More Questions About Effectiveness Of NHL Salary Cap

Chris Drury (l), Scott Gomez Among NHLers Signing Big Deals Early In Free Agency

In less than 72 hours after NHL free agency opened on July 1, "nearly three dozen players had changed clubs, signing contracts worth around $400[M]," according to Wes Goldstein of CBS SPORTSLINE.com.  The spending spree was, "perhaps, an indication that the salary cap system created as a result of the lockout hasn't really achieved its desired effect" (CBS.SPORTSLINE.com, 7/4). 

LOONEY BINGE: In Toronto, Stephen Brunt wonders, "How can a no-loopholes salary cap attached to a percentage of overall revenues be soaring if commissioner Gary Bettman's vision of the NHL is so clearly headed for the tank?  The answer lies with ... the Canadian dollar, which continues to ride high against the American greenback."  The rising value of the Canadian dollar, which is up more than 27% from the spring of '04 before the lockout, is "an outright disaster for most of the league."  Former Blue Jackets GM Doug MacLean said on TSN earlier this week, "There's teams in this league that can't afford to spend over $35[M] a year.  That's challenging -- and I've seen the revenues." The $35M figure would be about $1M above the salary floor (Toronto GLOBE & MAIL, 7/6).