As NHL free agency heats up, fans and analysts alike are eager to identify the winners and losers from the early transactions. Despite some prominent players still waiting for contracts and potential big trades looming on the horizon, the early rush of signings has provided plenty of insights into team strategies and future outlooks. This article dives into the most impactful moves leading up to July 1 and the subsequent days, offering a detailed analysis of various teams' performances.
The Florida Panthers, reigning Stanley Cup champions, have achieved the improbable by retaining all three of their key unrestricted free agents: Sam Bennett, Aaron Ekblad, and Brad Marchand. This remarkable feat was accomplished without sacrificing any significant players, showcasing the strong culture developed under general manager Bill Zito. While the absence of a state income tax certainly plays a role, Ekblad’s decision to accept a $6.1 million average annual value (AAV) underscores the value he places on staying in Florida, making it a substantial bargain for the Panthers.
In addition to keeping their core intact, Florida made a smart move by signing defenseman Jeff Petry to a league-minimum deal, supplemented by performance bonuses. Petry will step in to replace Nate Schmidt on the third defense pair, further solidifying the Panthers’ chances of a potential three-peat next spring.
New York Rangers' general manager Chris Drury faced criticism for some previous decisions, but his recent moves have garnered praise. Drury successfully signed top free-agent defenseman Vladislav Gavrikov to a lucrative seven-year contract with a $7 million AAV, while simultaneously trading K'Andre Miller to the Hurricanes for a package that includes first- and second-round picks, as well as promising defense prospect Scott Morrow. Miller, who signed an eight-year deal at $7.5 million AAV as part of the trade, brings intrigue but has struggled with consistency.
In contrast, Gavrikov is viewed as one of the NHL's premier shutdown defenders, making his contract a steal and giving the Rangers additional financial flexibility after re-signing restricted free agent Will Cuylle to a two-year, $3.9 million AAV deal. While the Rangers still have gaps in their bottom-six forward group, their strategic upgrades position them well for the upcoming season.
After undergoing season-ending hip surgery in December 2023, many wondered if John Klingberg would return to the NHL. However, he secured a one-year, $4 million contract with the San Jose Sharks, where he is expected to play significant minutes on a relatively inexperienced blue line. Klingberg’s ability to quarterback a power play featuring young, skilled forwards could set him up for a lucrative contract next summer, whether he remains in San Jose or explores other options.
The Los Angeles Kings faced a challenging offseason, particularly after losing Gavrikov to the Rangers. In a misguided effort to fill the void, they overcommitted to veteran defensemen Cody Ceci (four years at $4.5 million annually) and Brian Dumoulin (three years at $4 million annually). Both players are past their prime and better suited as third-pairing options, making their contracts appear excessively high. Although the addition of Corey Perry was a positive, Ken Holland's inaugural free agency as Kings GM is likely to be remembered for these questionable decisions.
The Boston Bruins made headlines by signing restricted free agent Morgan Geekie, but GM Don Sweeney's subsequent trades seem more desperate than strategic. Acquiring Viktor Arvidsson for a fifth-round pick, despite his $4 million cap hit, has raised eyebrows. Arvidsson has struggled with injuries and has shown inconsistent performance, making him a questionable asset for the Bruins.
Additionally, the signing of Tanner Jeannot to a five-year deal with a $3.4 million AAV is concerning given his declining goal production over the last three seasons. With only $2 million left in cap space after several depth signings, the Bruins' roster does not appear significantly improved for the upcoming season.
Covering the free-agent frenzy is no small task, especially on a day with fewer transactions than usual. On July 1, there were 121 contracts signed, totaling $672.8 million, according to PuckPedia. In comparison, the previous year saw 185 signings worth $1.2 billion. The pre-free agency market saw several big names secure contracts, while others, including Nikolaj Ehlers, Pius Suter, Dmitry Orlov, and Brent Burns, remain unsigned, leading to a quieter July 1 than anticipated.
The recent sign-and-trade involving Mitch Marner has left both the Toronto Maple Leafs and the Vegas Golden Knights with mixed feelings. Toronto managed to secure a valuable player in Nicolas Roy, who fits their needs as a cost-effective third-line center. However, the fact that it came to this point highlights longstanding issues with the Leafs' roster construction, which has struggled in the postseason.
For the Golden Knights, acquiring one of the top free agents is undoubtedly a win, but it raises questions about their cap situation, particularly with Alex Pietrangelo's career in jeopardy due to hip injuries. His absence will create a significant gap in both the team’s defense and locker room leadership.
