For Jim Nill, General Manager of the Year in the NHL, this year`s free agency opening wasn`t quite as chaotic as usual.
“We knew coming into this that the depth of this free agent class wasn`t particularly strong,” commented Nill, who leads the Dallas Stars. “The salary cap has gone up significantly, which allows teams to re-sign their own players. That`s a major factor.”
For NHL teams, that was one key insight. Here are four major observations we gathered as free agency commenced this week.
Elevated Salary Cap Encourages Players to Stay
Typically, NHL teams find themselves pressed tightly against the salary cap limit. This offseason, however, felt like entering a vast, open space by comparison.
In January, the NHL and NHLPA announced that the upper limit for the 2025-26 salary cap would be $95.5 million, a substantial $7.5 million increase from the previous season`s cap ($88 million). But the financial relief didn`t end there. The league also provided cap projections for 2026-27 ($104 million) and 2027-28 ($113.5 million), figures that could potentially rise further based on revenue growth.
NHL Commissioner Gary Bettman employed a brilliant labor negotiation tactic, appeasing potential player discontent by illustrating the potential salary growth available if the existing system remained in place. This also empowered teams with the financial flexibility to aggressively invest in improving their rosters under a rising cap structure.
However, rather than fueling a free agent frenzy, this increased financial leeway created more opportunities for players to remain with their current teams:
- The Florida Panthers successfully retained their three prominent free agents: Sam Bennett, Brad Marchand, and Aaron Ekblad.
- The Columbus Blue Jackets secured Ivan Provorov with a seven-year contract carrying an $8.5 million annual cap hit.
- Brock Boeser, one of the most sought-after scoring wingers available, agreed to a seven-year extension to stay with Vancouver, despite earlier indications he felt his time there was ending.
- Veteran forwards such as Claude Giroux (Ottawa Senators), John Tavares (Toronto Maple Leafs), Matt Duchene (Dallas Stars), and Brock Nelson (Colorado Avalanche) all chose to remain with their respective clubs.
- Key defensemen like Jakob Chychrun (Washington Capitals) and Neal Pionk (Winnipeg Jets) avoided reaching free agency months ago by signing new deals.
- While K`Andre Miller and Noah Dobson were traded, numerous restricted free agents who could have been targets for offer sheets ultimately 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).
“What we`ve observed in the past 48 hours is the large number of players who re-signed with their own teams and didn`t even reach the free agent market,” noted Columbus GM Don Waddell.
The free agent pool was already anticipated to be shallow this summer. The wave of skilled players deciding to stay with their current organizations made it particularly sparse for teams needing specific positions filled.
“I know everyone wants to discuss second-line centers. By my estimation, there are likely 27 teams searching for one,” stated Toronto GM Brad Treliving. “The teams that possess them aren`t quick to part ways.”
One common motivation for teams to engage in free agency is to alter their roster composition. However, San Jose Sharks GM Mike Grier pointed out that with additional salary cap space, more teams opted for players they were already familiar with rather than venturing into the unknown.
“I`m not sure if it`s accurate to say teams actively went out of their way to sign their own players, but with everyone having a bit more money, the market might indicate that instead of overspending on someone you don`t know, it`s preferable to secure the player you`re familiar with,” he suggested.
Nonetheless, some players did embrace the opportunity to join new teams: Mikael Granlund secured $21 million over three years with the Anaheim Ducks; Vladislav Gavrikov signed for $49 million over seven years with the New York Rangers; and, notably, Mitch Marner moved from Toronto to the Vegas Golden Knights on a $96 million deal. But many more prominent names remained in place.
Every offseason, teams contend with a fundamental truth of NHL free agency: players often hesitate to leave their current teams because “their lives are established there.” Now, thanks to the NHL`s significantly increasing salary cap, the challenge is magnified: Their lives are established, and teams now possess the financial flexibility to keep them.
“Speaking with other managers, there wasn`t as much financial pressure regarding space that teams had,” Treliving commented. “With the cap rising, it provided everyone with more salary cap room to retain their own players.”
NHL Tampering: A Potential Leverage Tool?
Attempting to strictly enforce rules against tampering before NHL free agency is a nearly impossible task. This isn`t just because hockey professionals constantly interact throughout the offseason — at events like the scouting combine, in bars, and near those combine locations — but because the concept itself is difficult to define within the boundaries of what the NHL chooses to police. It`s somewhat akin to cap circumvention: they tend to recognize when something goes too far.
Ottawa owner Michael Andlauer`s accusation of “soft tampering” against the Rangers last season, stemming from a New York Post report speculating on their interest in acquiring Brady Tkachuk? The NHL didn`t intervene.
When Vancouver Canucks GM Jim Benning openly discussed acquiring players under contract, like Steven Stamkos in 2016? NHL Deputy Commissioner Bill Daly fined him $50,000.
Daly has traditionally been the league`s figurehead for addressing potential tampering violations. At a 2024 NHL general managers meeting, Daly presented guidelines reminding GMs about permissible communications with pending free agents and other contracted players. Sportsnet reported that this refresher included potential penalties for tampering, ranging up to a $5 million fine for a team and $1 million for an executive, with possible forfeiture of draft picks and suspensions also on the table.
The impetus for the tampering reminder: Daly was displeased with “some commentary in the media around July 1 that indicated that there may have been contact and negotiation before July 1,” he told The Athletic.
In the summer of 2024, situations arose such as Tyler Bertuzzi informing the media that Chicago Blackhawks captain Nick Foligno contacted him the day before free agency opened to express his team`s interest. Chicago GM Kyle Davidson`s response: “We don`t ask them to do these things, but Nick cares. He knows many people, he has affection for the team, and he wants to help advance it.”
So, seemingly a form of tampering…
The topic of tampering surfaced again this week in relation to Maple Leafs star Mitch Marner`s potential free agency. Marner, 28, joined Vegas via a sign-and-trade transaction with the Maple Leafs just before free agency officially began on Tuesday. The Golden Knights sent center Nicolas Roy to Toronto, which signed Marner to an eight-year, $96 million contract with a $12 million annual cap hit before completing the trade to Vegas.
Speculation had circulated for weeks that Marner was destined for the Golden Knights. According to Marner himself, the possibility first gained traction at the NHL trade deadline, when Vegas attempted to acquire him in a three-team deal that ultimately failed. Marner indicated that this was the initial time he seriously considered Vegas as a potential long-term home for himself and his young family. Upon learning that Vegas and Toronto were discussing a trade on Friday, Marner stated he decided against exploring a free agency bidding war to commit to Vegas, so as not to “lose that opportunity.”
However, Sportsnet`s Elliotte Friedman reported on his podcast last week that there was talk within the NHL that “the Maple Leafs will pursue Vegas for tampering” regarding Marner. Teams had been particularly cautious following Daly`s recent comments. The prevailing idea, according to Friedman, was that the league might seek to use a team accused of tampering as an example.
“If they make a deal with Toronto and send a good player to Toronto, I`m betting that any chance the Maple Leafs file for tampering disappears,” Friedman speculated.
Roy is indeed a solid player, addressing Toronto`s need at center.
Treliving chose not to comment on the tampering speculation. While Vegas GM Kelly McCrimmon wasn`t directly asked about it during his news conference, he made several remarks that seemed intended to counter the accusation, 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 annual average value on a $96 million seven-year deal would have been $13.7 million. “That significantly impacts our ability to integrate the player onto our team,” he explained.
- The trade enabled them to establish communication with Marner`s representatives. “We wanted to be able to forge a direct relationship with his representatives in terms of trying to finalize a contract,” he stated.
- He also noted that misinformation surrounding his team during free agency has been widespread, describing “a lengthy list of events over the past month that had absolutely zero credibility. It`s frankly shameful.”
Assuming no further action is taken, the “tampering” surrounding Marner will likely become part of NHL lore, recalled whenever Roy makes an impact for Toronto — or when Vegas reflects on his absence.
However, this situation hypothetically highlights a potential method for the NHL to curb tampering: empowering the teams themselves to regulate it. Using the leverage of potential penalties to compel a sign-and-trade or other transactions to “make the issue go away.” This approach is likely cleaner than requiring the NHL to definitively determine where minor contact crosses the line into major tampering. Unless, of course, Daly eventually needs to address general managers about matters of extortion and blackmail.
The Panthers Maintain Dynasty Aspirations and Strengthen Their Defense
Next season, the Florida Panthers will attempt something not seen since the Islanders` run in the early 1980s: reaching a fourth consecutive Stanley Cup Final and winning a third consecutive Stanley Cup.
The fact that they will undertake this challenge with core players Sam Bennett, defenseman Aaron Ekblad, and winger Brad Marchand — despite all three having the opportunity to test unrestricted free agency for the first time — is remarkable from a management perspective and likely frustrating for competitors.
GM Bill Zito was confident he could re-sign Bennett, the Conn Smythe Trophy winner as playoff MVP; Ekblad, a top-pair right-shot defenseman, a highly sought position on the open market; and Marchand, the veteran star who delivered the best performance of his career in the Stanley Cup Final.
However, theories circulated about why each might leave. Bennett could have commanded a massive 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. There was speculation Marchand could fetch $10 million annually from teams like Toronto or the Utah Mammoth, valued for his scoring, leadership, and renowned competitive edge.
Ultimately, Zito proved correct: all three remain integral components of the Panthers` formidable core.
Bennett was the first to sign, agreeing to eight years and $64 million. Ekblad followed, signing for eight years and $48.8 million. Marchand then committed for six years — keeping him a Panther until he`s 43 — on a $31.5 million deal.
“I didn`t do anything. It was those individuals. There`s absolutely no ambiguity whatsoever. This was entirely driven by these players wanting to be part of something they helped build,” Zito stated. “We`ve spoken extensively about the team and the bond they`ve formed, and this is a strong demonstration of what it means to them.”
Bennett shared that he was content with the financial terms, emphasizing that money doesn`t guarantee happiness. “There were points earlier in my career where I didn`t enjoy it as much, and I certainly appreciate it now,” he said. “Being in South Florida has completely transformed my life, and I genuinely love playing hockey there. I love residing there. It`s truly an ideal situation. So, I couldn`t pass up the chance to return here for another eight years.”
Ekblad was the Panthers` first overall pick in 2014 and never desired to leave. His negotiation with Zito involved a degree of tension. “Both parties were firm at different stages, and sometimes you felt like you were drifting further apart or drawing closer,” he commented, “but eventually, we arrived at the right agreement and a beneficial deal for both sides.”
Zito also played strategic defense. By signing Bennett, no other team gained a fiercely competitive, prime-age playoff MVP. Ekblad won`t be anchoring the blue line for Carolina, Dallas, or another contender. The Leafs appeared to be reserving salary space for a potential pursuit of Marchand, a player who grew up a Toronto fan. The Panthers themselves acknowledged that last year`s Toronto team was the toughest playoff opponent they had faced in years. The addition of Marchand`s savvy — and the removal of the Leafs` most challenging postseason adversary from a rival team — could significantly impact one of Florida`s primary divisional rivals.
However, Treliving wasn`t overly optimistic about luring any of them away from Florida.
“We aren`t privy to their internal discussions, but from an external perspective, the expectation was that those players would return,” he remarked.
And indeed, they are back for multiple additional attempts at the Stanley Cup, on a roster filled with high-end talent comfortably fitting under the salary cap. Inevitably, conversations about the Panthers return to one of the most debated topics in the NHL: the competitive advantage teams in states without income tax hold over the rest of the league.
Zito has addressed this previously, describing the advantage for the Panthers as “marginal at best,” asserting that the more significant factors are the team`s ownership and how players are treated.
“They understand that if the quality isn`t right, we`ll improve it. It permeates everything we do,” he said, eliciting laughter. “It might sound trivial, but it`s true and authentic. The climate is favorable. It`s a pleasant environment to live in. It`s suitable for families and singles alike. It offers something for everyone. But many players who have joined us have achieved career-best seasons, which is a testament to the coaches and the camaraderie in the locker room.”
Dallas GM Jim Nill`s state also lacks an income tax.
“Are there certain benefits? Yes, but every city has its unique advantages. Ultimately, the key is `Are you successful?` Because that`s the primary factor that opens doors when you`re talking to players,” he explained. “When the financial terms are comparable, players prioritize winning. That`s the crucial aspect.
“Nobody wanted to go to Florida for 10-12 years. Dallas, 15 years ago, was facing bankruptcy. No one was eager to come here. So, doing things correctly, being competitive, having a strong team — that usually leads to a good fanbase. Great weather, a great city… those are the added bonuses. But the foundation was the hockey operations.”
Ekblad echoed this sentiment when discussing why he, Bennett, and Marchand all opted to remain. And why players like Aleksander Barkov, Matthew Tkachuk, Sam Reinhart, Carter Verhaeghe, Anton Lundell, and Gustav Forsling are all under contract through 2030. From the quality of their practice facility to the hotels they stay in and the meals they are provided, he said the organization attends to their needs at a consistently high standard of satisfaction.
“Therefore, it`s easy to want to stay here. And the winning culture is a tremendous draw for players. It`s the most important element. It`s the reason we play the game. We`ve all been exceptionally well taken care of,” Ekblad commented. “I`m unsure how many teams in the league have 10 players signed for five years, but it`s genuinely impressive. There`s a significant sense of pride involved.”
Initial Impressions: Identifying Perceived Winners and Losers
In 2019, the Florida Panthers signed Sergei Bobrovsky to a seven-year contract with an average annual value of $10 million. At the time, it was widely labeled the “biggest overpayment of free agency”; as recently as two years ago, it was considered one of the worst contracts in the NHL.
After two Stanley Cups, three trips to the Final, and a rising salary cap, the investment in “Playoff Bob” appears considerably more justifiable.
This serves as a reminder that the perceived great signings or terrible decisions made this week are inherently just initial impressions. It may take years before their true impact can be accurately assessed, beyond what are calculated risks at best or leaps of faith at worst in the present moment.
Nonetheless, it`s clear that some teams have emerged from the first few days of the frenzy with more positive optics than others. After speaking with several NHL sources this week, the New York Rangers were frequently mentioned as a team that performed well.
One current NHL player told us he strongly approved of the signing of defenseman Vladislav Gavrikov (seven years, $7 million AAV), viewing him as the top defensive defenseman available and a new partner for Adam Fox. Multiple sources were impressed with the bridge deal for forward Will Cuylle (two years, $3.9 million), seeing it as a reasonable cap hit for a developing player while safeguarding him from offer sheets. An NHL capologist also praised the trade of K`Andre Miller to Carolina, which turned a potential offer sheet target into a first-rounder, a second-rounder, and a young puck-moving defenseman in Scott Morrow, simultaneously clearing cap space that Gavrikov quickly occupied.
As anticipated, there was considerable praise for Florida`s success in retaining its three unrestricted free agents. One current NHL coach described it as a “master class” by Zito, fully leveraging the increasing salary cap to keep Bennett, Ekblad, and Marchand. However, another source expressed concern about how the Panthers will ultimately manage their salary cap situation entering the season, noting they are currently around $2.95 million over the limit. Potential solutions range from trading a player like Evan Rodrigues to possibly starting the season with Matthew Tkachuk on long-term injured reserve. Zito did not provide an update on Tkachuk`s status during his Tuesday news conference.
But while some teams thrived, others created a different initial impression. The three teams that generated the most skepticism from our sources:
Boston Bruins: While the Bruins did some solid work in securing RFA Morgan Geekie with a six-year deal at a $5.5 million annual cap hit, that positive sentiment was overshadowed by their signing of forward Tanner Jeannot to a five-year contract with a $3.4 million AAV. Since scoring 24 goals in 2021-22 for Nashville, Jeannot has tallied a combined 20 goals over the past three seasons with the Predators, Lightning, and Kings. One source likened the signing to Bruins GM Don Sweeney`s 2015 decision to sign forward Matt Beleskey to a five-year deal at $3.8 million AAV. Beleskey scored 18 goals in 143 games for the Bruins and was playing in the AHL by the third year of his contract.
Los Angeles Kings: New GM Ken Holland was very active on Tuesday, 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 moves were not universally well-received by Kings fans. One NHL player we spoke with said his peers shared a similar reaction. “Every guy I`ve spoken to couldn`t believe what they did,” he stated.
Vegas Golden Knights: While the acquisition of Marner was praised, some sources expressed concern about the team`s overall depth. This includes trading bottom-six center Roy to Toronto to facilitate the sign-and-trade for Marner. One NHL coach also raised questions about the defense corps for next season, given the announcement that Alex Pietrangelo will no longer be an active NHL player due to injuries, and that they traded RFA defenseman Nicolas Hague to the Predators, a player the coach felt is “very underrated.”
Naturally, the nature of initial impressions is that they can always change over time. What appears to be a risky move today could be the foundation of a Stanley Cup champion tomorrow.
