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 CapGeek.com 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.