The dust is beginning to settle on the 2025 NHL offseason, a period marked by significant player movement as teams strategically positioned themselves for future success. While the Draft laid foundational pieces, the true drama unfolded in free agency and the trade market. This summer delivered notable surprises and calculated risks, reshaping the landscape of the league just weeks after the Florida Panthers lifted their second consecutive Stanley Cup.
Panthers` Masterclass in Player Retention
Fresh off their championship parade, the Florida Panthers faced the daunting task of retaining key components of their dynasty. General Manager Bill Zito, often lauded for his sharp moves, orchestrated what many are calling a masterclass. Against the odds, he managed to re-sign three pivotal players: forward Sam Bennett, defenseman Aaron Ekblad, and veteran winger Brad Marchand. Bennett, a Conn Smythe winner with a relentless playoff performance, secured a team-friendly eight-year deal averaging $8.0 million. Ekblad, a top-pair defenseman, returned on an eight-year contract at $6.1 million annually, a crucial retention after losing Brandon Montour the previous summer. Marchand, acquired mid-season, brought invaluable veteran grit and scoring, earning a six-year deal worth $5.25 million per season. Keeping this core together was paramount and represents a major victory for the Panthers, proving that sometimes, the best additions are the ones you keep.
Vegas Swings Big for Marner
True to their reputation, the Vegas Golden Knights weren`t shy about making a splash. In the offseason`s most high-profile move, they acquired star winger Mitch Marner via a sign-and-trade from the Toronto Maple Leafs. Marner inked a lucrative eight-year contract carrying a $12.0 million annual cap hit. This move immediately vaults Vegas back into discussions as a Stanley Cup contender, providing elite offensive talent to play alongside dynamic center Jack Eichel. Vegas continues its strategy of aggressively pursuing top-tier talent, seemingly subscribing to the philosophy that you can never have too many high-priced stars… until the salary cap calls.
Hurricanes Reinforce Roster
Seeking to dethrone the Panthers in the East, the Carolina Hurricanes made multiple key additions. They secured arguably the top unrestricted free agent, winger Nikolaj Ehlers, signing him to a six-year, $8.5 million per season deal. Ehlers brings speed and scoring depth to the Hurricanes` top six. Carolina also bolstered its defense by trading for K`Andre Miller from the Rangers. Miller signed an eight-year extension at $7.5 million annually. While Miller`s play has fluctuated, his potential and fit alongside established defenseman Jaccob Slavin make this a worthwhile gamble for Carolina as they aim to solidify their contender status.
Strategic Adds Across the League
Beyond the headliners, several other teams made significant moves, each hoping to gain an edge in a competitive league:
- Montreal Canadiens acquire Noah Dobson: In a trade with the Islanders, Montreal landed defenseman Noah Dobson, immediately signing him to an eight-year, $9.5 million contract. Dobson provides a talented two-way presence to complement rising star Lane Hutson as the Canadiens aim to build on their recent playoff return.
- Utah Mammoth boost offense with JJ Peterka: Preparing for their second season, the Utah Mammoth acquired RFA winger JJ Peterka from Buffalo, signing him to a five-year, $7.7 million extension. Peterka`s career-best season suggests he can immediately contribute significant offense to Utah`s forward group as they try to build momentum in Salt Lake City.
- Philadelphia Flyers take a flyer on Trevor Zegras: The Flyers made a low-risk, high-reward move by trading for forward Trevor Zegras from Anaheim. Zegras`s injury history lowers the acquisition cost (a second-round pick and Ryan Poehling), but his past production and versatility offer significant upside if he can regain his form under coach Rick Tocchet. It’s the kind of move that could look brilliant or inconsequential, depending on health and fit.
- New York Rangers add Vladislav Gavrikov: The Rangers signed UFA defenseman Vladislav Gavrikov to a seven-year, $7.0 million contract to play alongside Adam Fox. While Gavrikov stabilizes the defense, the long, expensive deal for an aging roster prompts questions about the team`s overall direction after missing the playoffs and trading Chris Kreider. It seems the Ghost of Playoffs Past still haunts Madison Square Garden.
- Anaheim Ducks sign Mikael Granlund: Needing forward depth after the Zegras trade, Anaheim signed UFA center Mikael Granlund to a three-year, $7.0 million per season deal. It`s a pricey short-term fix for a team still finding its identity, perhaps paying a premium for veteran presence.
- Jonathan Toews returns with Winnipeg: After a two-year hiatus, veteran center Jonathan Toews is returning to the NHL on a one-year, incentive-laden deal with the Jets. While his leadership is valuable, his on-ice impact at age 37 after time away remains uncertain, especially as the team saw Nikolaj Ehlers depart. A feel-good story with a large question mark attached.
The 2025 NHL offseason proved to be a dynamic period, with teams aggressively pursuing talent to push towards championship contention or rebuild for the future. These key moves set the stage for an intriguing 2025-26 season, where we will see which calculated risks pay off and which turn into cautionary tales.
