For years, the Florida Panthers have been hailed as one of the NHL’s elite when it comes to salary cap management, a skill that’s played a central role in their back-to-back Stanley Cup triumphs. However, according to a new league-wide contract efficiency ranking from The Athletic, Florida’s grip on the top spot has loosened, with the club falling to fourth overall for the first time in years. Despite the drop, the Panthers’ core remains remarkably cost-effective compared to their market value.
How Do the Panthers Still Maintain Elite Value Despite Falling in Rankings?
The ranking measures each player’s projected market value against their actual salary for the remainder of their contract. By that standard, the Panthers still boast one of the NHL’s most cost-effective cores.
Aleksander Barkov ($10 million), Matthew Tkachuk ($9.5 million), and Sam Reinhart ($8.625 million) are all producing at levels that could command salaries closer to Mitch Marner or Leon Draisaitl. Yet, all remain at or below the $10 million mark.
On the blue line, Gustav Forsling’s $5.75 million cap hit for top-pairing production is one of the league’s biggest bargains. Combine that with Aaron Ekblad’s $6.1 million and Anton Lundell’s $5 million, and Florida’s defensive core remains both elite and cost-efficient.
Those savings have historically allowed the team to build enviable depth. This year, however, the Panthers’ cap picture is tighter than ever. With a projected cap hit of $99.225 million and negative cap space of about -$3.75 million, they are firmly in maintenance mode, focused on keeping their championship roster together rather than adding new pieces.
Why Did Florida Invest Big in Sam Bennett and Brad Marchand?
That strategy was on display with the re-signings of Sam Bennett and Brad Marchand. Neither came at a bargain, as Bennett’s eight-year, $8 million AAV contract will carry him through most of his 30s, and Marchand’s $5.25 million deal runs until he’s 43.
On paper, Bennett’s regular-season value might fall closer to $5.5 million, and his deal could age poorly. But his playoff resume tells a different story.
This piece is about the players who aren’t worth the money — the worst deals in the NHL.
It’s when you ask yourself, “How is this guy making that much?” but in a bad way, writes @domluszczyszyn.
And yes, the reigning Conn Smythe winner made this list 👀… pic.twitter.com/Umo8cx6GM8
— The Athletic (@TheAthletic) July 31, 2025
With two Stanley Cups and a Conn Smythe Trophy, Bennett has repeatedly elevated his game when it matters most, producing at a level closer to a $10.5 million forward in the postseason. The Panthers can afford that kind of “luxury contract” because their top stars are already under market value. In another market, Bennett’s deal might be seen as too risky. In Florida, it’s a calculated bet that aligns with their pursuit of a third straight championship.
What Factors Caused the Panthers to Drop in Efficiency Rankings?
The reason for Florida’s drop in the efficiency rankings isn’t about present performance. It’s about the years ahead. Compared to younger contenders like the Carolina Hurricanes, the Panthers’ roster skews older. By 2031, some of their current deals could become less favorable, particularly as players like Marchand and Bennett advance deeper into their 30s.
Still, in the immediate term, the Panthers’ cap structure remains among the league’s best. They enter the 2025-26 season with a 22-man roster stacked with elite talent, playoff-tested veterans, and a front office willing to take on short-term risk for long-term glory. The championship window remains wide open, even if the mathematics suggest eventual challenges down the road.
