I think GMs are likely to be more conservative than the extremely rosy cap projections put out by the NHL and NHLPA, since they have to actually live with contracts they sign if the cap doesn't rise to those lofty projections. Until there is a new CBA, players still only get 1/2 of all hockey related revenue. Since those projections the geopolitical headwinds have been blowing stronger and stronger against a growing economy to support the projections.
Some GMs will do what they always do and spend like drunken sailors but others like Chevy will exercise some constraint.