The National Hockey League offseason is well underway, with the bulk of free agency activity and the 2025 NHL Draft already concluded. While the 2026 offseason might offer even more drama, this past summer still saw a significant amount of talent available.
Just weeks after securing their second consecutive Stanley Cup victory, the Florida Panthers faced a significant challenge in free agency with key players Sam Bennett, Aaron Ekblad, and Brad Marchand potentially hitting the open market. However, Panthers General Manager Bill Zito successfully navigated these challenges, managing to re-sign this crucial trio to multi-year deals.
Beyond the Panthers` important retentions, several high-profile players like Mitch Marner, Nikolaj Ehlers, Noah Dobson, and Trevor Zegras will be playing for new teams in the 2025-26 season.
With most free agents now signed and major trades completed, let`s evaluate some of the most significant transactions from the NHL offseason.
Mitch Marner
The Vegas Golden Knights made arguably the most significant move of the offseason by acquiring winger Mitch Marner via a sign-and-trade agreement with the Toronto Maple Leafs. Marner signed an eight-year contract featuring an annual salary cap hit of $12.0 million. It had been widely anticipated that Marner would depart Toronto this summer. Vegas has a history of aggressively pursuing top-tier talent, with previous acquisitions including Jack Eichel, Mark Stone, and Noah Hanifin. Now, Marner is set to play on the team`s top line alongside an elite playmaker like Eichel. Marner brings a dynamic offensive skill set to the Golden Knights, which should immediately elevate their status back into Stanley Cup contention. Grade: A
Sam Bennett
Even if the Panthers had been unable to retain all three of their key free agents, Sam Bennett was arguably the most essential piece the franchise needed to keep. Throughout the 2025 Stanley Cup Playoffs, Bennett repeatedly stepped up in crucial moments and earned the Conn Smythe Trophy as the playoff MVP. Bennett was highly effective in front of the net, posing a constant challenge for the Edmonton Oilers during the Stanley Cup Final. The skilled forward signed a highly favorable eight-year contract extension for the team, valued at $8.0 million per season, which appears to be a significant bargain. It was clear that Bennett desired to remain with the Panthers, and understandably so, after winning back-to-back championships. Grade: A
Aaron Ekblad
Among Florida`s three prominent free agents, defenseman Aaron Ekblad was perhaps considered the most likely candidate to leave South Florida. Top-pairing defensemen are a rare commodity, and Ekblad could have commanded a large salary on the open market. Instead, Ekblad chose to return to the Panthers on an eight-year contract extension paying him $6.1 million annually. Again, the success of winning seems to have been a key factor, allowing Bill Zito to secure these important players long-term. The Panthers lost Brandon Montour in free agency the previous summer and were determined not to lose another talented defenseman in consecutive offseasons. Grade: B+
Brad Marchand
The Panthers acquired Brad Marchand in a trade with the Boston Bruins just before the trade deadline passed this winter. This move brought Marchand`s valuable postseason experience, veteran leadership, and a penchant for Dairy Queen to the team. Had Sam Bennett not had such a spectacular playoff performance, Marchand might have been a strong candidate for the Conn Smythe Trophy. Marchand quickly integrated into the Panthers` lineup and scored frequently throughout their run to the Stanley Cup. Marchand`s contract extension, a six-year deal, raised some questions given he is 37 years old, but the annual cap hit of $5.25 million is quite manageable. The veteran winger was a player the Panthers felt compelled to bring back due to his significant positive impact on the team`s culture. Grade: B
Nikolaj Ehlers
After the Panthers` core trio and Mitch Marner signed their deals before free agency officially opened, former Winnipeg Jets star winger Nikolaj Ehlers emerged as the most sought-after player in this year`s class. Ehlers took his time considering his options before ultimately signing with the Carolina Hurricanes on a six-year contract worth $8.5 million annually. It was evident that the Hurricanes` top-six forward group needed a significant boost following the disappointing outcome of the Mikko Rantanen experiment. Ehlers provides Carolina with valuable scoring depth and speed on the wing for the upcoming season. He could be the crucial piece the Hurricanes need in their efforts to challenge the Panthers for Eastern Conference supremacy next season. Grade: A
Noah Dobson
The Montreal Canadiens returned to the Stanley Cup Playoffs after a four-season absence and are focused on continuing their progress. Just hours before the 2025 NHL Draft commenced, the Canadiens acquired defenseman Noah Dobson in a trade with the New York Islanders. Dobson signed an eight-year contract extension with a cap hit of $9.5 million per season. He adds another skilled two-way defenseman to their top four, complementing Lane Hutson, who had a Calder Trophy-winning season this past year. Dobson is the type of defenseman who can contribute offensively by joining the rush and could be a valuable asset if he can replicate his 2023-24 form, where he recorded 70 points. Grade: B+
Vladislav Gavrikov
The New York Rangers solidified their top defensive pairing by signing former Los Angeles Kings defenseman Vladislav Gavrikov. Gavrikov agreed to a seven-year contract valued at $7.0 million per season. He is expected to play alongside former Norris Trophy winner Adam Fox, aiming to bring stability to the team`s defense. While Gavrikov`s addition makes sense on paper, the signing might reflect the Rangers holding onto past success. This is an aging roster that missed the postseason in 2024-25 and traded away franchise icon Chris Kreider earlier this offseason. The move will undoubtedly improve the defensive side, but the question remains if it will be enough to propel the Rangers back into the Stanley Cup Playoffs. Grade: B-
J.J. Peterka
The Utah Mammoth nearly qualified for the Stanley Cup Playoffs in their inaugural season in Salt Lake City and are continuing to build momentum. The team enhanced its forward group by adding winger JJ Peterka. Peterka, 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 forward instantly strengthens the Mammoth`s top six, coming off a career-best 68-point season in 2024-25. With additions like Peterka and former Panthers defenseman Nate Schmidt, Utah could potentially break through and reach the postseason. Grade: B+
Trevor Zegras
The Philadelphia Flyers have faced significant 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. For Philadelphia, this move represents a low-risk, high-reward opportunity, especially since Zegras will be a free agent after the 2025-26 season. Zegras had two consecutive 60-point seasons to start his NHL career but has been hampered by injuries over the past two campaigns. His ability to play both wing and center provides welcome versatility to new coach Rick Tocchet`s lineup. If Zegras is unable to regain his previous form, the cost to the Flyers was limited to a 2025 second-round pick (of which they possessed several) and forward Ryan Poehling. Grade: A
K`Andre Miller
Acquiring Nikolaj Ehlers wasn`t the only major move made by the Carolina Hurricanes this offseason. The team also obtained defenseman K`Andre Miller in a trade with the Rangers and signed him to an eight-year contract extension carrying a $7.5 million cap hit. While Miller`s performance has reportedly declined over the past two seasons, the potential for the 25-year-old defenseman is still considerable. Miller is a two-way blueliner with above-average skating ability and a strong shot. A key benefit of this deal is that Miller won`t be required to step into a top-pairing role immediately, as the team already has Jaccob Slavin on the left side. Carolina is hoping that Miller can return to his 2022-23 form, when he achieved a career-high 47 points. The cap hit could be viewed as somewhat risky, but it appears to be a worthwhile gamble for the Hurricanes. Grade: B-
Mikael Granlund
Mikael Granlund was one of the top centers available on the free agent market. Granlund fit in well with the Dallas Stars after being acquired at the 2025 trade deadline. However, the Stars lacked the necessary salary cap space to bring Granlund back, leading him to sign a three-year contract with the Anaheim Ducks worth $7.0 million annually. The Ducks needed to add depth at forward after trading Trevor Zegras to the Flyers. While Granlund`s contract is relatively expensive, it`s a calculated risk the Ducks can afford as they aim to return to the postseason in 2025-26. Grade: B-
Jonathan Toews
Jonathan Toews has been away from hockey for the past two seasons but is set to make his return as a member of the Winnipeg Jets. The veteran center signed a one-year deal with the Jets, which is structured with performance-based incentives, following his hiatus to focus on his health. It will be intriguing to observe Toews` performance upon his return to the ice at 37 years old. At minimum, Toews should provide valuable veteran leadership for a Jets team that won the Presidents` Trophy last season. However, losing Nikolaj Ehlers in free agency was not ideal, and the Jets will now need to hope that Toews can regain some of his legendary form. Grade: C+
