At times I wish we had a Jets business of hockey thread to discuss these issues, but I appreciate your response and agree many GMs will merely work with the cap space in front of them.
From what I understand from what I have read, the NHL and NHLPA have decided to go with the highest limit of their cap formula rather than the mid range of the formula they usually go by to set cap limits for the next 3 years. This was based on a booming world economy in 2024, and most likely an attempt to make the ongoing CBA negotiations as seamless as possible. Next year's cap is locked in stone, but they have given themselves some wiggle room after that to adjust for future years.
My concern is the economy is no longer booming and many financial forecasters are now predicting we will be in recession territory by the end of 2025. This will have an impact on revenue IMO anyways. Here is where I see the problem, unless it changes in the next CBA which is highly doubtful, the revenue split between players and owners is 50-50 and will remain that way. The owners get "made whole" through escrow which claws back money from the players to get back to 50-50. In most years the NHL tries to keep this to a minimum because players hate it. But now we are entering into uncharted territory where escrow will become increasingly a problem for players as large chunks of their salaries get clawed back.
Players signing new inflated contracts will take it with a grain of salt, but players already signed to contracts will start pushing back hard. My guess if the world economy starts to really stall and/or regress within a year or 2 there will be a player pushback where the cap stagnates again. But the big problem will be that teams will have already signed too many really bad contracts in those years that they will then have no operating ability.
That is why I say some GMs will be reluctant to go down this path and handcuff themselves, while others will spend freely because they know they have no real job security anyways. When all is said and done there will be a lot of albatross contracts out there that GMs will be trying to shed by any means possible.