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Matthew Tkachuk's return is near but one big Issue stands in the way


Jonathan Ouimet
Dec 31, 2025  (6:51 PM)
Jun 17, 2025; Sunrise, Florida, USA; Florida Panthers left wing Matthew Tkachuk (19) celebrates after his goal against the Edmonton Oilers during the first period in game six of the 2025 Stanley Cup Final at Amerant Bank Arena.
Photo credit: Sam Navarro-Imagn Images

Matthew Tkachuk, Florida Panthers cap crunch, and LTIR math are back as his return gets closer.

George Richards says Tkachuk is tracking toward a comeback sooner rather than later after August surgery for a torn adductor and a sports hernia. That timeline is exciting, and it instantly triggers a roster puzzle.
Richards pegs Florida at about $1.9 million under the $95.5 million cap right now, largely thanks to limited LTIR relief. PuckPedia's live team page shows essentially the same breathing room today.
The trick is the Panthers do not want the so called nuclear option with Aleksander Barkov, because that would wipe out any chance of a playoff return. Richards says Florida is protecting that door, even if it costs flexibility.
So the next lever is depth. Cole Schwindt and Jonah Gadjovich are on injured reserve, but Richards notes both have missed enough time to be moved to LTIR retroactively.
That swap would save about $1.6 million, basically their combined cap hits, and still leaves a path for both to return in March. PuckPedia lists Schwindt at $825,000 and Gadjovich at $775,000 this season.
Richards adds Florida could also see Dmitry Kulikov back in March, but the immediate fix still needs one more move. His clean suggestion is sending a $775,000 contract, like Jack Studnicka or Donovan Sebrango, down to Charlotte.
Florida Hockey Now
If that happens, the math finally works to activate No. 19 without ripping up the core. It's not glamorous, but it's the exact kind of paper shuffle contenders live on.

Matthew Tkachuk return tests Florida Panthers cap

As a Panthers watcher, you miss his edge on every power play shift.
Tkachuk's last full regular season line was 57 points, 22 goals and 35 assists, and that mix of skill and snarl is hard to fake. ESPN and Reuters both land on those same totals.
He also carries a $9.5 million cap hit, so Florida can't hide this problem inside the margins. Spotrac lays out the $9.5 million number clearly, and PuckPedia tracks the same cap hit.
Now the milestone is simple, get him practicing full, then make the LTIR calls and the Charlotte transaction at the right moment. Panthers fans can handle the paperwork, they just want the player back.

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