Saw an article from Anthony Scultore of ForeverBlueshirts where he says:

Bottom line is this, they Rangers may have $14 million in cap space but need to reserve at least $4-5 million for performance bonus for players on ELCs. And once they add Lafreniere, that number will rise.

So if you want to understand this and the ramification, please read the article. For now, here’s the performance bonuses totaling $7.2 million they need to account for.

Igor Shesterkin can earn an additional $2.85M
Kaapo Kakko can earn an additional $2.65M
Adam Fox can earn an additional $850K
Filip Chytil $350K
Julien Gauthier $300K
Ryan Lindgren $212K