The 2024-25 NHL season was packed with memorable moments. Alex Ovechkin made history by surpassing Wayne Gretzky`s goal record, while the Florida Panthers clinched their second consecutive Stanley Cup, once again defeating the Edmonton Oilers. The Tkachuk brothers, Matthew and Brady, also made headlines with their intense play during the 4 Nations Face-Off.
Now, anticipation builds for the 2025-26 season, highlighted by the NHL`s long-awaited return to the Winter Olympics. If you`ve been out of touch with the NHL lately, this guide will get you up to speed on all the key developments: new hires, firings, signings, trades, and significant rule adjustments from the latest collective bargaining agreement. Prepare yourself before the puck drops!
NHL Players Return to the Winter Olympics
For the first time since the 2014 Sochi Games, NHL players are set to participate in the Winter Olympics in 2026. The league will pause its season from February 6-25, allowing players to represent their home countries at the Winter Games in Italy. Preliminary matches will commence on February 11, with the gold medal game scheduled for February 22.
A “Super Bowl-style media day” launch event is reportedly planned for UBS Arena in Long Island, New York, before players and coaches head to the Milan-Cortina Olympics. The excitement for this tournament is incredibly high, fueled by the success of last season`s 4 Nations Face-Off. Fans are eager to witness another thrilling clash between rivals like the U.S. and Canada, especially after the Tkachuk-led intensity and dramatic overtime championship at the 4 Nations tournament.
Each of the 12 qualified countries for the men`s Olympic hockey tournament has already named their initial six players. The real drama now unfolds as players strive during the opening months of the NHL season to secure their spots on national teams. The final 25-man Olympic rosters are expected in early January, providing ample opportunity for players previously overlooked, such as Buffalo Sabres star Tage Thompson, to impress Team USA General Manager Bill Guerin, who recently made history with another major move…
Kaprizov Gets NHL Record Contract
The hockey world was taken aback when Minnesota Wild star winger Kirill Kaprizov initially declined an eight-year, $128 million contract, which would have been the richest in NHL history. Many speculated he might be planning to leave Minnesota and test free agency. However, Kaprizov ultimately chose to remain with the Wild, signing an even more lucrative deal just weeks later.
Kaprizov and the Wild finalized an NHL-record eight-year, $136 million extension, securing him through the 2033-34 season. This contract sets new benchmarks for total money and average annual value ($17 million), surpassing previous records held by Alex Ovechkin ($124 million) of the Washington Capitals and Leon Draisaitl ($14 million AAV) of the Edmonton Oilers. This landmark agreement will undoubtedly influence future contract negotiations for other prominent wingers approaching free agency, such as Kyle Connor of the Jets and Adrian Kempe of the Kings.
The Wild demonstrated extraordinary commitment to keep Kaprizov in Minnesota, securing their franchise player. The next challenge for the team is to build a Stanley Cup-contending roster around him.
Video: Wild Ink Kirill Kaprizov to Largest Contact in NHL History
Check out the numbers behind Kirill Kaprizov`s record NHL deal.
Panthers` Three-Peat is Jeopardized Despite Strong Offseason
After securing their second consecutive Stanley Cup title against the Oilers, the Florida Panthers are now aiming for a historic three-peat – a feat not achieved since the New York Islanders` dynasty of the 1980s. Their offseason began strongly, with the re-signing of three key free agents: center Sam Bennett (eight years, $8 million AAV), defenseman Aaron Ekblad (eight years, $6.1 million AAV), and, remarkably, 37-year-old winger Brad Marchand, a trade deadline acquisition who inked a six-year, $31.5 million extension.
However, the Panthers` quest has hit significant obstacles. Star winger Matthew Tkachuk is expected to be out until at least December following offseason surgery for a sports hernia and torn adductor muscle. Adding to their woes, captain Aleksander Barkov suffered a torn ACL and MCL in his right knee during his first training camp practice, requiring surgery. He is projected to miss the entire regular season, with his playoff availability remaining uncertain.
Vegas Lands Marner, Loses Top Defenseman
The Vegas Golden Knights enter the season as strong contenders in the Western Conference, following an offseason marked by a significant acquisition and a major loss. Vegas successfully brought in Mitch Marner, the offseason`s biggest free agent. The Toronto Maple Leafs winger, who recorded 102 points in 81 games last season but faced criticism for the Leafs` playoff struggles, was acquired by Vegas via a trade for center Nicolas Roy. Marner then signed a franchise-record eight-year, $96 million contract and is slated to play alongside star center Jack Eichel on the top line.
Conversely, the Golden Knights` defensive corps took a hit when star defenseman Alex Pietrangelo announced in June he would step away from “the intensity of hockey.” He aims to improve his injured hip to regain a “normal quality of life” and is expected to miss at least the 2025-26 season. Pietrangelo, 35, chose rehab over surgery and has not ruled out a potential return to play later.
In Quiet Offseason, Some Teams Made Noise
In January, the NHL and NHLPA revealed salary cap projections for the next three years, indicating a rise from $95.5 million this season to $113.5 million by 2027-28. While this increased financial flexibility was expected to trigger a wave of player movement through free agency and trades, many teams instead utilized the cap increase to retain their existing talent rather than aggressively acquire new players.
Beyond the Panthers` trio, several other notable players opted to stay with their current teams, including:
- Columbus Blue Jackets defenseman Ivan Provorov (seven years, $8.5 million AAV)
- Detroit Red Wings winger Patrick Kane (one year, $3 million)
- Vancouver Canucks winger Brock Boeser (seven years, $7.3 million AAV)
- New Jersey Devils goalie Jake Allen (five years, $1.8 million AAV)
However, the offseason also saw some significant player movements:
- Nikolaj Ehlers departed Winnipeg for a six-year, $8.5 million AAV deal with the Carolina Hurricanes, where he`s projected as a top-line winger. The Hurricanes also acquired defenseman K`Andre Miller from the New York Rangers in exchange for prospect Scott Morrow. Miller, a restricted free agent, signed an eight-year, $60 million deal with Carolina post-trade.
- Brent Burns, a former Carolina defenseman and a veteran still seeking a Stanley Cup, joined the Colorado Avalanche on a one-year, $1 million deal.
- Vladislav Gavrikov moved from Los Angeles to New York, signing a seven-year, $7 million AAV contract with the Rangers.
- Mikael Granlund transitioned from Dallas` “Finnish Mafia” line to the Anaheim Ducks, signing a three-year, $7 million AAV contract.
- Forward Chris Kreider, who spent 13 years with the Rangers, scoring 326 goals in 883 games, was traded to Anaheim.
- The Ducks also traded former phenom Trevor Zegras to the Philadelphia Flyers.
- Defenseman Nate Schmidt, whose valuable contributions for the Panthers led to a three-year, $3.5 million AAV deal with Utah.
- The Utah Mammoth (the former Utah Hockey Club`s new official nickname) made a significant trade, acquiring forward JJ Peterka from the Buffalo Sabres for defenseman Michael Kesselring and forward Josh Doan.
- The Seattle Kraken acquired forward Mason Marchment from the Dallas Stars in a trade.
- The Canucks brought Vancouver native Evander Kane home in a trade with Edmonton.
- To accommodate Marner, the Golden Knights sent defenseman Nicolas Hague to Nashville for Colton Sissons and Jeremy Lauzon.
- The Montreal Canadiens bolstered their blue line by acquiring defenseman Noah Dobson from the New York Islanders for two first-round picks and forward Emil Heineman, just hours before Round 1 of the draft.
- The Columbus Blue Jackets picked up Colorado forwards Charlie Coyle and Miles Wood in exchange for forward Gavin Brindley and draft picks.
- The Wild acquired forward Vladimir Tarasenko from the Detroit Red Wings for future considerations.
- Finally, the Detroit Red Wings aimed to resolve their goaltending issues by acquiring Anaheim Ducks netminder John Gibson for goalie Petr Mrazek and two draft picks.
The CBA Gets Expedited
A rare period of labor harmony between the NHL and NHLPA resulted in a new collective bargaining agreement (CBA) developed with minimal dispute. While the full CBA takes effect in September 2026, both parties agreed to implement certain changes for the 2025-26 season ahead of schedule.
Key among these expedited changes is a revision to how teams can utilize long-term injured reserve (LTIR) for salary cap relief during the regular season. If a team fully replaces an injured player`s salary amount, that player becomes ineligible to return during the playoffs. Otherwise, teams can only use additional cap space up to “the prior season`s average league salary.”
Additionally, a postseason salary cap has been introduced for the first time. The new rule mandates that a team`s playoff roster can only ice players if their total average contract values remain within that season`s cap.
Other changes fast-tracked for this season include the elimination of deferred payment contract structures and “double retention” trades. Double retention, where a player`s salary was partially retained by two different teams during a trade deadline transaction before reaching their final destination, had become a common practice.
On a lighter note, the relaxed player dress codes were also quickly implemented this season.
CBA provisions that will not take effect until next September include adjustments to contract term limits (a maximum of six years for free agents and seven years for players already on the roster at the last trade deadline) and the establishment of emergency goaltender replacements for each team.
Farewell Ovechkin?
The NHL is preparing to bid farewell to one superstar: Los Angeles Kings center Anze Kopitar, who declared the 2025-26 season would be his last. On the same day, Washington Capitals legend Alex Ovechkin, 40, stated he had not yet made a decision about his future.
Ovechkin will become an unrestricted free agent after this, his 21st, season. Last season, he solidified his place in history by surpassing Wayne Gretzky`s all-time goal record (894), finishing with 897 goals. Despite missing 16 games with a broken leg, the Capitals captain alleviated concerns about slowing down by scoring 44 goals.
When recently asked if he had decided whether 2025-26 would be his final NHL season, he responded, “I don`t know if this is going to be the last. We`ll see.”
Ovechkin has not discussed his future with the team, and GM Chris Patrick indicated the Capitals also have no clear understanding of his intentions.
While his departure remains uncertain, Ovechkin still has historical milestones to pursue: becoming the first player ever to score 900 NHL goals and reaching 1,700 career points (he needs 77, while his perennial rival, Pittsburgh Penguins captain Sidney Crosby, is only 13 points away from this mark).
Quenneville Returns
The Anaheim Ducks have appointed Joel Quenneville as their new head coach, replacing Greg Cronin after two seasons. Quenneville`s return to the NHL marks his first coaching stint since 2021, when he resigned from the Florida Panthers due to his involvement in the fallout from the Chicago Blackhawks` sexual assault case.
An independent report from October 2021 detailed how the Blackhawks organization failed to adequately address allegations by player Kyle Beach, who claimed he was sexually assaulted by video coach Brad Aldrich during the team`s 2010 Stanley Cup run. Quenneville was the head coach at the time.
Following the report, the NHL declared Quenneville, along with Blackhawks executives Stan Bowman and Al MacIsaac, ineligible for further league employment until reinstated by Commissioner Gary Bettman. Their bans were lifted in July 2024. Bowman subsequently became the general manager of the Edmonton Oilers that summer, while Quenneville waited until May 2025 to join the Ducks.
GM Pat Verbeek stated that the team consulted numerous individuals before hiring Quenneville. “Our findings are consistent with Joel`s account that he was not fully aware of the severity of what transpired in 2010,” Verbeek commented. “It is clear that Joel deeply regrets not following up with more questions at the time, has demonstrated meaningful personal growth and accountability, and has earned the opportunity to return to coaching.”
Quenneville, 67, now takes charge of a Ducks team featuring a promising core of young stars and veteran acquisitions, including former Rangers captain Chris Kreider. Anaheim is striving for its first playoff appearance since 2018. Quenneville is 275 wins shy of tying Hall of Famer Scotty Bowman`s record for most all-time NHL coaching victories.
The Coaching Carousel
This offseason saw another significant shuffle among veteran NHL coaches. Beyond Quenneville, familiar faces are now behind new benches:
- Mike Sullivan left the Pittsburgh Penguins after ten seasons to take over the New York Rangers, replacing the fired Peter Laviolette. Former Rangers assistant coach Dan Muse now leads the Penguins.
- Rick Tocchet, who played 11 seasons for the Philadelphia Flyers, is now their head coach after departing the Vancouver Canucks. His former assistant, Adam Foote, has assumed the head coaching role in Vancouver.
- Jeff Blashill, formerly the head coach of the Detroit Red Wings, is now coaching the Chicago Blackhawks.
- Former New York Islanders coach Lane Lambert has taken over the Seattle Kraken, who dismissed Dan Bylsma after just one season.
- Marco Sturm, previously coaching the Los Angeles Kings` AHL affiliate, is now the head coach of the Boston Bruins.
- Finally, the Dallas Stars welcome back a familiar face: former Edmonton Oilers assistant coach Glen Gulutzan, who served as the Stars` head coach from 2011 to 2013. He replaces Pete DeBoer, who guided Dallas to three consecutive Western Conference Finals appearances, all ending in losses.
Rookie Class of 2025-26
A number of promising rookies are poised to make an immediate impact this NHL season.
The early favorite for the Calder Trophy is Montreal Canadiens forward Ivan Demidov. The 19-year-old Russian was an offensive powerhouse and showcased a dazzling array of moves upon his arrival late last season. Other rookie forwards to watch include Jimmy Snuggerud (St. Louis Blues), Ryan Leonard (Washington Capitals), Michael Misa (San Jose Sharks), and the Edmonton Oilers` duo of Matthew Savoie and Isaac Howard – particularly if they get opportunities to play with Connor McDavid and Leon Draisaitl.
However, defensemen could be the standout group among the rookies. First overall pick Matthew Schaefer brings exceptional puck-handling skills and palpable hope to the Islanders. Carolina Hurricanes defenseman Alexander Nikishin, who was thrust into action during last year`s playoffs, is expected to be a dominant 6-foot-4 force this season. Zeev Buium of the Minnesota Wild also debuted in the playoffs and could become their power-play quarterback. Similarly, 6-foot-4 defenseman Sam Rinzel joins the Chicago Blackhawks, while Zayne Parekh of the Calgary Flames could emerge as the league`s next elite offensive defenseman.
Two goaltenders to keep an eye on are Yaroslav Askarov of the San Jose Sharks and Jesper Wallstedt of the Wild, both of whom could soon become their respective teams` primary netminders.
Going Outdoors in Florida
Commissioner Bettman has lauded the “golden age of hockey” in Florida, citing significant growth in the sport at all levels and the recent Stanley Cup successes of local NHL teams. A prime indicator of this progress is that the Sunshine State will host its first two outdoor NHL games in 2026.
The Florida Panthers and New York Rangers will face off in the Winter Classic on January 2 at LoanDepot Park, home of the Miami Marlins. This marks the first outdoor game appearance for the two-time defending Stanley Cup champions.
The Tampa Bay Lightning, who previously played outdoors only once (in Nashville in 2022), will host the Boston Bruins on February 1 at Raymond James Stadium, home of the Tampa Bay Buccaneers.
With the Panthers now having their outdoor game, the Utah Mammoth remains the only current NHL team yet to participate in an outdoor event.
March of the Penguins?
For two decades, Sidney Crosby, Evgeni Malkin, and Kris Letang have formed the legendary core of a Pittsburgh Penguins team that secured three Stanley Cups. However, those glory days feel distant. The Penguins have missed the playoffs for three consecutive seasons and haven`t advanced past the first round since 2018. General Manager Kyle Dubas has been hesitant to initiate a full rebuild largely due to the continued presence of this iconic trio. But that might be about to change.
Malkin, 39, is in the final year of his contract. While he expresses a desire to stay with the Penguins, he also told reporters he was “intrigued” by the “great story” of Brad Marchand`s move from Boston (the only team he`d ever known) to help the Florida Panthers win the Stanley Cup.
Crosby, 38, is signed for two more seasons. He has consistently expressed his wish to remain in Pittsburgh, holding onto the hope that a young supporting cast could eventually coalesce into a playoff contender. However, with many predicting the Penguins to finish last in the Metro Division, Crosby`s only path to another Stanley Cup might involve joining another NHL team. Speculation about his potential destination has become an industry in itself.
Crosby, Malkin, Letang, and star defenseman Erik Karlsson all possess no-movement clauses, giving them ultimate control over whether and when they might leave Pittsburgh – decisions that the entire NHL eagerly awaits, especially concerning No. 87.
Connor McDavid`s Uncertain Future
Finally, as the season begins, the biggest question echoing across the NHL is whether the world`s best player will truly become the most sought-after free agent in hockey history.
Connor McDavid, 28, has an unparalleled resume: five scoring titles, three regular-season MVP awards, and one playoff MVP award – making him only the second skater to win the Conn Smythe Trophy in a losing effort. He boasts an astonishing 1,082 points in 712 games and has led the Edmonton Oilers to consecutive Stanley Cup Finals.
However, he is now in the final season of the eight-year, $100 million contract he signed in 2017.
McDavid has indicated he is taking his time to evaluate his next steps, including the long-term championship prospects with the Oilers. Sources have informed that “everything is on the table” for McDavid: from a short-term, team-friendly deal to continue his pursuit of a Cup in Edmonton, to entering the open market as an unrestricted free agent, which would undoubtedly lead to an NHL-record contract.
Indeed, it`s merely a decision that could redefine the NHL landscape and determine if the league`s greatest talent can finally claim the championship that has eluded him, leaving him in perpetual anguish. So, no pressure, Connor…
Just another compelling reason why the 2025-26 season is anticipated to be a wild and unpredictable journey. Enjoy it, hockey fans!
