So they need to sign players first and then ltir him?
Basically yes. I will try to explain it the best way I can.
The salary cap is 88m. The AAV of all players is added up every day and is the team's payroll.
When a team has a payroll under 88m, they accrue cap on a daily basis. The bigger your cap space, the bigger your daily accrual.
When you get to the deadline, that can add up to a lot. The Rangers current numbers based on Puckpedia:
Cap space: $3,144,838
Accrued cap space: $12,322,630
Projected deadline cap space: $14,376,402
The current accued cap space is how much you can go over the cap and is called ACSL (Accrued cap space limit).
The moment a team places a player on LTIR, the ACSL becomes their new cap ceiling. And they can then ONLY use the LTI pool.
So, if they place Adam Fox on LTIR today, that 12.3m in accrued cap space is GONE. And they also can no longer accrue cap space. All they have, is Adam Fox' 9.5m as their LTI pool.
Now, this is where it gets tricky. When teams are close to the cap (i.e. their ACSL is $220,000), and they have a player out long-term with a big contract, you will see that team make moves to get as close as possible to the cap before triggering LTIR. The Rangers did this in November of 2023 before placing Kakko and Chytil on LTIR. Adam Edström was sent down and called up on the same day, for cap reasons only. This is that exact situation where you want to maximize your LTI pool by getting as close to the cap as possible.
They might send down a player making $925,000 and call up a player making $1,100,000, which would bring their ACSL to $75,000. That's as close to perfect as it gets.
You then place a player on LTIR and your LTI pool becomes the cap hit that's on LTIR, minus the ACSL. In the case of this example, the LTI pool would be $9,425,000.
ELI5: Let's say you get $10 pocket money every week to buy sweets, play the arcades etc. You save up some of this, but now your expensive toy breaks and you want to buy a new one. The money you saved up is of course not enough. You only saved up $3. Your parents will cover the costs of the new toy but only if you give up the pocket money you saved.
I hope this all makes sense but feel free to ask. I don't blame anyone for not knowing this. It took me a long time to figure out myself.