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Ok, I'll do JUST day one for the Fllyers this year, October 9th, 2008.
There are a total of 186 days in the NHL year this season. With the cap limit at 56.7 mil this season, the Flyers were permitted to spend a MAXIMUM of $304,839 (56.7 mil divided by 186 days). On day one the Flyers had the following players on their active roster :Briere, Richards, Gagne, Carter, Hartnell, Knuble, Lupul, Upshall, Metro, Asham, Cote, Ross, Downie, Timonen, Coburn, Eminger, Vaananen, Kukkonen, Sbisa, Biron, and Nitty. They had Hatcher, Rathje, Jones and Parent on LTIR. The Flyers had and active roster salary of just 52.842 mil and it took $284,097 (52.842/186) out of their 56.7 mil they had for the season. HOWEVER, the flyers also had 10.605 mil of salary on LTIR that still counted against the cap and another $57.016 came off the Flyers remaining cap amount for a combined day one salary cap hit of $341,113. The absolute minimum any team can have remaining in their cap after day one is 56.7 mil * 185 / 186 or $56,395,161. The Flyers only had $56,358,887 (after both the active roster and LTIR one day salaries were subtracted). Now since the Flyers were below the minimum necessary to maintain 56.7 mil cap for the remaining days, the Flyers were awarded the difference between where they actually were at and where the minimum is at or $36,274. This is where the "up to the amount of LTIR salary" comes into play. The Flyers had $57,016 in LTIR salary but only got "credited" for $36,274 of it, we lost the rest. Thus, regardless of what the cap total is of our active roster (only 52+ mil) on day one, on paper it looked like our cap was at the maximum 56.7 mil.
Now I'll explain why the above is so significant. Lets assume that the Flyers had no LTIR salary on day 1 and we had a cap of $52,842,000. From the above cals that would be a one day hit of $284,097. This amount would be removed from our 56.7 mil "bank account" leaving us with $56,513,913. We now only have 185 days remaining in the hockey year so that means we can now spend $305,481 on day 2. That would be a cap maximum of $56,819,393. Notice we gained over 100k of prorated cap space that we can exceed to 56.7 mil limit by being under on day one. Every day we would be under the max we'd gain cap space for adding a rental player at the end of the season. This is how teams have an ending total team cap salary exceeding the 56.7 mil. Because the Flyer hav so much money on LTIR we have not, and barring trading Hatcher and Rathje, WILL NOT on any day this season NOT spend the absolute maximum permitted. We gain absolutely nothing by cutting our active roster cap to 50 mil, we simply loose that unused cap space every day. We can and SHOULD spend right up to the limit and have our active roster cap as close to the 56.7 mil limit as possible. We do not have to be under 56.7 mil but we can not exceed it by even one penny this season and we have NO cap cusion. Some sites say that we have a 200k cusion or what ever but that's not exactly true. There really isn't room to fully explain the cap calculations on these sites so they either simplify things or just plain get it wrong. You can see how long it was for me to explain it here, just imagine what it would be like on these sites.
