The NHL’s break between seasons is bustling, with most player acquisitions and the 2025 NHL Selection Meeting now concluded. While the 2026 season could present even more dramatic shifts, this past summer featured a significant amount of sought-after talent.
Just a few weeks after securing their second consecutive Stanley Cup victory, the Florida Panthers were confronted with a challenging free agency period, as Sam Bennett, Aaron Ekblad, and Brad Marchand were all slated to become unrestricted free agents. Nevertheless, Panthers general manager Bill Zito employed his strategic expertise to successfully re-sign the star trio to long-term contracts.
Beyond the Panthers’ noteworthy moves, prominent players such as Mitch Marner, Nikolaj Ehlers, Noah Dobson, and Trevor Zegras all found themselves with new teams for the 2025-26 season.
With the majority of free agents committing to their new clubs and various trades transpiring, let’s delve into a more detailed assessment of the NHL offseason by providing evaluations for each major transaction.
Mitch Marner
The Vegas Golden Knights arguably executed the offseason’s most significant maneuver by acquiring winger Mitch Marner via a sign-and-trade agreement with the Toronto Maple Leafs. Marner inked an eight-year deal boasting an annual salary cap impact of $12.0 million. It was broadly anticipated that Marner would explore opportunities with a different organization this summer. Vegas has consistently demonstrated a willingness to pursue high-caliber talent, as evidenced by prior acquisitions such as Jack Eichel, Mark Stone, and Noah Hanifin. Marner now has the opportunity to feature on the team’s top line alongside a premier playmaker in Eichel. Marner injects a diverse offensive skill set into the Golden Knights’ lineup and is poised to immediately elevate them into contention for the Stanley Cup. Grade: A
Sam Bennett
Even if the Panthers were unable to secure all three of their free agents, retaining Sam Bennett was paramount for the franchise. Throughout the 2025 Stanley Cup Playoffs, Bennett consistently performed at a high level and ultimately earned the Conn Smythe Trophy as the most valuable player of the playoffs. Bennett established a strong presence in front of the net and presented significant challenges for the Edmonton Oilers throughout the Stanley Cup Final series. The skilled winger agreed to a highly team-favorable eight-year contract extension valued at $8.0 million per season, which could prove to be a considerable bargain. It was evident that Bennett desired to remain with the Panthers, which is understandable considering their consecutive Stanley Cup championships. Grade: A
Aaron Ekblad
Among Florida’s trio of free agents, defenseman Aaron Ekblad was arguably the most likely to depart from the sunny locale of South Florida. High-end, top-pairing defensemen are not easily acquired, and Ekblad could have capitalized on the open market. However, Ekblad opted to return to the Panthers by signing an eight-year contract extension that will pay him $6.1 million per year. The allure of winning once again played a crucial role, enabling Bill Zito to retain these prominent free agents within the team’s long-term plans. The Panthers experienced the departure of Brandon Montour in free agency last summer and were determined to avoid losing another talented defenseman in consecutive offseasons. Grade: B+
Brad Marchand
The Panthers finalized a trade for Brad Marchand with the Boston Bruins just before the trade deadline this past winter. As a consequence of this acquisition, Marchand contributed his playoff experience, seasoned leadership, and affinity for Dairy Queen. Had Sam Bennett not delivered a spectacular playoff performance, Marchand would likely have been a strong contender for the Conn Smythe Trophy. Marchand integrated seamlessly into the Panthers’ lineup and consistently scored goals throughout Florida’s Stanley Cup campaign. Marchand’s contract extension, lasting six years given his age of 37, raised some eyebrows, but the annual cap hit of $5.25 million is relatively manageable. The veteran winger was a player that the Panthers felt compelled to retain due to his significant positive impact on the team’s atmosphere. Grade: B
Nikolaj Ehlers
Following the signings of the Panthers’ trio and Mitch Marner prior to the opening of free agency, former Winnipeg Jets star winger Nikolaj Ehlers emerged as the most coveted player in this year’s free agent class. Ehlers carefully considered his options before ultimately choosing to join the Carolina Hurricanes on a six-year contract valued at $8.5 million annually. It was apparent that the Hurricanes’ top six forwards required a substantial upgrade following the underwhelming performance of Mikko Rantanen. Ehlers provides Carolina with increased scoring depth and speed on the wing as they approach the upcoming season. He could represent the final component needed as the Hurricanes seek to supplant the Panthers as the dominant force in the Eastern Conference next season. Grade: A
Noah Dobson
The Montreal Canadiens qualified for the Stanley Cup Playoffs for the first time in four seasons and are aiming to sustain their positive trajectory. Just hours before the commencement of the 2025 NHL Draft, the Canadiens secured defenseman Noah Dobson in a trade with the New York Islanders. Dobson agreed to an eight-year contract extension with an annual cap hit of $9.5 million. He provides the Canadiens with another skilled two-way defenseman within their top four, complementing Lane Hutson, who established himself with a Calder Trophy-winning season this past year. Dobson possesses the attributes of a talented defenseman who can effectively join the offensive rush, making him a valuable asset if he can replicate his performance from the 2023-24 season, during which he accumulated 70 points. Grade: B+
The New York Rangers solidified their primary defensive pairing with the addition of former Los Angeles Kings defenseman Vladislav Gavrikov. Gavrikov signed a seven-year contract with an annual value of $7.0 million. He will partner with former Norris Trophy recipient Adam Fox to bolster the team’s defensive structure. While Gavrikov appears to be a logical fit on paper, the Rangers may be clinging to past successes with this signing. The team is composed of an aging roster that failed to qualify for the postseason in 2024-25 and traded franchise icon Chris Kreider earlier in the offseason. Although the move will undoubtedly improve their defense, the question remains whether it will be sufficient to propel the Rangers back into the Stanley Cup Playoffs. Grade: B-
J.J. Peterka
The Utah Mammoth narrowly missed out on qualifying for the Stanley Cup Playoffs in their inaugural season in Salt Lake City. They are continuing to build momentum. The team augmented its forward corps by acquiring winger JJ Peterka. Peterka — a restricted free agent– was obtained from the Buffalo Sabres and promptly signed a five-year contract extension valued at $7.7 million per season. The 23-year-old immediately enhances the Mammoth’s top six forward group and is coming off a career-best 68-point season in 2024-25. Utah has a strong chance of breaking through and reaching the postseason with the additions of Peterka and former Panthers defenseman Nate Schmidt. Grade: B+
Trevor Zegras
The Philadelphia Flyers have encountered numerous challenges in recent years, but general manager Danny Briere is actively working to revitalize the franchise. The Flyers acquired talented forward Trevor Zegras in a trade with the Anaheim Ducks. From Philadelphia’s perspective, the move carries minimal risk with significant potential rewards, particularly given that Zegras is slated to become a free agent after the 2025-26 season. Zegras recorded consecutive 60-point seasons early in his NHL career but has been plagued by injuries over the past two seasons. His versatility is a welcome addition to new coach Rick Tocchet’s lineup, as Zegras is capable of playing both wing and center positions. If Zegras is unable to rediscover his previous form, the Flyers will have only surrendered a 2025 second-round pick (of which they possessed several) and forward Ryan Poehling. Grade: A
Nikolaj Ehlers was not the only notable acquisition made by the Hurricanes this offseason. The team also secured defenseman K’Andre Miller in a trade with the Rangers and subsequently signed him to an eight-year contract extension boasting a $7.5 million cap hit. While Miller’s performance has declined somewhat over the past two seasons, the underlying potential remains for the 25-year-old defenseman. Miller is a two-way defenseman with above-average skating ability and a powerful shot. A key advantage of this acquisition is that Miller will not be required to immediately assume a top-pairing role, as the team already has Jaccob Slavin on the left side. Carolina is optimistic that Miller can recapture the form he displayed in 2022-23, when he registered a career-high 47 points. The cap hit could be viewed as somewhat risky, but it is a worthwhile gamble for the Hurricanes. Grade: B-
Mikael Granlund was among the top centers available on the free agent market. Granlund proved to be a valuable asset for the Dallas Stars after being acquired at the 2025 trade deadline. However, the Stars lacked the necessary cap space to re-sign Granlund, and he ultimately agreed to a three-year deal with the Anaheim Ducks worth $7.0 million annually. The Ducks were seeking to bolster their forward depth after trading Trevor Zegras to the Flyers. Granlund’s contract carries a significant price tag, but it is a calculated risk that the Ducks are willing to take as they strive to return to the postseason in 2025-26. Grade: B-
Jonathan Toews has been absent from the sport for the past two seasons but will be making his return as a member of the Winnipeg Jets. The veteran center signed a one-year contract with the Jets that includes performance-based incentives after taking time off to focus on his health. It will be intriguing to observe Toews’ performance upon his return to the ice at the age of 37. At the very least, Toews should provide valuable veteran leadership for a Jets team that captured the Presidents’ Trophy this past season. However, the departure of Nikolaj Ehlers in free agency was not an ideal scenario, and the Jets will now need to hope that Toews can rediscover some of his legendary form. Grade: C+
