 28 | Dallas Stars | $9.26 |
| 29 | Edmonton Oilers | $7.42 |
| 30 | Florida Panthers | $5.87 |
| 31 | Colorado Avalanche | $4.85 |
| 32 | Vegas Golden Knights | $4.63 |
San Jose Sharks, $46,265,888
The Sharks have an opportunity to become big spenders in this summer’s free agency, with the most cap space available in the NHL.Â
For reference, nine of the most expensive rosters in the league have a cap hit that is twice as big as San Jose’s.Â
Their status as a ‘rebuilding’ team has left them with many small-money contracts.Â
The Sharks’ highest-paid player is 37-year-old left winger Logan Couture with an AAV of $8 million. Couture signed an eight-year, $64 million deal with San Jose in 2018, meaning he’ll be a UFA next summer.Â
To put Couture’s salary in context with the rest of the league, he is tied with ten other players for having the 82nd largest contract in the league.
The Sharks can save a lot of money, given that they have seven players on entry-level contracts on the books. San Jose has drafted in the lottery in the last six seasons.Â
Their focus this offseason will likely be on adding veteran depth around those young players.Â
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