Christmas shoppers have Black Friday. NHL teams have their annual “Free Agent Frenzy,” when they pull out their checkbooks and go shopping, either to keep the talent they have or bring in new players. Some teams shop in the bargain bins, while others go for the big prizes.
Such was the case this year, when teams like the Vegas Golden Knights took big swings and went for the high-priced guys while others, such as the Pittsburgh Penguins, settled for tinkering around the edges by bringing in lower-tier players.
How will all these signings work out? We’ll start to find out when the NHL regular season begins in early October. In the meantime, here are five key storylines from the League’s annual shopping spree.
Related: NHL Rumors: Western Conference team in talks for Rasmus Andersson trade, issues remain
Golden Knights land top available player
Mitch Marner was unquestionably the biggest name on the unrestricted free agent list after he declined to negotiate with the Toronto Maple Leafs during the season and rejected a trade to the Carolina Hurricanes in March. When it became clear that he wanted to move on after a career-best 102-point season, the Maple Leafs looked for a sign-and-trade partner; they found one in the Vegas Golden Knights, who are never reluctant to swing for the fences. For the price of bottom-six forward Nicolas Roy and an eight-year, $96 million contract ($12 million average annual value), the Golden Knights got their man. The 28-year-old will wear No. 93 with his new team after producing 741 points (221 goals, 520 assists) in 657 games during his nine seasons in Toronto. The big question now is whether Marner will get over his postseason issues and be able to help the Gplden Knights win the Stanley Cup again.
Panthers keep the band together
The Florida Panthers re-signed fourth-line center Tomas Nosek on Tuesday, capping one of the most remarkable jobs ever of keeping a championship team together. In a span of five days, the Panthers found a way to retain almost all of their potential free agents, re-upping Conn Smythe Trophy-winner Sam Bennett, top-pair defenseman Aaron Ekblad, valuable third-line forward Brad Marchand and, finally, Nosek. Each took less money than they could have made on the open market but traded a bigger payday for the chance to make NHL history by being part of a three-time Cup champion. Said Bennett: “The fact that we’re keeping this mini-core together for the next five years, that’s pretty remarkable to do. It just shows that all these guys want to be here and we care about winning.” General manager Bill Zito will have to do some juggling to get under the salary cap before opening night, but he’s succeeded in keeping four key members of his championship core.
Rangers take some big risks while overhauling their defense
You can’t accuse New York Rangers GM Chris Drury of being reluctant to make changes after his team went from winning the Presidents’ Trophy in 2023-24 to missing the playoffs last season. He made a seven-year, $49 million commitment to find a top-pair partner for his best defenseman, Adam Fox, by signing free agent Vladislav Gavrikov, who was coming off the best season of his career with the Los Angeles Kings. Soon after that, the Rangers traded talented-but-inconsistent restricted free agent defenseman K’Andre Miller to the division-rival Hurricanes for promising young defenseman Scott Morrow and first- and second-round picks in next year’s NHL Draft. Carolina wasted no time doing what Drury wouldn’t — signing Miller to a long-term contract (eight years, $7.5 million AAV). Drury used the freed-up salary-cap room to re-sign his biggest priority, RFA forward Will Cuylle. The Rangers never quite unlocked Miller’s potential; they’re hoping Gavrikov and Morrow can fill the void.
Canucks surprise by re-upping Boeser in flurry of signings
Brock Boeser was expected to be headed elsewhere despite scoring 25 goals and finishing with 50 points last season, tying him for second on the Vancouver Canucks in each category. But one of the biggest surprises in the early hours of free agency was that the six-time 20-goal scorer not only re-signed with the Canucks but that he got a long-term (seven years) contract for pretty big money ($7.25 million AAV). The signing was even more of a surprise because the Canucks had already announced earlier in the day that they’d extended goalie Thatcher Demko (three years, $8.5 million AAV) and forward Conor Garland (six years, $6 million AAV). Both could have become UFAs after next season. It’s a trio of major commitments for a team that went from winning the Pacific Division in 2023-24 to missing the playoffs last season.
Nikolaj Ehlers leads thin remainder of free-agent market
Not everyone who became an unrestricted free agent July 1 was champing at the bit to sign a new contract or able to find a home at the terms he was seeking. Most notable among that group is forward Nikolaj Ehlers. The 29-year-old from Denmark is coming off a season that saw him score 24 goals and finish with 53 points in 69 games, helping the Winnipeg Jets win the Presidents’ Trophy. Ehlers has 225 goals and 520 points in 674 career games and has attracted plenty of attention but is taking some time to make up his mind. He should be in line for a big jump from his $6 million AAV in 2024-25. Others still looking for a team in 2025-26 include forwards Victor Olofsson (Golden Knights) and Jack Roslovic (Hurricanes), as well as defenseman Matt Grzelcyk (Penguins) and 40-year-old D-man Brent Burns (Hurricanes).
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