Several notable players remain unsigned, and more big trades could still happen. But we’re calling winners and losers from the early rush of NHL free agency.
We factored in moves from the last few days leading up to July 1 into our takeaways.
Winners
Panthers
The defending Stanley Cup champions pulled off something nobody thought possible. They kept all three key pending unrestricted free agents: Sam Bennett, Aaron Ekblad, and Brad Marchand. They did it without trading away anyone important.
The lack of state income tax helps. But it’s also about the culture the Panthers built under general manager Bill Zito.
Ekblad left money on the table to stay in Florida. His $6.1-million average annual value is a bargain.
Florida made another smart move Tuesday. They brought in Jeff Petry on a league minimum deal plus performance bonuses. He’ll replace Nate Schmidt on the third defense pair.
The Panthers could make it three straight championships next spring.
Rangers
Rangers GM Chris Drury faced criticism over the past year. But he did well Tuesday, upgrading his team while collecting assets.
Drury signed top free-agent defenseman Vladislav Gavrikov to a seven-year contract with a $7-million AAV. Then he traded defenseman K’Andre Miller to the Hurricanes. The package included first- and second-round picks, plus defense prospect Scott Morrow. Miller signed an eight-year deal with a $7.5-million AAV as part of the sign-and-trade.
Gavrikov is four years older than Miller. But he’s a major upgrade short-term, and getting him for $500,000 less per season is huge.
Miller has tools but battled inconsistencies. Gavrikov was arguably the NHL’s best shutdown defender in 2024-25. His cheaper contract gives the Rangers $1.4 million in breathing room even after re-signing restricted free agent Will Cuylle to a two-year deal with a $3.9-million AAV.
The Rangers still have holes in their bottom-six forward group. But they’re set up well with plenty of trade assets.
John Klingberg
It was fair to wonder if Klingberg would ever play in the NHL again. He underwent season-ending hip surgery in December 2023.
Despite playing only 30 games this past season with the Oilers (regular season and playoffs combined), he earned a one-year, $4-million deal with the Sharks.
Klingberg should log big minutes on an unproven San Jose blue line. He’ll likely quarterback a power play featuring several young, skilled forwards.
He could turn this opportunity into another contract next summer, whether in San Jose or elsewhere.
Losers
Kings
Losing Gavrikov to the Rangers in free agency was tough. The Kings made it worse by overpaying two veteran defensemen to replace him.
Cody Ceci got four years at $4.5 million annually. Brian Dumoulin signed for three years at $4 million annually. Both players’ best days are behind them. They’re third-pairing defensemen at best, but these contracts are too rich for those roles.
Corey Perry was a fun addition. But Ken Holland’s first free agency as Kings GM will be remembered as regrettable.
Bruins
The Bruins gave RFA forward Morgan Geekie a nice deal Sunday. But GM Don Sweeney’s Tuesday moves look desperate.
The Bruins traded a fifth-round pick for Viktor Arvidsson, who carries a $4-million cap hit. He’s a negative-value asset. They did Edmonton a favor.
Arvidsson was a healthy scratch at times in the playoffs. He’s looked like a shell of himself since a major back injury caused him to miss most of the 2023-24 season.
The Bruins also signed Tanner Jeannot to a five-year deal with a $3.4-million AAV. Jeannot is big and physical, but he hasn’t scored more than seven goals in a season over the last three years. That followed a 24-goal outlier rookie campaign in 2021-22.
That’s expensive for someone best suited as a fourth-line player.
Boston has just $2 million in cap space after other depth signings. It’s hard to say they’re improved.
Free-agent frenzy shows
Being on air all day to break down trades and signings can’t be easy. It would’ve been harder on a day with less action than usual.
There were 121 contracts signed worth $672.8 million Tuesday, according to PuckPedia. Last year, 185 signings totaled $1.2 billion on July 1.
Several big names came off the board before free agency opened. Others like Nikolaj Ehlers, Pius Suter, Dmitry Orlov, and Brent Burns remain unsigned. It led to a bit of a July 1 dud.
It’s complicated
Maple Leafs, Golden Knights, Mitch Marner
All three parties are winners and losers in different ways following the sign-and-trade that sent Marner from the Maple Leafs to the Golden Knights.
The Maple Leafs made out well for a sign-and-trade involving a pending unrestricted free agent. They got valuable player Nicolas Roy in return. He’s on a cost-friendly contract and fills a need as a third-line center.
In most cases, teams trading a player’s rights only get a mid-round pick at best.
But it never should’ve reached this point for Toronto. It’s been clear for years that the Leafs’ top-heavy roster didn’t work in the postseason. There were countless opportunities to trade Marner for a major return before his no-movement clause kicked in July 1, 2023.
For the Golden Knights, landing one of the top free agents is clearly a win. But it likely wouldn’t have been possible cap-wise if Alex Pietrangelo’s playing career wasn’t likely over due to hip injuries.
His absence will leave a major void on Vegas’ blue line and in the dressing room.
Marner gets a fresh start with a well-run organization where he’ll have a real chance to win a Stanley Cup. Or at least make a deeper playoff run.
But it must be disappointing to leave his hometown team. At one point he figured he’d stay there his entire career.
