NHL increases salary cap to $71.4 million for 2015-16 season

NHL teams now know exactly how much they can spend next season.

The NHL and NHL Players' Association jointly announced Tuesday the salary cap for next season at $71.4 million, a figure both sides agreed to after some negotiation.

The cap increased from $69 million via the league's 5 percent escalator clause, but it certainly didn't go as high as many had predicted more than a year ago.

Revenues -- and therefore the growth of the cap -- were stunted in large part because of the lowered Canadian dollar, which after several years of being close to par with the U.S. dollar has hovered down around the $0.80 mark this past season. Because the seven Canadian NHL teams have such a huge impact on overall league revenues, that has a direct impact on the salary cap.

The floor next season will be $52.8 million, the base amount an NHL team must spend.