Last season's revenue was approximately $5.2 billion (according to Bettman). That was with a large number of teams playing in half-full buildings (or less) for most of the season too.
Under the new formula for calculating the cap once the players' debt is paid back, each year's cap will be calculated using the real revenue from 2 years prior (i.e., the 2024-25 cap will be set based on 2022-23 revenue) with no escalator.
- The cap is calculated using the basic formula of: Total Revenue x 50% = Player's share ... Player's share / 32 = per team "midpoint" ... Midpoint x 115% = Salary Cap.
For 2021-22 revenue of $5.2 billion ... The cap would be $93.44 million in 2023-24 (it will likely still be lower as the players won't be fully paid back).
If there's a revenue increase of 5% for 2022-23, to $5.46 billion, the cap in 2024-25 would be $98.11 million. If revenue for the upcoming season tops $5.565 billion, the cap could be over $100 million for 2024-25.