The dust is beginning to settle on another frenetic NHL offseason. With the 2025 Draft and the initial flurry of free agency behind us, teams have made their crucial moves, laying the foundation for the 2025-26 campaign. From defending champions reinforcing their core to ambitious contenders swinging for the fences, the summer offered a fascinating glimpse into the diverse strategies employed across the league. Let`s break down some of the most impactful transactions and see how teams fared.
The Panthers` Masterclass in Retention
Fresh off securing back-to-back Stanley Cups, the Florida Panthers faced a daunting challenge: retaining key contributors Sam Bennett, Aaron Ekblad, and Brad Marchand as unrestricted free agents. General Manager Bill Zito, seemingly possessing a few magic beans stashed away, navigated this potential minefield with remarkable success.
Sam Bennett, the playoff warrior and improbable Conn Smythe winner, was arguably the most critical piece. His eight-year, $8.0 million per season deal looks like an absolute steal given his impact, particularly around the net front during the playoffs. Ekblad, a sought-after top-pairing defenseman, also opted for long-term stability over testing the market, returning for eight years at a cap-friendly $6.1 million annually. Losing Brandon Montour last summer clearly wasn`t a desired repeat performance. Veteran forward Brad Marchand, acquired mid-season, seamlessly integrated and provided crucial leadership and scoring punch. While his six-year term at $5.25 million per season raises an eyebrow given his age (37), his immediate cultural impact made him hard to let go. The Panthers` ability to keep this core together, often at favorable terms, was nothing short of a masterclass.
Vegas Swings for the Fences (Again)
The Vegas Golden Knights, never ones to shy away from a blockbuster, made perhaps the single biggest splash by acquiring forward Mitch Marner from the Toronto Maple Leafs via a sign-and-trade. Marner immediately inked an eight-year deal carrying a hefty $12.0 million annual cap hit. While his departure from Toronto felt inevitable, his arrival in Vegas instantly reshapes their top line, providing elite playmaking alongside Jack Eichel. Vegas has a track record of acquiring top talent (Eichel, Mark Stone, Noah Hanifin), and adding Marner signals their clear intent to vault back into immediate Stanley Cup contention. It`s a high-stakes bet, but one Vegas is clearly comfortable making.
The Eastern Conference Arms Race: Carolina`s Aggression
The Carolina Hurricanes, perpetual contenders in the East, made their intentions known with two significant additions. They secured the top unrestricted free agent winger, Nikolaj Ehlers (formerly of Winnipeg), on a six-year, $8.5 million per season deal. Ehlers brings speed, scoring depth, and immediately addresses a top-six need.
Not content with just Ehlers, Carolina also traded for defenseman K`Andre Miller from the New York Rangers, signing him to an eight-year, $7.5 million per season extension. Miller`s play has fluctuated, but at 25, the upside is significant. Paired likely behind Jaccob Slavin, he won`t face immediate top-pair pressure, potentially allowing him to rediscover his peak offensive form. These moves represent a clear push by Carolina to strengthen their roster and challenge the Panthers.
Rebuilding, Re-tooling, and Risky Bets
Several other teams made notable moves reflecting different stages of team building:
- Montreal Canadiens: Acquired defenseman Noah Dobson (from Islanders) and signed him to an eight-year, $9.5 million deal. Coming off a career 70-point season, Dobson joins Calder winner Lane Hutson to give Montreal a formidable young top-four D-corps as they aim to return to consistent playoff contention.
- Philadelphia Flyers / Anaheim Ducks: A connected set of moves saw the Flyers acquire talented but injury-prone forward Trevor Zegras from Anaheim for a relatively low cost (a pick and Ryan Poehling). It`s a classic low-risk, high-reward play for Philly under Danny Briere. The Ducks, having traded Zegras, added veteran center Mikael Granlund on a three-year, $7.0 million per season deal. While perhaps pricey, Granlund adds needed forward depth for a rebuilding team.
- Utah Mammoth: In their second season, the Mammoth continue to build. They acquired winger JJ Peterka from Buffalo and signed him to a five-year, $7.7 million deal. Fresh off a career-best 68 points, Peterka immediately bolsters their top six, suggesting Utah aims to make noise sooner rather than later.
- New York Rangers: The Rangers signed veteran defenseman Vladislav Gavrikov (from Kings) to a seven-year, $7.0 million contract to play alongside Adam Fox. While intended to stabilize the defense, the move feels a bit like clinging to the hope that adding pieces around an aging core is enough, especially after trading franchise icon Chris Kreider. Will it be enough to get them back to the postseason? That remains to be seen.
The Veteran Comeback Story
Finally, a unique move saw veteran center Jonathan Toews return to the NHL after a two-year hiatus, signing a one-year, incentive-laden deal with the Winnipeg Jets. At 37, and after focusing on his health, it`s uncertain what level of play he can provide. However, his potential leadership and past winning pedigree offer a fascinating storyline for a Jets team that lost key players like Nikolaj Ehlers in the offseason. Can Captain Serious still make an impact?
This offseason proved that even defending champions face tough decisions and that teams across the league are willing to make significant investments and calculated risks to pursue their goals. The stage is set for an intriguing 2025-26 season.
Elton Marrow