How much cap space do the Red Wings have in the 2024 NHL offseason?

The Detroit Red Wings are right there when it comes to snagging a playoff berth, but one more big-name player will help them officially end the drought.
Detroit Red Wings v Florida Panthers
Detroit Red Wings v Florida Panthers / Bruce Bennett/GettyImages

It shouldn’t matter if the Red Wings made the NHL playoffs or not - this team has been so much better and much more fun to watch than it has been over the last several years. They hit the top-three for a while, and they also hung around the wild card and played meaningful games into April. That said, the 2024 NHL offseason could be the turning point for general manager Steve Yzerman. 

There are quite a few pending free agents who could fit the Red Wings budget this summer, as Yzerman has just over $28 million in cap space to bring one more big name into the Motor City. While he needs to be careful to avoid signing anyone who could get in the way of a top-end prospect who could make an impact next season, the amount of available space should entice Yzerman to make one more big move.

Detroit Red Wings are sixth in cap space in the 2024 NHL offseason

Even if Yzerman must be mindful about who he would bring in with the amount of cap space he has this summer, there are also quite a few players he can afford to let walk either in free agency or if he could find a way to trade them away. 

If he plays everything correctly here, from getting rid of the players he doesn’t need, to calling up the right prospects, re-signing the most impactful unrestricted free agents, and finally, to making one more big signing, then 2024-25 is, beyond the shadow of a doubt, the year the Red Wings return to the playoffs if 2023-24 isn’t the year. 

Overall, the “Yzerplan” may be one of the longer, more painful processes in professional sports, but let’s be honest: It has made the Red Wings a better organization. You only need to look at where this franchise was when Yzerman took over to where they are today.