For Jim Nill, the NHL`s reigning General Manager of the Year, this year`s free agent period felt notably less chaotic than in the past.
“We recognized from the outset that the depth of available free agents wasn`t particularly strong,” stated Nill, who manages the Dallas Stars. “The salary cap saw a significant increase, enabling teams to keep their own players. This was a key factor.”
For NHL clubs, this was one clear takeaway. As free agency commenced this week, here are four primary observations.
Higher Salary Cap Encourages Players to Stay
Typically, NHL teams operate close to the salary cap upper limit. In contrast, this offseason felt spacious, like walking into a large building.
The NHL and NHLPA revealed in January that the salary cap for the 2025-26 season would be $95.5 million, a substantial $7.5 million increase from the previous season`s $88 million. But the financial relief didn`t end there. The league also provided cap projections for future seasons: $104 million in 2026-27 and $113.5 million in 2027-28, figures that could rise further depending on revenue growth.
NHL Commissioner Gary Bettman`s announcement was a clever labor strategy. By demonstrating the potential for significant salary growth under the existing system, he appeased potential player frustration. It also empowered teams to spend more aggressively to improve their rosters under a rising cap.
However, instead of fueling a free agent frenzy, the increased financial flexibility primarily allowed more players to re-sign with their current teams:
- The Florida Panthers successfully retained their core group of star free agents: Sam Bennett, Brad Marchand, and Aaron Ekblad.
- The Columbus Blue Jackets secured defenseman Ivan Provorov with a seven-year deal averaging $8.5 million annually.
- Brock Boeser, a highly sought-after scoring winger, signed a seven-year contract to remain in Vancouver, despite previous speculation about his departure.
- Established veteran scorers such as Claude Giroux (Ottawa Senators), John Tavares (Toronto Maple Leafs), Matt Duchene (Dallas Stars), and Brock Nelson (Colorado Avalanche) all stayed with their respective clubs.
- Key defensemen like Jakob Chychrun (Washington Capitals) and Neal Pionk (Winnipeg Jets) agreed to new deals months ago, avoiding free agency altogether.
- While restricted free agents K`Andre Miller and Noah Dobson were traded, many others who could have been targets for offer sheets re-signed with their teams, including Evan Bouchard (Edmonton Oilers), Matthew Knies (Toronto), Logan Stankoven (Carolina Hurricanes), Morgan Geekie (Boston Bruins), Martin Fehervary (Washington), and Alexander Romanov (New York Islanders).
“Observing the last 48 hours, a significant number of players re-signed with their teams and didn`t even reach the free agent market,” noted Columbus GM Don Waddell.
The free agent pool was already expected to be thin this summer. The decision by numerous talented players to stay put made it even more scarce for teams needing specific positions.
“I know everyone is discussing the need for second-line centers. By my estimate, probably 27 teams are seeking one,” said Toronto GM Brad Treliving. “Teams that possess them aren`t eager to let them go quickly.”
One common motivation for teams engaging in free agency is to alter their roster composition. Yet, San Jose Sharks GM Mike Grier pointed out that with increased salary cap space, more teams favored players they were already familiar with over taking chances on unknowns.
“I`m unsure if it`s accurate to say teams went out of their way to sign their own guys, but with everyone having more financial room, the market suggests that instead of overpaying for a player you don`t know well, it`s preferable to secure the player you do know,” he remarked.
Still, some players chose to move to new teams: Mikael Granlund joined the Anaheim Ducks for $21 million over three years; Vladislav Gavrikov signed with the New York Rangers for $49 million over seven years; and notably, Mitch Marner departed Toronto for the Vegas Golden Knights in a $96 million deal. However, a greater number of significant players remained with their original clubs.
Every offseason, teams contend with a common truth of NHL free agency: players are reluctant to leave their current teams because their “stuff is there.” Now, thanks to the league`s rapidly increasing salary cap, the obstacle is even greater: their stuff is there, and teams possess the financial means to keep them.
“Speaking with other managers, there was less financial strain in terms of available space,” Treliving commented. “The rising cap provided everyone with more flexibility to retain their own players.”
NHL Tampering: A Problem of Enforcement, Not Just Practice
Attempting to eliminate tampering before NHL free agency is practically impossible. It`s not merely that hockey professionals interact constantly during the offseason – at combines, in bars near combines, and everywhere else – but that the concept itself is difficult to define and enforce within the league`s priorities. It`s somewhat like cap circumvention: the league recognizes when it goes too far.
When Ottawa owner Michael Andlauer accused the Rangers of “soft tampering” because a New York Post article speculated they might pursue Brady Tkachuk, the NHL didn`t intervene.
Conversely, when Vancouver Canucks GM Jim Benning openly discussed acquiring players under contract, such as Steven Stamkos in 2016, NHL Deputy Commissioner Bill Daly fined him $50,000.
Daly has traditionally overseen the league`s approach to potential tampering violations. At a meeting of NHL general managers in 2024, Daly delivered a presentation outlining permissible and impermissible communications with pending free agents and players under contract. According to reports, this reminder included potential penalties for tampering, ranging up to a $5 million fine for a team and $1 million for an executive, alongside possible forfeiture of draft picks and suspensions.
The reason for the tampering discussion was Daly`s dissatisfaction with “some media commentary around July 1 that suggested there might have been contact and negotiation prior to July 1,” as he told The Athletic.
In the summer of 2024, incidents like Tyler Bertuzzi telling the media that Chicago Blackhawks captain Nick Foligno contacted him the day before free agency to express his team`s interest occurred. Chicago GM Kyle Davidson`s response was: “We don`t instruct them to do these things, but Nick is invested. He knows many people, he cares about the team, and he wants to help move things forward.”
This certainly sounds like tampering.
The issue of tampering arose again recently concerning Maple Leafs star Marner`s potential free agency. Marner, 28, joined Vegas via a sign-and-trade agreement with the Maple Leafs before free agency officially commenced. The Golden Knights sent center Nicolas Roy to Toronto, who then signed Marner to an eight-year, $96 million contract with a $12 million average annual value before trading him to Vegas.
For weeks, there was speculation about Marner heading to the Golden Knights. Marner himself indicated that the idea first surfaced at the NHL trade deadline when Vegas attempted to acquire him in a complex three-team deal that ultimately failed. Marner stated that this initial attempt made him consider Vegas as a potential long-term home for his family. Upon learning that Vegas and Toronto were discussing a trade, Marner decided to forgo any potential free agency bidding war to commit to Vegas, wanting to avoid “losing that opportunity.”
However, hockey reporter Elliotte Friedman mentioned on his podcast that there was buzz around the NHL that “the Maple Leafs will target Vegas for tampering” with Marner. Following Daly`s previous comments, teams were on high alert. The thinking was, according to Friedman, that the league might use a team accused of tampering to set an example.
“If they complete a deal with Toronto and send a valuable player to Toronto, I would bet that any possibility of the Maple Leafs filing a tampering complaint vanishes,” Friedman suggested.
Nicolas Roy is indeed a valuable player and addresses a need at center for Toronto.
Treliving chose not to comment on the tampering speculation. Vegas GM Kelly McCrimmon wasn`t directly questioned about it during his press conference, but he made several remarks that seemed to address the accusations, including:
- Trade discussions at the deadline were “initiated by Toronto.”
- The sign-and-trade structure was used to secure an eighth year on Marner`s contract; otherwise, his cap hit on a $96 million seven-year deal would have been $13.7 million. “That significantly impacts our ability to bring the player onto our team,” he explained.
- The trade allowed them to open dialogue with Marner`s representatives. “We wanted the chance to establish a direct relationship with his representatives to work on a contract,” he said.
- He strongly refuted misinformation circulating about his team around free agency, stating there was “a lengthy list of things that have occurred over the past month lacking any credibility whatsoever. It`s frankly shameful.”
Assuming no further action is taken, the “tampering” surrounding Marner will likely become NHL lore, recalled whenever Roy performs well for Toronto or Vegas misses his presence.
Hypothetically, this situation highlights a potential method for the NHL to curb tampering: having teams police each other. Using the threat of penalties to compel sign-and-trade deals or other transactions to “resolve the issue.” This might be a less complicated approach than the league attempting to define the exact threshold for unacceptable tampering. Unless, of course, Daly eventually has to address the general managers about blackmail and extortion.
The Panthers Maintain Their Core — And Play Defense
Next season, the Florida Panthers aim for a feat not achieved since the Islanders in the early 1980s: reaching a fourth consecutive Stanley Cup Final and winning a third straight championship.
That they will attempt this with center Sam Bennett, defenseman Aaron Ekblad, and winger Brad Marchand – despite all three having the opportunity to become unrestricted free agents for the first time – is truly remarkable from a management perspective and frustrating for rival teams.
GM Bill Zito was confident he could re-sign Bennett, who earned the Conn Smythe Trophy as playoff MVP; Ekblad, a sought-after top-pairing right-shot defenseman on the open market; and Marchand, the veteran star who had a career-best performance in the Stanley Cup Final.
However, there were theories suggesting why all three might depart. Bennett could have commanded a substantial contract as a second-line center, a position many contenders needed. Ekblad would have entered a free agent market lacking players with his specific skillset and track record. Marchand was rumored to potentially receive $10 million annually from teams like Toronto or the Utah Mammoth, valued for his scoring, leadership, and renowned intangibles.
Ultimately, Zito proved correct: all three remain integral parts of the Panthers` formidable core.
Bennett was the first to sign, agreeing to an eight-year, $64 million deal. Ekblad followed with an eight-year, $48.8 million contract. Marchand then signed for six years, keeping him with the Panthers until age 43, for $31.5 million.
“I didn`t do anything. It was entirely those guys. There`s absolutely no ambiguity. This was 100 percent driven by those players wanting to remain part of something they built,” Zito stated. “We`ve spoken extensively about the team and the community they`ve become, and these signings are a prime example of what it means to them.”
Bennett expressed comfort with the financial terms, but emphasized that money doesn`t guarantee happiness. “There were periods earlier in my career when I didn`t enjoy it as much, and I certainly appreciate it now,” he commented. “Being in South Florida has profoundly changed my life, and I love playing and living there. It`s genuinely a dream scenario. So, I couldn`t pass up the opportunity to be here for another eight years.”
Ekblad, drafted first overall by the Panthers in 2014, never wished to leave. His negotiation with Zito was slightly more challenging. “Both sides played hardball at different points, and sometimes you felt you were drifting further apart or getting closer,” he recalled, “but we ultimately reached the right agreement, a beneficial deal for both parties.”
Zito`s strategy also involved preventing rivals from acquiring key players. By signing Bennett, other teams didn`t gain a prime-aged, playoff-proven MVP center. Ekblad won`t be anchoring the defense for teams like Carolina, Dallas, or other contenders. Toronto, which reportedly held back cap space to pursue Marchand (a lifelong fan of the Leafs), didn`t get their man. The Panthers themselves stated that last year`s Toronto team was their toughest playoff opponent in years. Imagine the impact of Marchand`s presence – and removing one of Florida`s primary divisional adversaries from an opponent`s roster – on one of their chief rivals.
However, Treliving wasn`t optimistic about luring any of them away from Florida.
“We aren`t privy to their meetings, but from our external perspective, the expectation was that those players would return,” he said.
Indeed, they are back for multiple future runs at the Stanley Cup, part of a roster filled with elite talent fitting comfortably under the salary cap. Inevitably, discussions about the Panthers loop back to one of the NHL`s perennial debates: the advantage teams in states with no income tax hold over others.
Zito has addressed this previously, describing the advantage for the Panthers as “marginal at best,” asserting that team ownership and player treatment are more significant factors.
“They know that if the chicken isn`t satisfactory, we`ll get better chicken. It reflects everything we do,” he said, prompting laughter. “It might sound trivial, but it`s true and tangible. The climate is pleasant. It`s an excellent environment for families and singles alike. It offers something for everyone. But many players who have joined us have experienced career years, which is a testament to the coaches and the culture in the locker room.”
Dallas GM Jim Nill also operates in a state without income tax.
“Are there certain advantages? Yes, but every city has its unique benefits. Ultimately, success is the deciding factor,” he stated. “That`s what first attracts players. When the money is comparable, players prioritize winning. That`s the crucial element.
“For 10-12 years, few wanted to go to Florida. Dallas was in bankruptcy 15 years ago; no one was coming here. So, do the right things, be competitive, build a strong team – that typically leads to a good fanbase. Great weather, great city… these are added bonuses. But the foundation is the hockey operations.”
Ekblad echoed these sentiments when explaining why he, Bennett, and Marchand chose to remain, and why players like Aleksander Barkov, Matthew Tkachuk, Sam Reinhart, Carter Verhaeghe, Anton Lundell, and Gustav Forsling are signed through 2030. He highlighted the organization`s high standards, from the practice facility quality to accommodations and meals, ensuring player satisfaction.
“So, it`s easy to want to stay here. And the winning culture is a massive draw for players. It`s the most important aspect. It`s why we play the game. We`ve all been exceptionally well cared for,” Ekblad commented. “I`m not sure how many teams in the league have 10 players locked up for five years, but it`s impressive. There`s a sense of pride involved.”
Winners and Losers Are Often Just First Impressions
In 2019, the Florida Panthers signed goaltender Sergei Bobrovsky to a seven-year contract with an average annual value of $10 million. At the time, it was widely considered the “biggest overpayment of free agency.” As recently as two years ago, it was frequently cited as one of the NHL`s worst contracts.
Two Stanley Cups, three trips to the Final, and a rising salary cap later, the investment in “Playoff Bob” appears significantly more justifiable.
This serves as a reminder that the perceived great signings or terrible decisions made this week are inherently initial impressions. It may take years to accurately assess their impact, extending beyond what are calculated risks at best or leaps of faith at worst right now.
That acknowledged, some teams clearly emerged from the first few days of the frenzy with better public perception than others. Based on conversations with several NHL sources this week, one team receiving positive feedback is the New York Rangers.
One current NHL player we spoke with praised the signing of defenseman Vladislav Gavrikov (seven years, $7 million AAV) as securing the top defensive defenseman available, positioning him as a new partner for Adam Fox. Multiple sources approved of the bridge deal for forward Will Cuylle (two years, $3.9 million), seeing it as a reasonable cap hit for a developing player while protecting him from offer sheets. An NHL cap specialist also admired the trade of K`Andre Miller to Carolina, turning a potential offer sheet risk into a first-round pick, a second-round pick, and a promising young puck-moving defenseman in Scott Morrow, while simultaneously freeing up cap space that Gavrikov quickly occupied.
As anticipated, there was considerable praise for Florida`s success in retaining their three unrestricted free agents. One current NHL coach called it a “master class” by Zito, maximizing the benefit of a rising salary cap to keep Bennett, Ekblad, and Marchand. However, another source expressed concern about how the Panthers will ultimately manage their cap situation at the start of the season, as they are currently estimated to be around $2.95 million over the limit. Potential solutions range from trading a player like Evan Rodrigues to possibly placing Matthew Tkachuk on long-term injured reserve to begin the season. Zito did not provide an update on Tkachuk`s status during his Tuesday press conference.
However, while some teams fared well, others made less favorable initial impressions. The three teams that generated the most skepticism from our sources are:
Boston Bruins: Although the Bruins made a solid move by securing RFA Morgan Geekie with a six-year contract worth $5.5 million annually, this positive sentiment was overshadowed by their signing of forward Tanner Jeannot to a five-year deal at $3.4 million AAV. Since scoring 24 goals in 2021-22 for Nashville, Jeannot has accumulated a combined 20 goals over the subsequent three seasons across Nashville, Tampa Bay, and Los Angeles. One source likened this signing to the Bruins GM Don Sweeney`s 2015 signing of forward Matt Beleskey to a five-year, $3.8 million AAV contract. Beleskey scored 18 goals in 143 games for Boston and was in the AHL by the third year of his deal.
Los Angeles Kings: New GM Ken Holland was very active early in free agency, signing forward Joel Armia (two years, $2.5 million AAV) and Corey Perry (one year, $2 million); defensemen Brian Dumoulin (three years, $4 million AAV) and Cody Ceci (four years, $4.5 million AAV); and goalie Anton Forsberg (two years, $2.25 million AAV). These acquisitions weren`t universally applauded by Kings fans. One NHL player we spoke with indicated his peers reacted similarly. “Every guy I`ve talked to was surprised by their moves,” he shared.
Vegas Golden Knights: While the signing of Marner was positively received, some sources expressed concern regarding the team`s overall depth. This includes moving bottom-six center Roy to Toronto to facilitate the sign-and-trade for Marner. One NHL coach was also curious about the defensive group for next season, given that the team announced Alex Pietrangelo would no longer be an active player due to injuries and that they traded RFA defenseman Nicolas Hague to Nashville, a player the coach considered “very underrated.”
Naturally, initial impressions can always evolve over time. Today`s perceived gamble might lead to tomorrow`s Stanley Cup championship.
Rupert Hartwell