One of the world’s most prestigious professional sports leagues, the National Hockey League (NHL) makes the headlines as the draft 2023 goes down live. The players of the NHL are known for their substantial earnings apart from their exceptional skills on the ice.
For the NHL, 224 players will be selected with the draft taking place. But all these players will not feature in the season because some may not be eligible to sign a contract for some reasons. All the first-round picks will sign a contract deal lasting for three years. Despite of they are playing or not in the NHL.
NHL Draft: Average Salary in 2023
The salary of NHL players has seen significant growth over the years. The average salary for NHL players in the year 2023 is evaluated to be around $3.5 million per year. At a maximum of $950,000 per year, all the players sign a three-year deal for the 2023 NHL. Generally, all the first-round picks will sign for $950,00 and after that, some players will sign for lesser salaries.
As this figure doesn’t include performance bonuses and signing, the draft picks can earn more but there is a limit to that as well. The signing bonuses will not exceed more than 10% of the total contract, similarly, the performance bonuses also can’t exceed the maximum of $3.5 million. For the NHL team, these bonuses also count against the salary cap.
NHL Draft: Minimum Salary in 2023
In the 2023 NHL drafts, the minimum salary for players is $750,000. Between the NHL Players Association (NHLPA) and the NHL, the salary figure is determined through collective bargaining to make sure fair compensation for players. During the 2022-2023 season, 10% of players on the roster earned this minimum salary approximately.
If a player is signing an entry-level contract and aged under 24 years have a salary range from $750,000 to $925,000 for a season. The length of the contract may vary depending on the age of the players. The rookie salaries often have high bonuses that could increase the salary to $3.5 million per year.
A three-year deal is mandatory if you are between 18 to 21 years of age. A two-year deal is mandatory if you are in the range of 22-23 years of age. Players who are 24 years old are required to sign them for a year contract deal only.
The increased salaries can be attributed to the increasing popularity of the league boosted revenues, and equal distribution of revenue through the salary cap. Experience, reputation, on-ice experience, and market forces are such factors that contribute to the earning potential of players.