The NHL’s cap math keeps drifting upward, and the latest example came on July 31, 2026, when the Sharks locked up Collin Graf.
PuckPedia reported that San Jose signed the 23-year-old to a three-year deal with a $4.25 million cap hit. The contract pays $4.25 million in salary each season.
When it expires, Graf will still be an RFA with a $4.25 million qualifying offer, and he’ll be one year away from UFA eligibility. He was an RFA without offer sheet eligibility under 10.2c.
Graf’s numbers from last season were 21 goals and 46 points in 81 games, and he’s a year younger than the now-departed Nick Robertson. By points alone, he’s earning more than Robertson, though the offensive impact is described here as fairly soft - and the same goes for his work on defense, which still leaves him as the more valuable player of the two.
That’s where the cap conversation gets interesting. The old idea that a player in the $1.5 million to $2 million range was essentially replaceable doesn’t feel like the right way to think anymore.
The question now is whether that line has moved closer to $3 million. Graf, as a young third-liner, fits into that territory, and the Sharks will be happy with that price for all three years.
If he improves, that’s a bonus for them.
The broader point is about the kind of deals teams are handing out to depth players in the $3-something million range, including some from the Leafs. It isn’t a cap-crunch crisis, but it does raise the question of how those contracts look later if a revamped roster actually clicks and gets into the playoffs in position to make a run.
For now, though, the focus shifts away from the cap and onto the annual prospect grind. The T25 eligibility list goes up today, and voting-panel spots are open.
Those interested in joining the T25 voting panel are asked to send an email using the contact page. A response may not come over the holiday weekend, though one could still arrive if there’s time.
The panel is kept to about 10 people, so not everyone who applies will get in. Returning voters get a bit of preference.
The process itself is straightforward: choose 25 players from the prospect list and rank them. If desired, voters can also provide an intro blurb about themselves when asked. Those who want to go further can write blurbs for players who make the list, or for some of them.
Those blurbs are a big part of what makes the posts work, turning them into something more conversational than instructional. Since nobody really knows how these prospects will turn out, multiple viewpoints help frame the discussion. The actual voting will run through the first 10 days of August.
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