Does the NHL have Taxi Squads? If so, how do they work? I remember Taxi Squads were introduced during COVID but I would have assumed they no longer exist or at least not formally.

CapFriendly has a section for Taxi Squad players and it does not appear to affect the cap. Is it only for waiver-exempt players and players who have cleared waivers?

As it stands, the Taxi Squad section is just a left over feature from the COVID seasons where the Taxi Squad was used. I believe one of the moderators has stated that while the Taxi Squad section no longer has a use, deleting it would potentially cause problems with years worth of ACGMs, and thus has not been removed.