The 1994–95 NHL season was shortened to 48 games following a 103-day lockout, with salaries prorated accordingly. The condensed schedule favored disciplined teams, and the New Jersey Devils used their famous "neutral zone trap" to sweep the Detroit Red Wings in the Finals, winning their first Stanley Cup. Jaromir Jagr won his first Art Ross Trophy, ending a long streak of Gretzky/Lemieux dominance. This season marked the Quebec Nordiques' move to Colorado and the final season at the St. Louis Arena, as the league began a major shift toward defensive-minded systems.
| vs previous season | ||||||
| Rank | Player | NHL Salary ($US) | In today's $ | +/- ($) | +/- (%) | |
| 1 | Paul Kariya | $5,103,571 | $11,097,564 | |||
| 2 | Wayne Gretzky | $3,737,159 | $8,126,341 | $737,159 | 25% | |
| 3 | Mark Messier | $3,596,059 | $7,819,523 | $1,063,059 | 42% | |
| 4 | Scott Stevens | $3,314,286 | $7,206,816 | $2,193,036 | 196% | |
| 5 | Pavel Bure | $2,571,429 | $5,591,495 | $2,048,304 | 392% | |
| 6 | Mario Lemieux | $2,326,531 | $5,058,972 | -$2,673,469 | -53% | |
| 7 | Eric Lindros | $2,080,000 | $4,522,898 | -$1,476,000 | -42% | |
| 8 | Pat LaFontaine | $2,036,454 | $4,428,210 | $215,454 | 12% | |
| 9 | Brendan Shanahan | $2,000,000 | $4,348,941 | $1,000,000 | 100% | |
| 9 | Al MacInnis | $2,000,000 | $4,348,941 | $992,500 | 99% | |
| 11 | Brett Hull | $1,885,714 | $4,100,430 | -$314,286 | -14% | |
| 12 | Steve Yzerman | $1,823,126 | $3,964,333 | -$876,874 | -32% | |
| 13 | Doug Gilmour | $1,724,286 | $3,749,408 | -$600,714 | -26% | |
| 14 | Sergei Fedorov | $1,711,366 | $3,721,314 | $1,416,366 | 480% | |
| 15 | Jaromir Jagr | $1,600,000 | $3,479,153 | $200,000 | 14% | |
| 16 | Mike Modano | $1,535,714 | $3,339,365 | $85,714 | 6% | |
| 17 | Chris Chelios | $1,514,286 | $3,292,769 | $913,661 | 152% | |
| 18 | Patrick Roy | $1,457,841 | $3,170,032 | $217,841 | 18% | |
| 19 | Alexander Mogilny | $1,428,571 | $3,106,386 | -$571,429 | -29% | |
| 19 | Mike Richter | $1,428,571 | $3,106,386 | $428,571 | 43% | |
| 21 | Theoren Fleury | $1,417,143 | $3,081,535 | -$1,062,857 | -43% | |
| 22 | Tom Barrasso | $1,338,286 | $2,910,063 | $113,286 | 9% | |
| 23 | Pierre Turgeon | $1,285,714 | $2,795,748 | -$1,064,286 | -45% | |
| 23 | Raymond Bourque | $1,285,714 | $2,795,748 | -$964,286 | -43% | |
| 23 | Phil Housley | $1,285,714 | $2,795,748 | -$714,286 | -36% | |