Stephen Brashear-USA TODAY Sports

Are the Vegas Golden Knights the New York Yankees of the NHL?

Originally posted on The Forkball | By Jamie Malloy | Last updated 3/14/24

We all know the New York Yankees story. It was spearheaded by Billy Martin and George Steinbrenner back in the good old baseball days of 1977.

The highly intense manager and owner were an in-your-face, spend-as-much-as-you-can-on-players-at-any-cost type of power duo.

It worked for the New York Yankees, and it seems to be working for the Vegas Golden Knights.

Today’s Golden Knights

Since they entered into the NHL in 2017, Sin City has seen a dominant franchise only growing larger.

The Vegas Golden Knights have built their championship roster with no regard to their salary cap condition.

The salary cap is one of the most important things in the NHL and it’s a fair structure.

It’s a hard salary cap. That means no team is allowed to spend any more money than their salary limit.

Unless you’re the Vegas Golden Knights, that is.

Salary Cap

Vegas has been able to legally keep players by putting them on injured reserve. It allows the team to be over the cap because those players eventually return when healthy.

The team can thrive by putting a player on long-term injury reserve (LTIR). Teams are permitted to surpass the salary cap until the player is reinstated when a player proceeds to the LTIR.

It sounds illegal based on the structure, but it all fits. Thanks to their general manager trading away draft picks to win now, the team is set up for another Stanley Cup.

Where the Team Currently Stands

Right now, they have their captain Mark Stone ($9.5 million salary cap hit), and goalie Robin Lehner ($5 million) on the LTIR.

This affords the Golden Knights the chance to go beyond the salary cap.

Their captain will not be back until the playoffs while Lehner is out for an unspecified period.

What brings this all together for the Stanley Cup-bound team, is that when the playoffs do begin, the salary cap vanishes and a team’s payroll can be as lofty as conceivable.

As soon as Stone comes back, Vegas’ team salary cap will be over $15 million above the league limit.

It is all completely legal. But three obstacles need to be overcome:

#1. The first thing needed is an enthusiastic owner who is going to spend money to win. Bill Foley is willing to do whatever for a cup. The results have been positive as the Knights are going for their second straight cup this season.

#2. Secondly, Vegas has that bold general manager who is unafraid to win. He gambles his fortunes by trading future draft picks for immediate returns. He doesn’t care how much it burns his salary cap.

#3. Lastly, the teams they desire to trade these players with, must be willing to gain cap space. This is whether they release a veteran by trade that drives up the price.

Whatever the Vegas Golden Knights process is, it’s working for them.

Last year’s team won their first Stanley Cup, and they are looking to repeat as back-back champs.

Why change a process if it is working for your team, legal or not?