The National Hockey League offseason is officially underway, with a flurry of trades occurring since the Florida Panthers clinched their second consecutive Stanley Cup championship.
Notable moves include Chris Kreider joining the Anaheim Ducks, Trevor Zegras heading to the Philadelphia Flyers, and Noah Dobson being acquired by the Montreal Canadiens.
This article provides analysis and grades for the most significant trades of the offseason so far, presented with the most recent transactions listed first.
June 27: Coyle and Wood to the Blue Jackets
Seeking to alleviate salary cap constraints, the Colorado Avalanche made a move by sending forwards Charlie Coyle and Miles Wood to the Columbus Blue Jackets.
In return, the Blue Jackets traded prospect forward Gavin Brindley, a third-round draft pick in 2025, and a conditional second-round pick in 2027 to Colorado.
Here`s a brief evaluation of the implications for both clubs.
Colorado Avalanche
Grade: B+
The Avalanche recently secured a second-line center by extending Brock Nelson`s contract (acquired at the trade deadline) for three years at an annual salary of $7.5 million. However, this left the team with limited cap space, just $1.2 million before Friday`s trades, according to PuckPedia. With several unrestricted free agents, including Ryan Lindgren, roster adjustments were necessary.
Charlie Coyle was a prime candidate for a trade. His addition late in the season provided one of the league`s strongest top-nine center groups alongside Nathan MacKinnon and Brock Nelson. But in a cap crunch, paying a third-line center $5.25 million annually becomes questionable when more economical options exist.
Miles Wood was also a potential trade piece, with four years remaining on his contract at $2.5 million AAV. His tenure with the Avalanche saw scoring inconsistencies and injuries, resulting in just 13 goals over the past two seasons, the same number he scored in his final full year with the New Jersey Devils.
This trade means the Avalanche still need to address their bottom-six forward depth and potentially re-sign players like Lindgren, along with pursuing other free agency goals.
Acquiring Gavin Brindley offers potential future help. The 20-year-old was considered a top prospect in the Blue Jackets` strong farm system. A 2023 second-round pick, Brindley tallied six goals and 17 points in 52 games during his rookie professional season in the AHL. Before that, he excelled at the University of Michigan, where he recorded 25 goals and 53 points as a sophomore in 2023-24.
Columbus Blue Jackets
Grade: B+
Currently, the Blue Jackets possess significant salary cap space, allowing them flexibility in selecting trades that align with their goals, especially when dealing with cap-strapped teams like the Avalanche.
While Coyle and Wood were considered luxuries in Colorado, they will bolster Columbus`s bottom six forward group, enabling the front office to focus on other areas in free agency.
Heading into Friday, the Blue Jackets had six unrestricted free agent forwards and restricted free agent Dmitri Voronkov. The addition of Coyle provides a solid third-line center option behind Sean Monahan and Adam Fantilli. Wood adds a winger who can play on the fourth line or higher. Combined, the Blue Jackets now have 13 forwards under contract or team control as RFAs.
They also have over $30 million in cap space available, with potential use for contract extensions for defensemen Dante Fabbro and Ivan Provorov.
Although Brindley was a promising prospect, the Blue Jackets maintain a strong group of forward prospects, including Cayden Lindstrom, Jordan Dumais, and Luca Del Bel Belluz.
June 27: Dobson to the Canadiens
Defenseman Noah Dobson was involved in a significant trade Friday between the Montreal Canadiens and New York Islanders, reflecting divergent paths for the two franchises.
The Canadiens acquired Dobson shortly after he signed an eight-year contract extension with the Islanders worth $9.5 million annually. In exchange, New York received forward Emil Heineman and both of Montreal`s first-round picks in 2025, selections No. 16 and No. 17.
Here`s an assessment of how both front offices fared and the implications for their respective futures.
Montreal Canadiens
Grade: A
Presented with an opportunity to acquire a 25-year-old, right-shot, top-pairing defenseman known for puck-moving ability, versatility in all situations, and a 6-foot-4 frame, a general manager should seize it. This type of acquisition, however, comes at a steep price, making Canadiens GM Kent Hughes` decision a strong statement about his team`s direction.
Specifically, Montreal is signaling its commitment to becoming a consistent playoff contender and aiming for a Stanley Cup in the near future.
“Future” is indeed the central theme of this trade for the Canadiens. Possessing two first-round picks is valuable. For rebuilding teams, they offer a chance to build a stronger future. For teams on the cusp or in the playoffs, they are assets to acquire players who can contribute immediately.
Hughes opted for the latter, providing Montreal with what appears to be one of the most exciting young defensive corps in the NHL.
Dobson, who has achieved 10 or more goals in four consecutive seasons, joins a promising group of young Canadiens defensemen including reigning Calder Trophy winner Lane Hutson, Kaiden Guhle, and Jayden Struble. The organization also has recent first-round picks Logan Mailloux and David Reinbacher in their system.
This collection includes six defensemen under the age of 25. Four are first-round selections, with the others being second-rounders (like Hutson). This presents a desirable “problem” due to the potential this group holds over time.
However, the immediate “problem” facing Hughes is managing the salary cap. With Dobson under contract, the Canadiens are projected to be over the cap by $3.394 million, according to PuckPedia, and have seven defensemen under contract or team control for the 2025-26 season.
Hughes will need to decide which defenseman to trade to create cap space while maintaining a strong enough group for a playoff push. Veteran Mike Matheson has one year left at $4.88 million before potential UFA status, while Alexandre Carrier has two years remaining at $3.75 million annually.
Resolving this situation sooner will grant the Canadiens more financial flexibility for other potential moves. They also have restricted free agents Struble and Jakub Dobes needing new deals.
New York Islanders
Grade: A
New Islanders GM Mathieu Darche`s experience in the Tampa Bay Lightning`s front office instilled an appreciation for certain assets, particularly the value of building a sustainable winner through the draft.
General managers of lottery teams must honestly assess their franchise`s direction, making any moves by Darche in his first offseason particularly important.
This doesn`t imply Dobson couldn`t have fit into the Islanders` long-term vision. However, there`s merit in identifying a player`s highest potential value for the organization and determining that this value is best realized through a return like the one Darche secured here.
The assets Darche received in exchange for a top-pairing defenseman in Dobson are poised to significantly shape the Islanders` trajectory for the next decade or longer.
Having the No. 1 pick provided a starting point for that future – likely to be used on talented defenseman Matthew Schaefer. By adding two more first-round selections, Darche gains even more flexibility.
Darche and his staff could choose to keep all three picks and draft three high-end prospects. This would substantially boost a system that, despite having 2024 first-rounder Cole Eiserman, is in clear need of talent infusion. This need stems partly from the Islanders missing first-round picks in four drafts since 2018 (2020, 2021, 2022, 2023).
Alternatively, Darche might leverage one or both of the acquired picks in another trade, seeking a move he believes will further enhance the team`s long-term success.
While the future is a key focus, the present implications of Dobson`s departure are also relevant. The Islanders now have five defensemen under contract and seven under team control, with pending restricted free agents Scott Perunovich and Alexander Romanov. Tony DeAngelo and Mike Reilly were unrestricted free agents from the 2024-25 roster.
The Islanders possess $20.934 million in cap space (according to PuckPedia), which can be used to address defensive needs and other priorities this summer, including re-signing Heineman, who is an RFA after scoring 10 goals and 18 points in 62 games during his first full NHL season.
June 26: Peterka to the Mammoth
Two major storylines of the NHL offseason revolved around whether the Utah Mammoth could add a top-six forward and if the Buffalo Sabres would trade restricted free agent JJ Peterka.
These storylines converged when the Mammoth acquired Peterka from the Sabres in exchange for forward Josh Doan and defenseman Michael Kesselring.
Let`s evaluate the performance of both front offices in this deal and its impact on each franchise moving forward.
Utah Mammoth
Grade: A+
In the 2024-25 season, the Utah Hockey Club ranked among the top 10 teams in shot share, shots per 60 minutes, and scoring chances per 60 but finished 16th in goals per game. This highlighted a clear need for more finishing ability. With $20.357 million in salary cap space, finding a solution was a priority.
Mammoth GM Bill Armstrong`s latest significant move was landing Peterka via trade and immediately signing him to a five-year extension worth $7.7 million annually.
Since Ryan and Ashley Smith purchased the franchise and relocated it to Salt Lake City, the team, now the Mammoth, has pursued a calculated yet aggressive strategy. This began last year with trades for key defensemen like Mikhail Sergachev and John Marino to revamp their blue line.
The acquisition of Peterka is a continuation of this ambitious approach. The Mammoth add a 23-year-old proven goal scorer who not only addresses their need for more goals but also fits into their long-term plans. After scoring 28 goals and a career-high 50 points in 2023-24, Peterka followed up with 27 goals and 68 points in 77 games in his final season in Buffalo.
Trades are often about increasing options, and Peterka provides the Mammoth with many. They now boast a top-six winger group including Clayton Keller, Dylan Guenther, and Nick Schmaltz – a quartet of 20-goal scorers to complement centers Logan Cooley and Barrett Hayton, both of whom also surpassed the 20-goal mark last season, anchoring the top two lines.
Benefiting from one of the strongest farm systems in the NHL, the Mammoth did not need to trade any of their top prospects to acquire Peterka. They still retain promising players like Matias Maccelli (a potential trade chip for another move) and possess $14.982 million in cap space, according to PuckPedia.
Nick Bjugstad and Michael Carcone are their most prominent unrestricted free agents, with Jack McBain being their sole remaining restricted free agent. Following the draft, where they landed a high pick (No. 4) or potentially traded it for an NHL-ready player, they will have substantial remaining cap space to be active in free agency starting July 1.
Buffalo Sabres
Grade: B-
“Complicated” is perhaps the best way to describe the return Sabres GM Kevyn Adams received for JJ Peterka.
Generally, a 23-year-old top-six forward under team control commands a specific price. In a sense, the Sabres obtained this by receiving two NHL players in Doan and Kesselring. However, an argument can be made that the return was insufficient.
Missing the playoffs for 14 consecutive seasons leaves the Sabres in a difficult position, balancing the desire to end the drought with the need to plan for future contingencies. While the Sabres have a relatively strong farm system, the Peterka trade presented an opportunity to further augment it with draft capital or prospects.
This is especially true given Peterka`s importance to the Sabres last season, where he ranked second in points, third in goals, third in power-play points, and third in ice time among forwards with over 70 games played.
Adams did not walk away empty-handed. Josh Doan has the potential to become a top-nine forward. Joining the Sabres offers Doan a chance to find the consistency that eluded him in Utah. He played 28 AHL games last season in addition to 51 games with the Hockey Club.
Michael Kesselring provides the Sabres with a third right-shot defenseman on their roster. He surpassed 20 points and played over 70 games in consecutive seasons. He was sixth among Mammoth defensemen in average ice time and could potentially earn a larger role in Buffalo.
Doan and Kesselring add depth to the Sabres. They also carry a combined cap hit of $2.325 million, with one year remaining on their contracts before restricted free agency. The Sabres now have $20.881 million in cap space, according to PuckPedia.
Yet, the question lingers: Was a bottom-six/middle-six forward and a middle-pairing defenseman (at best) an adequate return for a top-six forward? Or should Adams have received more for a player who fulfills one of the Mammoth`s biggest needs, leaving the Sabres with a significant hole to fill?
June 23: Zegras to the Flyers
Persistent rumors became reality when the Anaheim Ducks traded forward Trevor Zegras to the Philadelphia Flyers.
The Ducks sent Zegras, a frequent subject of trade speculation, to the Flyers in exchange for forward Ryan Poehling, a 2025 second-round pick (originally owned by the Columbus Blue Jackets), and a 2026 fourth-round pick.
What are the implications of this deal, and how did each front office perform?
Philadelphia Flyers
Grade: B+
“Potential” will likely be the most frequently used word when discussing this trade.
It begins with Zegras adding another top-nine center option for the Flyers, complementing Sean Couturier and Noah Cates, with the possibility that Zegras could develop into their top-line center.
Zegras is a two-time 20-goal scorer who has also posted back-to-back 60-point seasons. This could provide the Flyers, who finished 24th in goals per game, with another player capable of scoring and generating offense for his teammates.
At 24 years old, he also potentially fits within the Flyers` long-term vision. The Flyers were the youngest team in the NHL in 2024-25, with an average age of 26.09 years, according to Elite Prospects.
Again, the key word is “potentially.”
Injuries and inconsistencies over the past two seasons raised questions about whether Zegras could regain the form that led to his consecutive 60-point seasons in 2021-22 and 2022-23. Furthermore, it led to speculation about his future production if he remained with the Ducks.
Surrounding Zegras with wingers like Tyson Foerster, Travis Konecny, Matvei Michkov, and/or Owen Tippett could help him get back on track. At one point, Zegras was considered one of the league`s breakout stars and a potential future face of the NHL, even gracing the cover of NHL 23.
There`s also the added benefit that Zegras is entering the final year of a three-year contract worth $5.75 million annually. He will remain under team control as a restricted free agent for the next two seasons before becoming an unrestricted free agent at the conclusion of the 2027-28 campaign.
Even after taking on Zegras`s salary, the Flyers are projected to have $15.141 million in cap space remaining, according to PuckPedia.
Anaheim Ducks
Grade: A-
Despite the questions surrounding whether the Ducks should keep Zegras, a significant looming question persisted: Is it wise to pay a third-line center over $5 million annually when cheaper alternatives exist and other roster needs must be addressed?
Leo Carlsson, the No. 2 overall pick from 2023, demonstrated his capability as a full-time top-line center. He scored 20 goals and 45 points last season, providing the Ducks with a two-way center in a sizable 6-3, 205-pound frame.
Following him is Mason McTavish, the No. 3 pick from 2021, who scored 22 goals and a career-high 52 points while playing a second-line center role.
McTavish led the Ducks in goals last season and was second in points. Carlsson ranked third in points. This level of production from their top two centers made Zegras expendable for Anaheim.
Then there are the financial implications. Anaheim is projected to have over $36 million in cap space this season, which is substantial. However, GM Pat Verbeek must navigate future considerations carefully. Lukas Dostal, Drew Helleson, and Mason McTavish, all part of the young core, are restricted free agents needing new contracts this offseason. These deals will influence the funds available for unrestricted free agency starting July 1.
Examining the possibilities for the *next* offseason made the trade even more appealing. Zegras was part of a six-player RFA class including Carlsson, Cutter Gauthier, Pavel Mintyukov, Jackson LaCombe, and Olen Zellweger, while Jacob Trouba is set to be an unrestricted free agent. That RFA class (minus Zegras) and Trouba remain, requiring significant contract decisions.
Instead of worrying about Zegras`s potential salary, the Ducks may face a lower price point with Poehling, a 26-year-old who scored 12 goals and 31 points in 2024-25. He has one year left on his contract at $1.9 million before becoming a UFA next summer.
June 12: Kreider to the Ducks
Could this trade signify the beginning of something more significant for both franchises?
That question applies to both the Anaheim Ducks and the New York Rangers following the first major trade of this offseason. The Rangers sent veteran forward Chris Kreider and a 2025 fourth-round pick (originally Anaheim`s, re-acquired) to the Ducks in exchange for center prospect Carey Terrance and a 2025 third-round pick (originally Toronto`s).
Here`s an overview of the trade`s meaning for each club and an evaluation of their performance in the deal.
New York Rangers
Grade: B+
Several factors influenced the Rangers` decision to move on from Chris Kreider: the need to create salary cap space, questions about his recent production, and the availability of replacement options.
Kreider achieved his seventh consecutive 20-goal season and the tenth of his career. While consistency defined his tenure, it also contributed to the likelihood of a move out of New York.
Kreider turned 34 in late April. His 22 goals this season marked a decline from the previous three years, where he scored 36 or more goals each season and averaged 69 points. He finished this season with 30 points in 68 games, averaging 0.44 points per game.
With two years remaining on his contract at an annual value of $6.5 million, the trade became a matter of managing the salary cap.
Star goaltender Igor Shesterkin`s new contract, starting in 2025-26, significantly increases his salary from $5.67 million to $11.50 million annually. Additionally, in-season trades by GM Chris Drury for Will Borgen and J.T. Miller added an extra $12.1 million per year; Borgen signed a five-year extension worth $4.1 million annually, and Miller is in the second year of a seven-year deal earning $8 million annually.
This situation necessitated solutions to address a seven-player restricted free agent class led by K`Andre Miller, Zac Jones, Matthew Robertson, and Will Cuylle.
Questions remain, however, about how the Rangers will replace Kreider`s offensive contributions.
The spring signing of Boston College winger Gabe Perreault becomes significant in this context, providing the Rangers with a potential top-six option on a team-friendly contract while creating the necessary cap space to handle the RFA class and potentially pursue other offseason goals.
The Rangers now have $14.922 million in cap space after shedding Kreider`s contract, according to PuckPedia. This gives the front office greater financial flexibility than they initially possessed, and they may not be finished making moves.
Adding Carey Terrance, who signed with the Ducks in April, brings a center prospect to an organization that needed depth down the middle. Their strongest center prospect, Noah Laba, signed after three seasons at Colorado College, while Dylan Roobroeck scored 20 goals in his first full professional AHL season.
Terrance, a 2023 second-round pick, had his third consecutive 20-goal season for the OHL`s Erie Otters, finishing with 39 points in 45 games. He also represented Team USA at the IIHF World Junior Championships, scoring two goals in seven games before an injury.
Anaheim Ducks
Grade: B+
Rebuilding involves reaching a better position, with each team taking a different path to that desired destination. The Kreider trade signals the Ducks` continued commitment to an approach that has served them well, with the aim of reaching the playoffs or being in wild-card contention by 2025-26.
Beyond drafting and developing, the Ducks have made a conscious effort to complement their homegrown young core with respected veterans. This group includes Radko Gudas, Alex Killorn, Frank Vatrano, and Kreider`s former Rangers teammate Jacob Trouba.
So, what does this mean for the Ducks` top-nine winger configuration? Kreider joins a group featuring Sam Colangelo, Cutter Gauthier, Troy Terry, Killorn, and Vatrano. This provides the Ducks with goal scorers who can produce in various ways.
What makes the Ducks either fascinating or concerning, depending on one`s perspective, is their cap situation. GM Pat Verbeek acquired a forward with a $6.5 million cap hit, yet PuckPedia projects they still have over $32.188 million in available space.
This significant cap space could make Anaheim a desirable destination for free agents on July 1.
Of course, Verbeek must act prudently. Lukas Dostal, Drew Helleson, and Mason McTavish, key members of the young core, are pending RFAs needing new contracts. Looking ahead to the following offseason, Leo Carlsson, Jackson LaCombe, Pavel Mintyukov, Trevor Zegras, Olen Zellweger, and Gauthier will all require new deals simultaneously.
Having so much young talent on entry-level or team-friendly contracts creates financial flexibility. This is why they could add Kreider for the cost of a draft pick and a prospect like Terrance, who was expendable due to their NHL center depth and the drafting of Lucas Pettersson in the 2024 second round.
Since their rebuild began, the Ducks have focused on making progress through any available means. They have developed one of the NHL`s most promising farm systems and set high expectations for their prospects. Concurrently, they`ve demonstrated an understanding of when to make strategic moves like the one for Kreider.
What comes next?
Finishing with 80 points for the first time since the 2018-19 season puts them at a crucial juncture. This is partly why they replaced head coach Greg Cronin after two seasons, hiring Joel Quenneville with the belief they can advance further.
Competing in the challenging Western Conference means established contenders like the Edmonton Oilers, Dallas Stars, Vegas Golden Knights, and Colorado Avalanche are formidable opponents, but other teams can forge their own path.
The Seattle Kraken achieved this in their second season (2022-23). A year later, the Vancouver Canucks succeeded in Rick Tocchet`s first full season (2023-24). This past season saw the St. Louis Blues return to the playoffs, while the Calgary Flames and Utah Hockey Club pushed late into the regular season.
Anaheim finished 16 points shy of the final Western Conference wild-card spot. However, the steady improvement shown by the Ducks – coupled with their involvement in two significant offseason moves, suggesting confidence in their ability to do more – indicates they could soon be challenging for a playoff spot, or even breaking through.
Rupert Hartwell