The modern National Hockey League is a difficult enterprise in which to field a competitive team. For some organizations like the Buffalo Sabres or the Vancouver Canucks, the rebuilding process never ends. Fortunately, the Rangers have not had an extended period of failure like those organizations since prior to the 2004-2005 lockout season.
One of the results of that lockout was the institution of a salary cap and the entry level contract. The impacts of these instruments was two fold, it artificially depressed player wages and made the pay raise for some players absurd. Organizations can offer players under the age of 24 an entry level contract for a maximum of $925,000.