The NHL free agency period continues its relentless pace, as teams across the league actively reshape their rosters with an eye toward contention in the 2025-26 season. This offseason has already delivered a mix of expected re-signings, surprising trades, and strategic acquisitions aimed at addressing specific team needs and capitalizing on market opportunities.
Major Market Shakers: Marner to Vegas, Panthers Build a Dynasty (Budget)
Perhaps the most seismic event was the sign-and-trade sending star forward Mitch Marner from the Toronto Maple Leafs to the Vegas Golden Knights. Vegas secured Marner on an eight-year deal reportedly worth $96 million ($12 million AAV), instantly boosting their top-line firepower. In return, Toronto received third-line center Nicolas Roy, a move that starkly contrasts the star power exchanged.
Meanwhile, the Florida Panthers, fresh off back-to-back Stanley Cup victories, demonstrated a masterclass in retention. General Manager Bill Zito managed to keep their critical core intact, re-signing forwards Sam Bennett (eight years, $64 million / $8 million AAV) and Brad Marchand (six years, $32 million / ~$5.33 million AAV), alongside defenseman Aaron Ekblad (eight years, ~$6.1 million AAV). The collective willingness of these key players to seemingly take discounts on their annual value underscores the team`s singular focus: building a dynasty.
Notable Signings and Extensions Across the League
Defensive stability was a priority for several clubs. The Buffalo Sabres ended speculation by re-signing restricted free agent defenseman Bowen Byram to a two-year, $13 million ($6.25 million AAV) deal. While questions remain about his consistency, this contract provides an opportunity for the former high draft pick to solidify his role. The Oilers locked up their top defender and power-play quarterback, Evan Bouchard, with a four-year extension carrying a hefty $10.5 million AAV.
The New York Rangers made a significant splash on the blue line, signing highly-touted free agent defenseman Vladislav Gavrikov to a seven-year, $49 million ($7 million AAV) contract. Acquired by the Kings last season, Gavrikov is expected to feature prominently in the Rangers` defensive pairings. The Seattle Kraken bolstered their defense by adding Ryan Lindgren from the Rangers on a four-year, $18 million ($4.5 million AAV) deal and veteran Nate Schmidt on a three-year, $10.5 million ($3.5 million AAV) contract after his solid playoff performance with Florida.
Up front, the Carolina Hurricanes won the sweepstakes for winger Nikolaj Ehlers, signing him to a substantial seven-year, $51 million ($8.5 million AAV) contract to help boost their offensive attack. The Vancouver Canucks retained key forwards, extending Brock Boeser for seven years at $7.25 million AAV and Conor Garland for six years at $6 million AAV, while also extending star goaltender Thatcher Demko (three years, $8.5 million AAV).
The Dallas Stars brought back their leading scorer, Matt Duchene, on a team-friendly four-year, $18 million ($4.5 million AAV) deal. The New York Islanders ensured their captain wasn`t going anywhere, re-signing Brock Nelson to a seven-year extension worth $49 million ($7 million AAV).
Depth and Value Adds
Many teams focused on adding experienced depth. The Winnipeg Jets added veteran forwards Jonathan Toews (returning after two seasons away) and Gus Nyquist (one year, $3.25 million) to their locker room. The St. Louis Blues enhanced their center depth with Pius Suter (two years, $4.125 million AAV) and Nick Bjugstad (two years, $1.75 million AAV), providing size and defensive reliability.
The Anaheim Ducks, looking to build around their young core, signed center Mikael Granlund to a three-year, $21 million ($7 million AAV) contract, addressing a need following the Trevor Zegras trade. The Detroit Red Wings added defensive forward Mason Appleton (two years, $2.9 million AAV) from the Jets. The Pittsburgh Penguins, in a potential rebuilding phase, took a relatively low-risk bet on winger Anthony Mantha ($2.5 million contract, likely one year) hoping he can either contribute or be a trade asset.
Goaltending saw some movement as well, though the top unrestricted options were limited. The New Jersey Devils committed long-term to acquired netminder Jake Allen with a five-year, $9 million ($1.8 million AAV) extension. The Buffalo Sabres added veteran depth in Alex Lyon (two years, $1.5 million AAV), while the Philadelphia Flyers brought in Dan Vladar (two years, $3.35 million AAV) to compete for time in their crease.
Questionable Choices and Veteran Journeymen
Free agency wouldn`t be complete without some head-scratchers. The Columbus Blue Jackets raised eyebrows with a seven-year, $59.5 million ($8.5 million AAV) deal for defenseman Ivan Provorov, a player who has struggled in top-four roles. While affording it, the value proposition seems, shall we say, ambitious.
The Los Angeles Kings had a busy day, adding defensive veterans Cody Ceci (four years, $4.5 million AAV) and Brian Dumoulin (three years, $4 million AAV), moves that left some observers scratching their heads given the team`s recent defensive track record. They also added winger Corey Perry on a one-year, $2 million deal. Perry, now heading to his sixth different team in six years and having been on the losing side of the last five Stanley Cup Finals he played in, continues his tour of the league, bringing veteran presence (and perhaps a touch of Cup Final jinx?) wherever he goes.
As the dust continues to settle on this intense period of player movement, the league landscape for 2025-26 is beginning to take shape. Teams have made their bets, filled their perceived holes, and in some cases, created new questions. The true impact of these signings and trades will only be revealed when the puck drops, but the offseason drama has certainly delivered.
Elton Marrow 
Torin Vale