What, if not the GMs, sets the market in your eyes?
I think GMs as a whole have overestimated the growth of the cap as far back as 3-4 years ago. It was bound to slow down at some point. Like a lot of investors, the GMs expected the good times to continue to roll. BTW, go see the Big Short movie folks.
GMs ultimately do set the market, however, many have failed to recognize the environment (stagnant salary cap) that will exist for at least two years, maybe more. Those that recognize the trend are going to be Ryan Gosling and Christian Bale. Those that don't will be asking Uncle Gary for a bail out. Since Uncle Gary can't print money, I think we know how that will go.
Bettman does a real disservice to the fans of the NHL when he comes out and says he expects the cap to go up next season. That will only happen if the players use the escalator clause again. The only reason the cap went up last off season was the players invoking the escalator clause.
The rank and file are getting sick of doing this, because the effect of doing so increases the amount of escrow withheld every season all in the name of increasing the cap for the new batch of UFAs.
It's a market that is living on borrowed time, because the revenue numbers won't support it, due in large part the the amount of revenue the NHL derives from the Canadian teams and TV contract, and the decline in the Canadian dollar. I think Lombardi and Solomon are smart enough to see this and that's why immediately after the deal was done you saw an article stating that Lombardi didn't want to pay Kopitar an AAV of over I think it was $9M (may have been less), but it sounds like Lombardi was told by AEG to get the Kopitar deal done.