Breaking: NHL officially announces the salary cap for the 2016-2017 season.

This is major news for several teams.

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The National Hockey League has officially announced it's salary cap for the 2016-2017 season, and it's terrific news for teams up against the salary cap.

Despite the decline of the Canadian dollar as well as a lack of Canadian teams in the postseason, the NHL will be increasing it's salary cap to $73 million next season in part thanks to the National Hockey League Players' Association opting to use it's full 5% escalator. This is particularly notable because had the players not done so the cap would have gone down according to ESPN insider Pierre Lebrun.

Both the NHL and NHLPA have released a joint statement with the details of the new cap situation, and it's likely to open the flood gates when it comes to movement prior to the draft with general managers now having a better indication of just how much flexibility they will have against the cap heading in to free agency.