The National Hockey League and the NHL Players' Association agreed to a salary cap increase of nearly $5 million for the 2014-15 season to $69 million.

The cap boost, which was announced by the league Friday, is lower than some anticipated. Last season's salary cap was $64.3 million.

The league and the union set the team minimum for salaries at $51 million and established an adjusted midpoint of $60 million.

The salary cap is based on revenue and the league set a record this season in that regard. Commissioner Gary Bettman did not disclose exact numbers.

"That's actually one of the things we're continuing to crunch, but it is a record number, which is a testament to the strength of the game and our fans and how competitive things are," Bettman said Thursday.

According to figures, the teams with the two highest payrolls last season -- the Chicago Blackhawks and Philadelphia Flyers -- would be over the $69 million ceiling. The rest of the top 10 range from $1.67 million to $13.88 million below the cap.