“As far as the salary cap is concerned, one-way contracts are pretty straightforward. Under Section 50.5 of the CBA, in the offseason or during the season when the player is in the NHL, whatever the salary is will generally count against the salary cap. If the player is sent down to the AHL and his salary is the league minimum plus $375,000 or more, the salary over that amount counts against the cap.“
“Salary cap calculations for two-way contracts become a little more complicated. The regular season cap hit will be whatever the salary is while the player is playing in the NHL. If the player is sent down to the AHL, the cap hit is generally zero. I say generally because there could be scenarios where there is a cap hit if the player has minimum guaranteed compensation or minor league compensation plus what is known under the CBA as “non-Exhibit 5 performance bonuses” or Exhibit 5 bonuses that are earned that exceed the NHL minimum salary plus $375,000. Exhibit 5 bonuses are bonuses related to entry level deals. It is not common. This is why most just say that two-contracts don’t count against the cap if the player is in the AHL. In the offseason, the effect on salary cap for two-way contracts depends on NHL games played in the previous year. If a player on a two-way contract played 50 or more NHL games the previous season, his full salary will count against the cap. If the player played 1 to 49 games, it is a reduced number based on a formula. And if the player did not play an NHL game the year before, there is no offseason cap hit.”
