Dallas Stars GM Jim Nill, recognized as NHL general manager of the year, felt this year`s free agency frenzy was less intense than usual.
“We knew going in that there wasn`t a lot of depth in this free agent group,” Nill commented. “The cap has increased significantly, so teams are better positioned to sign their own players. That`s a major factor.”
This was a key takeaway for NHL teams. Here are four primary observations from the initial phase of free agency this week.
Increased Salary Cap Encourages Players to Remain with Current Teams
While NHL teams often operate near the salary cap limit, the 2025 offseason felt considerably more open. The NHL and NHLPA announced in January that the 2025-26 salary cap would rise to $95.5 million, a $7.5 million increase from the previous season`s $88 million. Further financial comfort came from projected cap estimates for 2026-27 ($104 million) and 2027-28 ($113.5 million), with potential for even higher figures based on revenue.
This was a strategic move by NHL commissioner Gary Bettman, effectively appeasing players by demonstrating potential salary growth within the current structure. It also granted teams greater capacity to spend aggressively on improving their rosters under a rising cap.
However, instead of fueling a free agent bidding war, the enhanced financial flexibility enabled more players to stay with their existing teams. The decision of many talented players to re-sign with their current clubs significantly diminished the available talent pool, leaving limited options for teams needing specific positions.
- The Florida Panthers successfully retained their key trio of free agents: Sam Bennett, Aaron Ekblad, and Brad Marchand.
- The Columbus Blue Jackets signed Ivan Provorov to a seven-year deal with an $8.5 million annual cap hit.
- Brock Boeser, considered one of the most desirable scoring wingers on the market, signed a seven-year extension to stay in Vancouver, despite previously suggesting his time there was over.
- Veteran scorers including Claude Giroux (Ottawa Senators), John Tavares (Toronto Maple Leafs), Matt Duchene (Dallas Stars), and Brock Nelson (Colorado Avalanche) all remained with their teams.
- Key defensemen like Jakob Chychrun (Washington Capitals) and Neal Pionk (Winnipeg Jets) signed new deals months ago, avoiding free agency.
- While K`Andre Miller and Noah Dobson were traded, many more restricted free agents 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).
“What we`ve observed over the last 48 hours is how many players re-signed with their own teams and didn`t even reach the free agent market,” noted Columbus GM Don Waddell.
The free agent class was already expected to be shallow this summer. The large number of skilled players who chose to remain with their clubs made the market particularly thin for teams seeking specific needs.
Toronto GM Brad Treliving commented, “I know everyone wants to discuss second-line centers. By my count, there are probably 27 teams looking for one. The teams that have them aren`t eager to give them up.”
San Jose Sharks GM Mike Grier pointed out that while teams typically use free agency to change their roster`s composition, the increased salary cap room led more teams to prefer players they already knew rather than exploring uncertain options. He suggested, “With everyone having a bit more money, the market might show that instead of teams overspending on someone you don`t know, it`s better to secure the player you are familiar with.”
Still, some players did embrace the opportunity to join new teams: Mikael Granlund signed with the Anaheim Ducks for $21 million over three years; Vladislav Gavrikov joined the New York Rangers for $49 million over seven years; and notably, Mitch Marner left Toronto for the Vegas Golden Knights on a $96 million contract. Yet, many more prominent players decided to stay put.
Every offseason, teams contend with a common truth in NHL free agency: players are hesitant to leave their current teams because “their stuff is there.” Now, thanks to the NHL`s soaring salary cap, this challenge is amplified: their stuff is there, and teams now have the financial flexibility to retain them.
“Talking to other managers, there wasn`t as much financial pressure in terms of space that teams had,” Treliving stated. “With the cap rising, it provided everyone more salary cap room to retain their own players.”
Tampering in the NHL: A Persistent Issue Teams Don`t Fully Leverage?
Attempting to completely eliminate tampering before NHL free agency is an incredibly difficult task. It`s not just that hockey personnel constantly interact outside the official window – from scouting combines to local bars – but also that the concept of tampering itself is challenging to define and enforce within the NHL`s framework. It`s similar to cap circumvention: they recognize when something goes too far when they see it.
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 took no action. Conversely, 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 serves as the NHL`s authority on potential tampering violations. At a 2024 NHL general managers meeting, Daly gave a presentation reminding teams of the rules regarding communication with pending free agents and other contracted players. Sportsnet reported that this refresher included potential penalties for tampering, such as significant fines for teams and executives, and possibly draft pick forfeiture and suspensions.
The reason for the tampering reminder was Daly`s dissatisfaction 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, we saw situations like Tyler Bertuzzi telling reporters that Chicago Blackhawks captain Nick Foligno called him the day before free agency opened to inform him of his team`s interest in signing him. Chicago GM Kyle Davidson commented, “We don`t ask them to do these things, but Nick cares. He knows a lot of people, he loves the team and he wants to push this thing forward.” Which, effectively, describes tampering.
The issue of tampering arose again this week concerning Maple Leafs star Mitch Marner`s pending free agency. Marner, 28, joined Vegas via a sign-and-trade deal with the Maple Leafs just before free agency officially began. Toronto signed Marner to an eight-year, $96 million contract carrying a $12 million annual cap hit before trading him to Vegas in exchange for center Nicolas Roy.
Speculation that Marner would play for the Golden Knights had been circulating for weeks. According to Marner, the idea first took hold at the NHL trade deadline when Vegas attempted to acquire him in a three-way deal that fell through. Marner stated that this was the first time he viewed Vegas as a potential long-term home for him and his young family. Upon hearing that Vegas and Toronto were discussing a trade on Friday, Marner decided to commit to Vegas immediately, bypassing any potential free agency bidding war to ensure he didn`t “lose that opportunity.”
However, Sportsnet`s Elliotte Friedman mentioned on his podcast last week that there was talk around the NHL that “the Maple Leafs will pursue tampering charges against Vegas” regarding Marner. Teams had been on high alert since Daly`s earlier comments. Friedman speculated that the league might be looking to make an example of a team accused of tampering.
“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 goes away,” Friedman said.
Roy is considered a valuable player, addressing a need at center for Toronto.
Treliving declined to address the tampering speculation. Vegas GM Kelly McCrimmon wasn`t directly asked about it during his news conference but made several statements that seemed to address the accusation, including:
- Trade discussions at the deadline “were initiated by Toronto.”
- The sign-and-trade was done to secure an eighth year on Marner`s contract; otherwise, his AAV on a $96 million seven-year deal would have been $13.7 million, which would “really impact our ability to take the player onto our team.”
- The trade allowed them to open communications with Marner`s camp. “We wanted to be able to create a one-on-one relationship with his representatives in terms of trying to do a contract,” he said.
- Misinformation about his team around free agency has been rampant, saying there`s “a long list of things that have gone on the last month that had absolutely [no] credibility. It`s shameful, to be honest.”
Assuming no further steps are taken, the “tampering” surrounding Marner will likely become a piece of NHL lore, mentioned whenever Roy performs well for Toronto or Vegas reflects on his absence. Hypothetically, this situation highlights a potential way for the NHL to curb tampering: allow teams to police each other. Using the pressure of potential punishment to force transactions like a sign-and-trade could “make the issue disappear.” This might be a cleaner approach than the NHL constantly defining what constitutes excessive tampering, at least until Daly needs to discuss extortion and blackmail with general managers.
Florida Panthers Maintain Dynasty Core, Show Defensive Prowess
Next season, the Panthers will attempt something not seen since the Islanders dynasty in the early 1980s: reach a fourth consecutive Stanley Cup Final and win a third straight Stanley Cup. That they will do so with the services of center 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 nothing short of remarkable from a managerial perspective and frustrating for their competitors.
GM Bill Zito vowed he would be able to sign Bennett, who won 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 delivered the best series of his career in the Stanley Cup Final.
However, theories existed about why all three might leave. Bennett could have earned a massive contract as a second-line center, a need for many contenders. Ekblad would enter a free agent market lacking anyone with his skill set or pedigree. Marchand was rumored to potentially receive $10 million annually from teams like Toronto or the Utah Mammoth, valued for his scoring, leadership, and renowned intangible qualities.
But in the end, Zito was 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 at $31.5 million, committing to the Panthers until age 43.
Zito gave credit to the players, stating, “I didn`t do anything. It was those guys. There`s no gray area whatsoever. This was 100 percent those guys wanting to be part of something that they created. We`ve talked extensively about the team and the community they`ve become, and this is a great example of what it means to them.”
Bennett said he was comfortable with the money but stressed that money doesn`t buy happiness. “There`s been times earlier in my career where I didn`t enjoy it as much, and I certainly don`t take it for granted now,” he shared. “Being in South Florida has completely changed my life, and I love playing hockey there. I love living there. It`s truly a dream situation. So I couldn`t pass up the chance to be back here for another eight years.”
Ekblad, drafted first overall by the Panthers in 2014, always wanted to stay. His negotiation with Zito had its complexities. He explained, “Both sides are playing hardball at different times and sometimes you feel like you`re getting further apart or closer together, but it ultimately came to the right deal and a good deal for both sides.”
Zito also made defensive moves with these signings. Retaining Bennett meant no other team could acquire a prime-age playoff MVP known for his relentless competitive drive. Ekblad won`t be anchoring the blue line for rivals like Carolina or Dallas. Toronto, which the Panthers felt was their toughest playoff opponent in years last season, seemed poised to make a run at Marchand, who grew up a Toronto fan. Keeping Marchand away weakened a chief divisional rival and prevented Florida`s greatest postseason adversary from joining them.
However, Treliving wasn`t optimistic about luring any of them away from Florida. He said, “We`re not in their meetings, but when we looked from afar, the anticipation was that those guys would be back.”
And indeed, they are back for several more attempts at the Stanley Cup, on a roster packed with high-end talent fitting comfortably under the salary cap. This inevitably brings up one of the NHL`s most frequent debates: the perceived advantages teams in states with no income tax hold over others.
Zito has addressed this before, calling the advantage “marginal at best” for the Panthers, emphasizing instead the commitment of the team`s ownership and how players are treated.
He humorously added, “They know that if the chicken isn`t right, that we`re going to get new chicken. It sort of transcends all that we do. It sounds silly, but it`s true and it`s real. The sun doesn`t kill us. It`s a pleasant environment to live in. It`s a good place for families. It`s a good place for singles. It has something for everyone. But many players who have joined us have had career years, and that`s a function of the coaches and players in the room.”
Dallas GM Jim Nill, whose state also has no income tax, acknowledged some advantages but stated every city has its own. He argued, “Ultimately, success is what matters most, because that`s the primary draw when you`re talking to players. When the money is comparable, players want to win. That`s the important thing.
“Nobody wanted to go to Florida for 10-12 years. Dallas was facing bankruptcy 15 years ago; no one was coming here. So, doing things right, being competitive, having a good team means you`ll usually have a strong fanbase. Great weather, great city… those are like the cherries on top. But the core of it is the hockey operations.”
Ekblad echoed this sentiment when discussing why he, Bennett, and Marchand all decided to stay, 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 in everything from their practice rink to hotels and food, making it “easy to want to stay here.” He added, “And then the culture of winning is just a huge draw for players. It`s the most important thing. It`s why we play the game. We`ve all been exceptionally well cared for. I don`t know how many teams in the league have 10 guys locked up for five years, but it`s really cool. There`s a pride factor involved.”
Perceptual Winners and Losers: Early Free Agency Impressions
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 called the “biggest overpayment of free agency”; just two years ago, it was still considered one of the NHL`s worst contracts.
However, after two Stanley Cups, three trips to the Final, and a rising salary cap, the investment in “Playoff Bob” appears significantly more justifiable. This serves as a reminder that the early assessments of this week`s signings or decisions are just initial impressions. Their true impact may only be accurately measured years from now, as they are, at best, calculated risks or, at worst, leaps of faith.
Despite this, it`s clear that some teams emerged from the first days of the frenzy with better public perception than others. Based on conversations with several NHL sources this week, the New York Rangers received favorable marks.
One current NHL player told us he highly approved of the signing of defenseman Vladislav Gavrikov (seven years, $7 million AAV) as securing the top defensive defenseman available, and a potential new partner for Adam Fox. Multiple sources were fans of the bridge deal for forward Will Cuylle (two years, $3.9 million) as a reasonable cap hit for a developing player while protecting him from offer sheets. An NHL capologist also praised the K`Andre Miller trade to Carolina, which exchanged a potential offer sheet target for draft picks (a first and a second) and a young puck-moving defenseman in Scott Morrow, while clearing cap space that Gavrikov quickly filled.
As anticipated, the Panthers received considerable acclaim for retaining their three unrestricted free agents. One current NHL coach described Zito`s actions as a “master class,” effectively leveraging the rising salary cap to keep Bennett, Ekblad, and Marchand. However, another source expressed concern about how the Panthers will manage their cap situation at the start of the season, as they are currently about $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.
However, while some teams started strong, others made less favorable first impressions. Our sources expressed skepticism regarding these three teams:
- Boston Bruins: While the Bruins made a solid move securing RFA Morgan Geekie with a six-year, $5.5 million annual cap hit, this positive step was overshadowed by signing forward Tanner Jeannot to a five-year deal with a $3.4 million AAV. Since scoring 24 goals in 2021-22 for Nashville, Jeannot has scored only 20 goals combined over the subsequent three seasons with Nashville, Tampa Bay, and Los Angeles. One source compared this signing to Bruins GM Don Sweeney`s 2015 acquisition of Matt Beleskey on a five-year, $3.8 million AAV deal; Beleskey scored just 18 goals in 143 games for the Bruins and was in the AHL by his third year.
- 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 praised by Kings fans. An NHL player mentioned that his peers reacted similarly, saying, “Every guy I’ve talked to couldn’t believe what they did.”
- Vegas Golden Knights: While the Marner signing was seen as positive, sources voiced concern about the team`s overall depth. This includes trading bottom-six center Roy to Toronto to facilitate the Marner sign-and-trade. An NHL coach also expressed curiosity about the defense corps next season, given the team announced Alex Pietrangelo will no longer be an active player due to injuries, and that they traded RFA defenseman Nicolas Hague (considered “very underrated” by the coach) to the Predators.
Naturally, these are just initial observations, and first impressions can always change with time. What appears to be a risky decision today might lead to a Stanley Cup championship tomorrow.
