On January 31, 2025, the NHL and NHLPA announced an agreement which provided an estimate on salary cap figures for the next three seasons. The upper limit of the salary cap for the 2025-26 season is $95.5 million, it is $104 million for the 2026-27 season, and $113.5 million for the 2027-28 season. This is great news for a team like the New York Rangers who historically has loved spending money and going after big name players.
The Rangers are in a transitional period right now where they are attempting to redefine their core and forge a group that contend for championships. They aren't a franchise that will do another tear it down rebuild anytime soon, and more likely that not will attempt to use their financial might to solve their problems. With the cap going up over the next several seasons, here's how the Rangers plans could be reshaped, and who the top three players they could attempt to land.
Pray Connor McDavid doesn't sign an extension with the Edmonton Oilers this summer, and throw him a "Godfather offer" in July of 2026
If Connor McDavid doesn't sign an extension with the Edmonton Oilers this summer, there is going to be a ton of speculation and rumors of where he could consider taking his talents. McDavid has now lost in back to back finals with the Oilers, and as one of the league's most passionate and dedicated players, that failure likely doesn't sit well with him. How McDavid is thinking might influence what the Rangers do or don't do in this year's free agency period, and a lack of spending by the Rangers would suggest they are preparing to go big game hunting.
In many ways the Rangers offer an amazing situation for McDavid as they have Igor Shesterkin in net, Adam Fox on the blue line, and a handful of talented forwards who could play with or behind McDavid in the lineup. They also have a world class coach in Mike Sullivan who is a two-time Stanley Cup champion.
Financially speaking, the team has a few decisions to make this summer and not many free agents of consequence. The following summer Artemi Panarin's $11.6 million cap hit is set to come off the books, and the only other projected free agents of note would be Jonathan Quick (age 39), Carson Soucy, Braden Schneider, Brett Berard, and Brennan Othmann.
Anyone who signs a one-year deal this summer would also be up for a new deal, but the team has a very clean cap sheet that could accommodate McDavid. Should they need to free up additional space, for some reason, they could move Alexis Lafrenière, Vincent Trocheck, or try and work out a deal with Mika Zibanejad who has a no-movement clause.
It is very possible that this summer is all about the Rangers taking care of business that includes rebuilding the defense and rounding out the bottom-six so that the only finishing touch they need to take things to a new level is that elite No. 1 center. It is possible that they acquired J.T. Miller in-season because they knew they weren't going to be players in free agency, and wanted to make sure he was a good fit before they moved another center. This is obviously speculative, but when you consider how the Rangers have gone about their business in moving out Chris Kreider, Jacob Trouba, and Barclay Goodrow, it becomes clear they wanted a cleaner cap sheet for future seasons.
McDavid may very well re-sign in Edmonton, and this becomes wasted digital ink. But the good thing for them is that there are other forwards who could become available, and would have a significant impact for the Rangers.