NHL Free Agency 2025: Grades and Fits for Key Signings

The 2025 NHL offseason has been a busy period, marked by significant trades, the draft introducing 224 new prospects, and numerous contract extensions.

As free agent deals continue to unfold, ESPN NHL reporters Ryan S. Clark, Kristen Shilton, and Greg Wyshynski offer their analysis, grading the major signings, evaluating the player`s suitability for their new team, the terms of the agreement, and more.

We will keep assessing the most significant moves throughout the offseason. Check back for updated grades as deals are finalized. Contract terms are listed as average annual value (AAV).

Corey Perry, RW
Los Angeles Kings

The terms: 1 year, $2.5 million AAV

Grade: B+

Where does he fit?
Corey Perry, at 40, continues to be effective almost two decades into his career. He will provide depth scoring, a net-front presence, and veteran agitation for the Kings. Last season with Edmonton, he scored 19 goals and tallied 30 points in 81 games primarily in a fourth-line role, showing consistent output and resilience against age. He also performed well in the playoffs, scoring 10 goals in 22 games and even briefly playing alongside Connor McDavid. Expect Kings coach Jim Hiller to utilize Perry in the bottom six for energy and offensive contribution.

Does it make sense?
It might have seemed unimaginable a decade ago for Perry, a long-time rival with the Anaheim Ducks, to join the Kings. But circumstances change. At this stage, Perry is a perfect fit. There`s no immense pressure, yet he`s capable of performing. He adds toughness, especially valuable in the postseason, where LA aims for a deeper run this year. Perry consistently finds himself on teams making deep playoff pushes, demonstrating his value in experience, leadership, and scoring depth. The contract is favorable for LA, potentially costing up to $3.5 million with bonuses (though unlikely), a worthwhile risk for a potential difference-maker. Past rivalries aside, this partnership is timely and beneficial for both Perry and the Kings.

Nate Schmidt, D
Utah Mammoth

The terms: 3 years, $3.5 million AAV

Grade: B+

Where does he fit?
His time with the Florida Panthers revitalized Nate Schmidt. He had a strong regular season and excelled during their Stanley Cup run, contributing three goals and 12 points in 23 playoff games. Schmidt earned his spot on the third pairing by being an excellent rush defender who made smart decisions with the puck and showcased impressive playmaking. He can effectively perform in the right role and earned the pay raise from Utah. The Mammoth are getting Schmidt at a high point in his recent career. He can slot into their third pairing, handle a good workload, and contribute at even strength and on special teams. He also provides a valuable veteran presence for a young team still establishing its identity. While not the fastest skater, Schmidt is intelligent, confident, and experienced – a valuable combination.

Does it make sense?
Absolutely. The Mammoth had a middle-of-the-road defense last season (averaging 3.01 goals against) and lacked significant offensive punch from the blue line beyond Mikhail Sergachev`s 53 points. Schmidt is poised to improve the group. He`s an upgrade over Ian Cole and offers more offensive potential than Juuso Valimaki. All positive points for Utah. If Schmidt is deployed correctly, he can bring Cup-winning pedigree and consistent performance to strengthen the defensive unit.

Ryan Lindgren, D
Seattle Kraken

The terms: 4 years, $4.5 million AAV

Grade: B

Where does he fit?
Lindgren appears to be part of Seattle`s broader strategy to address defensive inconsistencies that plagued them in the 2024-25 season. Metrics showed they were among the bottom teams in scoring chances, shots, and high-danger chances allowed per 60 minutes. Their penalty kill also ranked 21st at 77.2%. Last season, Lindgren finished with four goals and a career-high 22 points in 72 games split between the New York Rangers and Colorado Avalanche. While he has some offensive ability, the Kraken`s primary interest is his defensive game. He bolsters the Kraken`s top six defensemen, joining Vince Dunn, Ryker Evans, Adam Larsson, Brandon Montour, and Jamie Oleksiak, with Josh Mahura likely serving as the seventh defenseman. Lindgren`s arrival provides flexibility; he can play in the top four or as a No. 5 defenseman and contribute significantly on the penalty kill, having logged over 127 short-handed minutes in each of his six full NHL seasons.

Does it make sense?
Lindgren brings a defensive dimension the Kraken previously lacked. Along with two-way center Frederick Gaudreau, his signing reinforces new GM Jason Botterill`s focus on building more defensive consistency. However, there`s a question about his exact role. Dunn and Larsson typically form the top pairing, balancing offense/puck-moving with physicality/stay-at-home play and contrasting handedness. This opens a spot on the second pairing, where Montour provides a right-shot puck-mover. They need a left-shot stay-at-home partner. Is that Lindgren or Oleksiak? And regardless of pairing, is paying a potential No. 5 defenseman $4.5 million or slightly more annually the most prudent financial decision? Especially considering other cap obligations: they need to sign restricted free agent Ryker Evans and plan for future contracts for RFAs like Kaapo Kakko and Tye Kartye. PuckPedia projects them with around $13.557 million in cap space, which must cover the RFA class, potentially requiring trades to create more room. — Clark

Vladislav Gavrikov, D
New York Rangers

The terms: 7 years, $7 million AAV

Grade: B+

Where does he fit?
This signing is an early boost for Adam Fox. The Rangers` top defenseman saw his production dip last season (61 points in 74 games) due to injuries, the team`s overall struggles, and a lack of a consistent top-pairing partner. His long-time partner Ryan Lindgren was traded, and while his pairing with K`Andre Miller was more successful, the Rangers didn`t commit long-term and traded Miller. Enter Vladislav Gavrikov, a true top-pairing shutdown defenseman. He creates a lefty-righty combination with Fox and gives Fox the stay-at-home support he had with Lindgren, allowing him to take more offensive risks. Gavrikov was solid for the Los Angeles Kings last season, playing a career-high average minutes (23:05) and facing tough competition nightly. His pairing with Mikey Anderson allowed just 1.61 goals per 60 minutes at 5-on-5. He`s not overly physical but is an underrated skater and plays smartly defensively. He also kept penalty minutes low.

Does it make sense?
He fills a crucial need for the Rangers, both supporting Fox and adding veteran defensive depth to a rebuilding blue line. The 29-year-old is in his prime and coming off a great season. Beyond defense, he contributed 30 points last season. Gavrikov has previous connections with Artemi Panarin (Columbus) and Igor Shesterkin (KHL). The contract`s $7 million AAV is $1.5 million less annually than Ivan Provorov`s new deal in Columbus, and their impact is comparable. It`s front-loaded with bonus money early, but hopefully, the Rangers won`t face buyout issues. He`s a solid acquisition. — Wyshynski

Brock Boeser, RW
Vancouver Canucks

The terms: 7 years, $7.25 million AAV

Grade: B

Where does he fit?
The Canucks faced various issues last season, including underperformance, injuries, and locker room tension, but a primary concern was their offense, which averaged only 2.84 goals per game. Boeser scored 40 goals in 2023-24 and 25 in 75 games last season. While not exceptionally fast or flashy, he is effective at converting chances and helping create offense, particularly from high-danger areas. He played across the lineup, including with Elias Pettersson. For Pettersson or Filip Chytil to thrive offensively, they need players like Boeser. Given this, it`s surprising the Canucks seemed hesitant about Boeser before signing him.

Does it make sense?
The situation between the Canucks and Boeser was peculiar. Their contract negotiation had a significant gap, leading the team to attempt trading him at the deadline. GM Patrick Allvin stated no team came close to meeting their asking price. As the season ended, Boeser believed he was playing his final games for Vancouver. Many anticipated him signing with Minnesota, his home state, but they opted for Vladimir Tarasenko instead. Teams like Edmonton and Winnipeg also seemed interested. Yet, unexpectedly, he returned to the Canucks on a 7-year, $7.25 million AAV deal. His agent cheekily remarked, “Really, did you expect him to sign anywhere else?” The whole saga is bizarre. Why not resolve the contract before July 1 to allow an eight-year extension with a lower cap hit? Why let him test the market? Ultimately, the fit makes sense for Vancouver. He has overcome injury concerns and is a consistent scorer for a team that desperately needs it. Despite the widely known cultural challenges within the team, Boeser is considered a positive influence. — Wyshynski

Jake Allen, G
New Jersey Devils

The terms: 5 years, $1.8 million AAV

Grade: B+

Where does he fit?
Right back in a tandem with Jacob Markstrom. The Devils dramatically addressed their goaltending woes in 2024 by first acquiring Allen from Montreal and then trading for Markstrom. The strategy worked: New Jersey`s team save percentage improved significantly, from 30th (.886) to 11th (.898) last season. Ironically, their usually reliable offense struggled (20th, 2.93 goals per game), combined with injuries, derailing their season. The surprising part? Allen had better regular season stats than Markstrom, posting a .908 save percentage and 18.4 goals saved above expected (ninth in the NHL). Markstrom proved his value in the playoffs, but Allen was key in getting them there. So, New Jersey brings back its veteran duo with Allen signing a contract with a small cap hit but considerable term.

Does it make sense?
For the Devils, in the short term, yes. They secure a consistent tandem goaltender for less than $2 million against the cap. This provides stability in net beyond Markstrom`s contract year. Is five years too long for a goalie turning 35 in August? Even with goalies playing later and Allen showing little drop-off, it likely is. However, the contract`s financials minimize the risk if his play declines. More remarkable is Allen`s decision to stay. He was clearly the best option in a weak free agent goaltending market, and several teams could have used him. But realistically, how much more than $9 million would he get on, say, a three-year deal? It`s akin to Brad Marchand staying in Florida – the same money, just spread out. — Wyshynski

Patrick Kane, F
Detroit Red Wings

The terms: One year, $3 million AAV

Grade: B

Where does he fit?
Teams serious about their playoff chances know they need proven top-six scorers. Kane fits this description perfectly. At this stage of his career, he`s not expected to drive play like his Hart Trophy days but serves as a second-line winger who enhances the team. He was fourth on the Wings last season with 21 goals, and his 29 power-play points tied for second on the roster. Ranking third among forwards in average ice time further highlights his value and why a new deal was reached. Had they not re-signed him, another team likely would have quickly, recognizing the demand for players who can score like Kane. His return was also crucial given their scoring struggles last season, where they ranked 21st in goals per game and in the bottom five for scoring chances, high-danger chances, and shots per 60 minutes.

Does it make sense?
Retaining one of their most consistent forwards at 36 was vital for the reasons above. However, the greatest value might be the strategic implications. Trading Vladimir Tarasenko earlier signaled faith in re-signing Kane. Now, they have an opening, potentially next to J.T. Compher and Jonatan Berggren on the third line. Shedding Tarasenko`s $4.75 million contract and signing Kane for $1 million less than his previous deal gave GM Steve Yzerman significant cap space ($17.211 million per PuckPedia) entering free agency. He had options: they could target forwards like Brock Boeser or Nikolaj Ehlers, or perhaps find better fits for the top nine with players like Evgenii Dadonov, Jonathan Drouin, or Jack Roslovic. Detroit could also pursue top-four defensemen such as Vladislav Gavrikov, Ryan Lindgren, or Dmitry Orlov. Lastly, there`s the trade market, and Kane`s lower salary provides Yzerman extra flexibility to absorb salary. — Clark

Brad Marchand, F
Florida Panthers

The terms: Six years, $5.25 million AAV

Grade: B+

Where does he fit?
Marchand calls himself a “rat,” so it`s fitting he`d stay with the franchise known for them. More seriously, the Panthers value everything Marchand brought to their Stanley Cup-winning team, on and off the ice. After arriving via a trade-deadline stunner from Boston, his only previous team, he had four points in 10 regular-season games while adjusting. But Marchand was everything GM Bill Zito hoped for and more in the playoff run: 10 goals and 10 assists in 20 games, finishing second in Conn Smythe voting. He saved his best for the Final with six goals, including two game-winners. Florida`s depth was key to their repeat, and having Marchand, one of his era`s best left wings, on the third line was a unique advantage. His line with Eetu Luostarinen and Anton Lundell was often their best in the playoffs. He also perfectly fit Florida`s “win-at-all-costs” culture. Marchand embodied this tenacity and wasn`t afraid to antagonize opponents. But he was also vital for team chemistry, keeping things light and deflecting media pressure from quieter stars like Aleksander Barkov. The Panthers wanted him back for these reasons, plus preventing him from joining a division rival like Toronto, which could use his playoff expertise to challenge them.

Does it make sense?
It`s a massive success for Zito to re-sign Sam Bennett ($8M AAV), Aaron Ekblad ($6.1M AAV), and Marchand, bolstering the team for a potential fourth straight Final appearance, a feat not seen since the Islanders dynasty. While Florida`s lack of state income tax is a factor, the Panthers` sustained success, team culture, and owner investment were key to retaining this trio. That, and giving a 37-year-old a six-year extension. Six years! While players play longer now, a contract ending at 43 is notable. However, this is the cost of securing a player who would have commanded a very high price in free agency, potentially $10 million AAV elsewhere. Marchand chose less money spread over more years, a “hometown discount” influenced by team camaraderie and Cup success. Zito got his discount, going slightly beyond the four years many expected. The Panthers will remain a formidable, competitive team, driven by Marchand`s intense playstyle. All hail the Rat King, returning to his domain. — Wyshynski

Evan Bouchard, D
Edmonton Oilers

The terms: Four years, $10.5 million AAV

Grade: A

Where does he fit?
Bouchard is one of the NHL`s top offensive defensemen. Over the last four seasons, he ranks eighth among blueliners in combined goals and assists (40 goals, 149 assists in 245 games). He was tied for fourth in power-play points, quarterbacking the unit with Connor McDavid and Leon Draisaitl. He moves the puck effectively and drives play against tough opponents. His shot is elite among defensemen. While some credit his success to playing with elite forwards, his own offensive talent earns him that ice time. His defensive game has faced criticism throughout his career, amplified when mistakes go viral. Realistically, his even-strength defense is slightly below average at worst, not a major liability. His offensive strengths far outweigh defensive concerns. He often played with Mattias Ekholm and Jake Walman in the regular season, mitigating defensive risks. However, pairing him with Darnell Nurse, as sometimes seen in the playoffs, created chaotic, high-event hockey.

Does it make sense?
Some might note the four-year term. This benefits the Oilers in two ways. First, it avoids a longer eight-year deal that would significantly impact cap space, crucial with a potential Connor McDavid extension looming for 2026-27. Second, it offers an exit point if, for any reason, the risk associated with his game becomes too high by the contract`s end. The $10.5 million AAV is $1 million more annually than Noah Dobson`s recent eight-year deal with Montreal. Given Bouchard is arguably the better defenseman, this is good business for GM Stan Bowman, aligning closely with Evolving Hockey`s projection of $10.6 million AAV on an eight-year term. It would have been even better if Edmonton extended him last summer, but they had other priorities, and Bouchard bet on himself to increase his value as a restricted free agent (though his point totals decreased year-over-year). The only drawback is the baggage from past decisions: Bouchard and Nurse will combine for $19.75 million against the cap for the next four years. That`s a significant chunk allocated to two defensemen, only one of whom is currently playing up to their cap hit. — Wyshynski

Ivan Provorov, D
Columbus Blue Jackets

The terms: Seven years, $8.5 million AAV

Grade: C+

Where does he fit?
The Blue Jackets have used Provorov in a top-four role, and with this significant investment, he needs to continue fitting there. Provorov`s main value to Columbus is his ability to handle a heavy workload. He averaged over 23 minutes per game last season (second on the team) and played key roles on both the power play and penalty kill. He`s also durable, having played all 82 games in the last three seasons, and just had his best offensive year in five years (seven goals, 33 points). If he can continue contributing across all situations and logging big minutes, he`ll be closer to justifying his contract.

Does it make sense?
Sort of. Provorov clearly benefited from the fact that Columbus couldn`t afford to lose a defenseman, as the free agent market for viable defensemen was thin, especially after Aaron Ekblad re-signed. They had already missed out on Noah Dobson and Rasmus Andersson. So, Columbus paid a high premium to keep Provorov for many years (perhaps too many). Consider he`ll make $2.4 million more annually than Ekblad on their new deals – which seems baffling. However, the Blue Jackets can afford it, the salary cap is rising, and as noted, where else could they find a defenseman they liked and trusted? Had Provorov left, their left-side defensive depth would be Denton Mateychuk and Jake Christiansen, insufficient for a team aiming for the playoffs next season. The good news is Columbus still has about $20 million in cap space, allowing room for further roster improvements. — Shilton

Aaron Ekblad, D
Florida Panthers

The terms: Eight years, $6.1 million AAV

Grade: A-

Where does he fit?
On the same blue line he`s been on since 2014, when Florida drafted him first overall. The 29-year-old defenseman wanted to stay with the only franchise he`s known, especially after winning two straight Stanley Cups. GM Bill Zito was confident in retaining him, even with Seth Jones` $7 million cap hit added to the defense. There are many reasons Florida wanted Ekblad back: he`s formed a strong top pairing with Gustav Forsling on both Cup teams, he`s a skilled puck-moving defenseman who fits their system, and despite a 20-game suspension last season, he recorded 33 points with over 23 minutes of average ice time in 56 games. He fits the lineup, the system, and is crucial to the team`s culture, both in camaraderie and swagger. The only question was whether Zito could meet Ekblad`s desired terms while fitting within the team`s financial structure. Less than 24 hours before free agency, they reached an agreement.

Does it make sense?
In almost every way.

• Roster Standpoint: It maintains the defensive corps exactly as Zito envisions. Ekblad and Forsling are a reliable duo, playing over 866 minutes together at 5-on-5 last regular season and allowing just 1.98 goals per 60 minutes. Their continued partnership lets Jones thrive on the second pairing with Niko Mikkola, which the Panthers believe is a better fit for him.
• Competitive Standpoint: Ekblad is like the Sam Bennett of defensemen – good but not elite in the regular season, but his game elevates significantly in the playoffs. Ekblad and Forsling`s offense increased dramatically in the playoffs (from 2.85 to 4.02 goals per 60) while they remained solid defensively against top opponents like Connor McDavid. Ekblad wins puck battles, plays physically, and contributes offensively.
• Financial Standpoint: Get ready for more debate about Florida`s tax advantages, as Ekblad signed significantly below market value to stay. With options like Jakob Chychrun re-signing before free agency, Ekblad was easily the best big-name defenseman available, with two Cups to his name. Evolving Hockey projected his value at $7.7 million AAV on a six-year term as a free agent. Zito got him for $6.1 million annually. That`s a remarkable discount, understandable because Florida offered a lot: comfort, a great partner, and annual Cup contention. As is often said, his stuff is there.

What keeps this from a higher grade is health. Ekblad has a history of injuries and missed time. It`s an eight-year deal for a player turning 30 next season. That`s the risk, but given the overall value of the contract, it`s not a huge one. And the reward is evident on the Stanley Cup, where Ekblad`s name appears twice. — Wyshynski