The NHL offseason is in full swing with the majority of free agency and the 2025 NHL Draft in the rearview mirror. While 2026 could be even wilder, there was plenty of available talent on the board this summer.
Just weeks after hoisting the Stanley Cup for the second-straight season, the Florida Panthers faced with an uphill battle in free agency with Sam Bennett, Aaron Ekblad and Brad Marchand all set to hit the open market. However, Panthers general manager Bill Zito used his innovative wizardry to re-sign the trio of star players to multi-year deals.
In addition to the Panthers making waves, the likes of Mitch Marner, Nikolaj Ehlers, Noah Dobson and Trevor Zegras all switched addresses for the 2025-26 season.Â
With the majority of free agents signing with their new teams and trades occurring, let’s take a closer look at the NHL offseason by grading each of the big moves.
Mitch Marner
The Vegas Golden Knights made the biggest splash of the offseason by landing winger Mitch Marner in a sign-and-trade with the Toronto Maple Leafs. He signed an eight-year contract that carries a $12.0 million annual cap hit. It was viewed as a foregone conclusion that Marner would take his talents elsewhere this summer. Vegas has never shied away from swinging for the fences when it comes to acquiring top end talent with previous acquisitions including Jack Eichel, Mark Stone and Noah Hanifin. Now Marner gets a chance to play on the team’s top line with an elite playmaker like Eichel. Marner brings an expansive offensive arsenal to the Golden Knights and should immediately vault them back into the Stanley Cup conversation. Grade: A
Sam Bennett
Even if the Panthers weren’t able to keep their trio of free agents, Sam Bennett is the one asset that the franchise needed to retain. Throughout the 2025 Stanley Cup Playoffs, Bennett rose to the occasion many times and won the Conn Smythe Trophy as playoff MVP in the process. Bennett carved up real estate in front of the net and made life extremely difficult for the Edmonton Oilers throughout the Stanley Cup Final. The talented winger signed a very team friendly eight-year contract extension that is worth $8.0 million per season, and that may be quite a bargain. It was clear that Bennett wanted to stay with the Panthers and who could blame him after winning back-to-back Stanley Cups. Grade: A
Aaron Ekblad
Out of Florida’s three free agents, defenseman Aaron Ekblad was probably the one that was the most likely to leave the sunny beaches of South Florida. Top pairing blue-liners don’t exactly grow on trees and Ekblad could’ve cashed in on the free agent market. Instead, Ekblad returned to the Panthers on a eight-year contract extension that will pay him $6.1 million annually. Once again, winning cures everything and allowed Bill Zito to keep these marquee free agents with the team for the long haul. The Panthers lost Brandon Montour in free agency last summer and weren’t going to suffer the fate of losing a talented defenseman for the second consecutive offseason. Grade: B+
Brad Marchand
The Panthers landed Brad Marchand in a trade with the Boston Bruins moments before the trade deadline passed this winter. As a result of the move, Marchand brought his postseason prowess, veteran leadership, and a love for Dairy Queen. If it wasn’t for Sam Bennett’s sensational playoff run, Marchand would’ve likely been the Conn Smythe Trophy winner. Marchand fit seamlessly into the Panthers’ lineup and racked up goals at will throughout Florida’s Stanley Cup run. Marchand’s contract extension was a tad questionable at six years considering that he’s 37 years old, but the cap hit is fairly affordable at $5.25 million per season. The veteran winger is a player that the Panthers just couldn’t help but bring back after how much he affected the team’s culture. Grade: B
Nikolaj Ehlers
After the Panthers trio and Mitch Marner signed before free agency even opened, former Winnipeg Jets star winger Nikolaj Ehlers became the crown jewel of this year’s class. Ehlers took his time to decide his next destination and eventually landed with the Carolina Hurricanes on a six-year deal worth $8.5 million annually. It was clear that the Hurricanes top six needed a huge boost after the failed Mikko Rantanen experience went awry. Ehlers gives Carolina scoring depth and some speed on the wing heading into next season. He could be the missing piece as the Hurricanes aim to dethrone the Panthers in the Eastern Conference next season. Grade: A
Noah Dobson
The Montreal Canadiens returned to the Stanley Cup Playoffs for the first time in four seasons and look to continue their upward trend. Just hours before the 2025 NHL Draft got underway, the Canadiens landed defenseman Noah Dobson in a trade with the New York Islanders. Dobson signed an eight-year contract extension that carries a cap hit of $9.5 million per season. He gives the Canadiens another talented two-way defenseman within their top four after Lane Hutson established himself with a Calder Trophy-winning season this past campaign. Dobson is the type of talented defenseman that can join the rush on the offensive end and could be quite an asset if he can return to his 2023-24 form in which he tallied a 70-point season. Grade: B+
The New York Rangers solidified their top defensive pairing with the signing of former Los Angeles Kings defenseman Vladislav Gavrikov. Gavrikov signed a seven-year contract worth $7.0 million per season. He’ll play alongside former Norris Trophy winner Adam Fox to help stabilize the team’s back end. Gavrikov makes sense on paper, but the Rangers may be clinging to the glory days with this signing. After all, this is an aging roster that missed the postseason in 2024-25 and traded franchise icon Chris Kreider earlier this offseason. The move will certainly help on the defensive end, but will it be enough for the Rangers to return to the Stanley Cup Playoffs? Grade: B-
J.J. Peterka
The Utah Mammoth nearly made the Stanley Cup Playoffs in their first season in Salt Lake City. They continue to build momentum. The team added some firepower to its forward group in the form of wingers JJ Peterka. Peterka — who was a restricted free agent– was acquired from the Buffalo Sabres and immediately signed a five-year contract extension worth $7.7 million per season. The 23-year old immediately bolsters the Mammoth’s top six and is fresh off of a career-best 68-point campaign in 2024-25. Utah could easily break through and make the postseason with the additions of Peterka and former Panthers defenseman Nate Schmidt. Grade: B+
Trevor Zegras
The Philadelphia Flyers have had their fair share of struggles in recent years, but general manager Danny Briere is attempting to turn the franchise around. The Flyers landed talented forward Trevor Zegras in a trade with the Anaheim Ducks. For Philadelphia, it’s a low-risk, high-reward move considering that Zegras is a free agent after the 2025-26 season. Zegras had back-to-back 60-point seasons to begin his NHL career, but has been hampered by injuries over the past two campaigns. His versatility is a welcome addition to new coach Rick Tocchet’s lineup as Zegras can play both wing and center. If Zegras can’t rediscover his old form, it just cost the Flyers a 2025 second-round pick (which they had several of) and forward Ryan Poehling. Grade: A
Nikolaj Ehlers wasn’t the only bold move that the Hurricanes made this offseason. The team also acquired defenseman K’Andre Miller in a trade with the Rangers and signed him to a eight-year contract extension that carries a $7.5 million cap hit. Miller has seen his play decline over the past two seasons, but the upside is still certainly there for the 25-year old blue-liner. Miller is a two-way defenseman that possesses above-average skating ability and can flat-out shoot the puck. One of the top selling points of this deal is the fact that Miller won’t be forced to step into a top pairing role since the team already has Jaccob Slavin on the left side. Carolina is hoping that Miller can return to his 2022-23 form when he tallied a career-high 47 points. The cap hit can be viewed as a tad risky, but it’s a worthwhile gamble for the Hurricanes. Grade: B-
Mikael Granlund was one of the top centers available on the open market. Granlund was a great fit with the Dallas Stars after being acquired at the 2025 trade deadline. However, the Stars just didn’t have the cap room to bring Granlund back into the fold and he ended up signing a three-year deal with the Anaheim Ducks that is worth $7.0 million annually. The Ducks were in need of some forward depth after trading Trevor Zegras to the Flyers. Granlund’s deal is a fairly pricey one, but it’s also a risk that the Ducks can take as they attempt to return to the postseason in 2025-26. Grade: B-
Jonathan Toews has been away from the sport for the past two seasons, but will make his return as a member of the Winnipeg Jets. The veteran center signed a one-year deal with the Jets that is laden with incentives after taking a hiatus to focus on his health. It’ll be interesting to see how Toews looks in his return to the ice at 37 years old. If nothing else, Toews should provide veteran leadership for a Jets team that won the Presidents’ Trophy this past season. However, it wasn’t an ideal scenario to see Nikolaj Ehlers leave in free agency, and now the Jets will have to hope that Toews can regain some of his legendary form. Grade: C+
