The NHL offseason is now in full swing, with numerous trades having occurred since the Florida Panthers secured their second consecutive Stanley Cup win. Notable moves include Chris Kreider heading to the Anaheim Ducks, Trevor Zegras joining the Philadelphia Flyers, and Noah Dobson being traded to the Montreal Canadiens.
This analysis provides report cards for every significant trade completed this offseason, presenting the most recent deals first.
June 27: Coyle to the Blue Jackets
Seeking to gain salary cap flexibility, the Colorado Avalanche completed a trade on Friday, sending Charlie Coyle and Miles Wood to the Columbus Blue Jackets.
In return, the Blue Jackets sent prospect forward Gavin Brindley, a 2025 third-round pick, and a conditional 2027 second-round pick to Colorado.
Here’s a quick look at the implications for both teams.
Colorado Avalanche Grade: B+
The Avalanche secured a second-line center by extending Brock Nelson, acquired at the trade deadline, to a three-year deal worth $7.5 million annually. However, this left them with only $1.2 million in cap space entering Friday. With six unrestricted free agents, most notably Ryan Lindgren, the team needed to make a move.
Charlie Coyle was a primary candidate for trade. His addition at the deadline gave the Avs a strong top-nine center group behind Nathan MacKinnon and Nelson. But paying a third-line center $5.25 million annual average value becomes questionable during a cap crunch, especially with more cost-effective options available.
Miles Wood was also a potential trade asset, with four years remaining on his contract at $2.5 million AAV. Injuries and inconsistency limited him to just 13 goals over the past two seasons with the Avalanche, the same total he achieved in his final full season with the New Jersey Devils.
This trade means the Avalanche still need to address their bottom-six forward depth and potentially re-sign Lindgren, along with other free agency goals.
Gavin Brindley might provide future assistance. The 20-year-old was among the Blue Jackets’ top prospects from one of the NHL’s strongest farm systems. A 2023 second-round pick, Brindley recorded six goals and 17 points in 52 games during his first professional AHL season. Before that, he excelled at Michigan, scoring 25 goals and 53 points as a sophomore in 2023-24.
Columbus Blue Jackets Grade: B+
Currently, the Blue Jackets possess significant cap space, allowing them to be selective about trades that align with their strategy, particularly when dealing with cap-strapped teams like the Avalanche.
While Coyle and Wood were somewhat of a luxury in Colorado, they will strengthen Columbus’s bottom six, enabling the front office to focus on other areas in free agency.
Entering Friday, the Blue Jackets had six unrestricted free agent forwards, plus restricted free agent Dmitri Voronkov. Adding Coyle provides a third-line center alongside Sean Monahan and Adam Fantilli on the top two lines. Wood offers a winger option for the fourth line or higher. Collectively, Columbus now has 13 forwards under contract or team control as RFAs.
They also boast over $30 million in cap space, some of which could be used for potential extensions for Dante Fabbro and Ivan Provorov.
While Brindley was one of their top prospects, the Blue Jackets’ system retains promising forwards like Cayden Lindstrom, Jordan Dumais, and Luca Del Bel Belluz.
June 27: Dobson to the Canadiens
Defenseman Noah Dobson was the central figure in a trade Friday between the Montreal Canadiens and New York Islanders, reflecting the differing directions of the two franchises.
The Canadiens acquired Dobson after he signed an eight-year contract extension worth $9.5 million annually with the Islanders on Friday. In return, New York received forward Emil Heineman and both of the Canadiens’ 2025 first-round picks, selections No. 16 and No. 17.
Here’s an assessment of how both front offices performed and the implications for their respective futures.
Montreal Canadiens Grade: A
When an opportunity arises to acquire a 25-year-old, right-handed, top-pairing, puck-moving defenseman capable of playing in all situations – especially one who is 6-foot-4 – it’s a move a general manager should make.
This move comes with the understanding of a significant cost, which makes Canadiens GM Kent Hughes’ decision particularly emphatic, signaling a clear direction for his team.
Specifically, Montreal is serious about making a 2025 playoff appearance a regular occurrence and aiming for a Stanley Cup in the near future.
Future is the key word defining this trade for the Canadiens. Possessing two first-round picks is an asset. Rebuilding teams use them to build toward a stronger future, while playoff contenders or teams on the cusp use them as trade currency to acquire immediate upgrades.
Hughes chose the latter approach, providing Montreal with what appears to be one of the NHL’s most exciting young defensive groups.
Dobson, who has scored 10 or more goals in four consecutive seasons, joins a young Canadiens defense corps including reigning Calder Trophy winner Lane Hutson, Kaiden Guhle, and Jayden Struble. The system also features recent first-round picks Logan Mailloux and David Reinbacher.
That makes six defensemen all under 25 years old. Four are first-round selections, and the others were second-round picks (including Hutson). This presents a desirable “problem” – the potential for this collection to achieve great things over time.
However, the immediate “problem” facing Hughes now that Dobson is signed is that the Canadiens are $3.394 million over the salary cap, with seven defensemen under contract or team control for 2025-26.
Hughes will need to decide which defenseman Montreal moves to create cap space while retaining the necessary group for their playoff push. Veteran Mike Matheson has one year left at $4.88 million before becoming a UFA, while Alexandre Carrier has two years remaining at $3.75 million annually before reaching the open market.
Resolving this situation sooner will provide the Canadiens with more financial flexibility for potential further moves, although they also have restricted free agents Struble and Jakub Dobes needing new deals.
New York Islanders Grade: A
New Islanders GM Mathieu Darche spent six seasons in the Tampa Bay Lightning’s front office, learning to appreciate the value of key assets. One such value is building a sustained winner through the draft.
General managers of non-contending teams require honesty and understanding about their franchise’s direction. This makes Darche’s actions in his first offseason with the Islanders particularly crucial.
This isn’t to say Dobson couldn’t have been part of the long-term plans on Long Island. However, recognizing a player’s highest potential value for your franchise and determining that this value is best realized through a return like the one Darche acquired is a key part of asset management.
The return Darche received for a top-pairing defenseman in Dobson is poised to significantly shape the Islanders for the next decade or longer.
Holding the No. 1 overall pick was a starting point for that future – likely adding talented defenseman Matthew Schaefer. By now adding two more first-round picks, Darche has even more possibilities.
Darche and his staff might decide to keep all three first-round picks, drafting three players. This would significantly boost a system that, despite having 2024 first-rounder Cole Eiserman, is in distinct need of talent. A major reason for this need is that the Islanders have lacked a first-round pick in four drafts since 2018 (2020, 2021, 2022, 2023).
Alternatively, Darche could explore packaging one or both of the acquired picks in another trade, seeking a different move he believes will position the team for even greater long-term success.
While the future is a focus, the present situation without Dobson is also relevant. The Islanders now have five defensemen under contract and seven under team control, including pending restricted free agents Scott Perunovich and Alexander Romanov. Tony DeAngelo and Mike Reilly were unrestricted free agents from the 2024-25 roster.
The Islanders have $20.934 million in cap space, which can be used to address their defensive needs and other priorities this summer. This includes re-signing Heineman, an RFA who scored 10 goals and 18 points in 62 games during his first full NHL season.
June 26: Peterka to the Mammoth
Two key storylines this NHL offseason were whether the Utah Mammoth could acquire a top-six forward and if the Buffalo Sabres would trade restricted free agent JJ Peterka.
Wednesday night or early Thursday, these narratives converged, with the Mammoth acquiring Peterka from the Sabres. Buffalo received forward Josh Doan and defenseman Michael Kesselring in the trade.
Let’s analyze how both front offices performed and the implications for each franchise moving forward.
Utah Mammoth Grade: A+
In 2024-25, the Utah Hockey Club ranked top-10 in metrics like shot share, shots per 60 minutes, and scoring chances per 60, yet finished 16th in goals per game – indicating a disconnect. With $20.357 million in salary cap space, addressing this scoring issue was a priority.
Mammoth GM Bill Armstrong’s latest significant move was landing Peterka via trade and immediately signing him to a five-year extension worth $7.7 million annually.
Since Ryan and Ashley Smith purchased the franchise and relocated it to Salt Lake City, the Mammoth have adopted a strategic yet aggressive approach. This began last year with trades for a legitimate No. 1 defenseman in Mikhail Sergachev and John Marino, part of a plan to revamp their blue line.
Acquiring Peterka represents another major swing. The Mammoth add a 23-year-old proven goal scorer who not only addresses their scoring deficit but also fits their long-term vision. After scoring 28 goals and a career-high 50 points in 2023-24, Peterka followed up with 27 goals and 68 points in 77 games in his final Buffalo season.
Trades often create more options, and Peterka significantly broadens the Mammoth`s possibilities. Their top-six winger group now includes Clayton Keller, Dylan Guenther, and Nick Schmaltz. This quartet of 20-goal scorers can complement centers Logan Cooley and Barrett Hayton, who also scored over 20 goals last season, anchoring the top two lines.
Armed with one of the NHL’s strongest farm systems, the Mammoth were able to acquire Peterka without sacrificing any top prospects. They still have Matias Maccelli, whom they might consider moving in another trade, and retain $14.982 million in cap space.
Their most prominent unrestricted free agents are Nick Bjugstad and Michael Carcone, while Jack McBain is their sole restricted free agent. After selecting a potential difference-maker at No. 4 overall in the draft on Friday – or using that pick for another NHL-ready player – they can utilize the majority of their remaining cap space to be active in free agency starting July 1.
Buffalo Sabres Grade: B-
The return Sabres GM Kevyn Adams received for Peterka can best be described as complicated.
Typically, a 23-year-old top-six forward under team control commands a specific price. In some ways, the Sabres met this by acquiring two NHL players in Doan and Kesselring. However, an argument can be made that the Sabres did not receive enough value.
Missing the playoffs for 14 consecutive seasons leaves the Sabres caught between trying to end the drought and keeping an eye on the future should plans need adjustment. While Buffalo possesses a strong farm system, the Peterka trade presented an opportunity to add more – whether through draft capital or prospects.
This is particularly true given Peterka’s importance to the Sabres; he finished second on the team in points, third in goals, third in power-play points, and third in ice time among forwards with over 70 games played.
It’s not as though Adams gained nothing. Josh Doan could establish himself as a top-nine forward. Joining the Sabres offers Doan a chance to find the consistency he lacked in Utah, where he played 28 AHL games and 51 NHL games last season.
Michael Kesselring adds a third right-shot defenseman to the Sabres’ roster. He exceeded 20 points and played over 70 games in consecutive seasons. He ranked sixth among Mammoth defensemen in average ice time; like Doan, he could potentially see an increased role in Buffalo.
Doan and Kesselring provide depth to the Sabres. They also account for a combined $2.325 million in cap space, with both players having one year left on their contracts before becoming restricted free agents. The Sabres now have $20.881 million in cap space.
Yet, the question remains: Was a bottom-six/middle-six forward and a middle-pairing (at best) defenseman a sufficient return for a top-six forward? Or should Adams have received more for a player who is filling a major need for the Mammoth while leaving the Sabres with a significant void on their roster?
June 23: Zegras to the Flyers
Rumors finally became reality Monday with the Anaheim Ducks trading forward Trevor Zegras to the Philadelphia Flyers.
The Ducks moved Zegras, long subject to trade speculation, to the Flyers in exchange for forward Ryan Poehling, a 2025 second-round pick (originally belonging to the Columbus Blue Jackets), and a 2026 fourth-round pick.
What are the implications, and how did both front offices fare?
Philadelphia Flyers Grade: B+
“Potential” is the word that will most frequently describe this trade.
It begins with Zegras providing the Flyers with another top-nine center option alongside Sean Couturier and Noah Cates, with the potential for Zegras to develop into their top-line center.
Zegras is a two-time 20-goal scorer with two consecutive 60-point seasons. This could boost the Flyers, who finished 24th in goals per game, by adding a player capable of both scoring and creating chances for teammates.
At 24, he also potentially fits into the Flyers’ long-term plans. Philadelphia was the NHL’s youngest team in 2024-25, with an average age of 26.09 years.
However, the key word remains “potentially.”
Injuries and inconsistency over the past two seasons raised questions about whether Zegras could return to his previous level, or surpass the 60-point seasons he posted in 2021-22 and 2022-23, particularly while remaining with the Ducks.
Pairing Zegras with wingers like Tyson Foerster, Travis Konecny, Matvei Michkov, and/or Owen Tippett could help him regain form. At one point, Zegras was a league breakout star and appeared destined to be a future face of the NHL, even appearing on the cover of NHL 23.
An added benefit is Zegras being in the final year of a three-year contract worth $5.75 million annually. He will remain under team control as a restricted free agent for two more seasons before potentially becoming an unrestricted free agent after the 2027-28 campaign.
Even after taking on Zegras’ salary, the Flyers retain $15.141 million in cap space.
Anaheim Ducks Grade: A-
Amidst the questions the Ducks faced about keeping Zegras, one major question loomed large:
Is it wise to pay a third-line center more than $5 million annually when cheaper options and other roster needs exist?
Leo Carlsson, the No. 2 overall pick in 2023, demonstrated his capability as a full-time top-line center, scoring 20 goals and 45 points last season with a solid two-way game from a 6-3, 205-pound frame.
Following him is Mason McTavish, the No. 3 pick in 2021, who scored 22 goals and a career-high 52 points playing a second-line center role.
McTavish led the Ducks in goals last season and finished second in points. Carlsson was third. This level of production from their top two centers made Zegras expendable for Anaheim.
Then there are the financial implications. Anaheim is projected to have over $36 million in cap space this season, which is significant – but GM Pat Verbeek must manage it carefully with an eye on the future. Lukas Dostal, Drew Helleson, and McTavish are restricted free agents needing new contracts this offseason. Their deals will influence the funds available for unrestricted free agency starting July 1.
However, considering what they could do next offseason made the trade more appealing. Zegras was scheduled to be part of a six-player RFA class including Carlsson, Cutter Gauthier, Pavel Mintyukov, Jackson LaCombe, and Olen Zellweger, while Jacob Trouba would be an unrestricted free agent.
That five-player RFA class and Trouba remain, requiring future decisions. But instead of worrying about Zegras’ salary, the Ducks face a potentially lower price point with Ryan Poehling, a 26-year-old who scored 12 goals and 31 points in 2024-25. He has one year left on his contract worth $1.9 million before becoming a UFA next summer, along with the acquired picks.
June 12: Kreider to the Ducks
Could this signal the start of something bigger?
That question could apply to both the Anaheim Ducks and the New York Rangers after the initial major trade of the offseason. On Thursday, the Rangers sent Chris Kreider and a 2025 fourth-round pick (Anaheim’s own, previously acquired) to the Ducks for center prospect Carey Terrance and a 2025 third-round pick (Toronto’s, previously acquired).
Here’s an overview of what this means for both franchises and how they performed.
New York Rangers Grade: B+
There was a need to generate salary cap space, questions surrounding production, and the possibility for the Rangers to find a replacement elsewhere.
Collectively, these factors significantly influenced the Rangers’ decision to trade Chris Kreider.
Kreider scored 20 or more goals for the seventh consecutive season and the 10th time in his career. While this consistency defined him, it also became a reason why a move from New York seemed probable.
Kreider turned 34 in late April, concluding a season where he scored 22 goals – a decrease from his performance over the previous three years. He scored 36 or more goals in each of those seasons, averaging 69 points per campaign. This past season, he finished with 30 points in 68 games, a 0.44 points-per-game average.
With two years remaining on his contract at $6.5 million annually, it became a numbers game for the Rangers.
Star goaltender Igor Shesterkin signed a new contract starting in 2025-26, increasing his annual salary from $5.67 million to $11.50 million. Additionally, in-season trades by GM Chris Drury for Will Borgen and J.T. Miller added an extra $12.1 million per year in cap hits; Borgen signed a five-year extension at $4.1 million annually, and Miller is entering the second year of a seven-year deal earning $8 million annually.
This situation necessitated the Rangers finding solutions for a seven-player restricted free agent class led by K’Andre Miller, Zac Jones, Matthew Robertson, and Will Cuylle.
This doesn`t eliminate questions about replacing Kreider`s offensive production.
This is why the spring signing of Boston College star winger Gabe Perreault was important, providing the Rangers with a potential top-six option on a team-friendly deal. This move, combined with trading Kreider, helps create the necessary cap space to address the RFA class and pursue other offseason goals.
The Rangers now have $14.922 million in cap space after shedding Kreider’s contract, giving the front office more financial flexibility than they initially possessed, and suggesting they might not be finished making moves.
Adding Carey Terrance, who signed with the Ducks in April, brings a center prospect to a system that needed depth down the middle. Their strongest center prospect, Noah Laba, signed after three seasons at Colorado College, while Dylan Roobroeck’s first full professional season included 20 AHL goals.
Terrance, a 2023 second-round pick, achieved his third consecutive 20-goal season for the OHL’s Erie Otters, finishing with 39 points in 45 games. He also represented Team USA at the IIHF World Junior Championships, scoring two goals in seven games before an injury.
Anaheim Ducks Grade: B+
Rebuilds aim to reach a better state, and each takes a unique path. The Kreider trade signals the Ducks’ commitment to an approach that has served them well, with the belief it could lead them to the playoffs or wild-card contention in 2025-26.
Beyond their focus on drafting and development, the Ducks have made a conscious effort to surround their young core with respected veterans. This group includes Radko Gudas, Alex Killorn, Frank Vatrano, and Kreider’s former Rangers teammate Jacob Trouba.
What does this mean for the Ducks’ top-nine winger group? Kreider joins a mix featuring Sam Colangelo, Cutter Gauthier, Troy Terry, Killorn, and Vatrano. This provides the Ducks with goal scorers capable of finding the net in various ways.
This situation makes the Ducks either fascinating or daunting, depending on perspective. GM Pat Verbeek just took on a forward with a $6.5 million cap hit, and his team still projects to have over $32.188 million in available space.
This level of flexibility could make Katella Avenue a desired destination for free agents on July 1.
Naturally, Verbeek must act responsibly. Lukas Dostal, Drew Helleson, and Mason McTavish, key parts of the young core, are pending RFAs needing new contracts this offseason. Then there’s next offseason, when Leo Carlsson, Jackson LaCombe, Pavel Mintyukov, Trevor Zegras, Olen Zellweger, and Gauthier all require new deals simultaneously, alongside Jacob Trouba as a UFA.
Possessing so much young talent on affordable entry-level contracts creates significant financial flexibility. This enabled them to acquire Kreider for the cost of a draft pick and prospect Carey Terrance, who was expendable due to the Ducks’ center depth in the NHL and prospect pool (including 2024 second-round pick Lucas Pettersson).
Since their rebuild began, the Ducks franchise has focused on making progress by any means necessary. They have developed one of the NHL’s most promising farm systems and set high expectations for their prospects. All along, they’ve shown they know when to make moves like the one for Kreider.
What comes next?
Finishing with 80 points for the first time since the 2018-19 season puts them at a critical juncture. This is partly why they replaced head coach Greg Cronin after two seasons, hiring Joel Quenneville with the belief that they are ready to contend further.
This ambition is necessary in the competitive Western Conference. Besides established contenders like the Edmonton Oilers, Dallas Stars, Vegas Golden Knights, and Colorado Avalanche, other teams are carving out their path.
The Seattle Kraken did so in their second season (2022-23). A year later, the Vancouver Canucks achieved it in Rick Tocchet’s first full season (2023-24). This past season saw the St. Louis Blues return to the playoffs, while the Calgary Flames and Utah Hockey Club pushed into the late stages of the regular season.
Anaheim finished 16 points shy of the final Western Conference wild-card spot. But the gradual improvement shown by the Ducks – combined with making two of the biggest moves this offseason and believing they can do more – suggests they could soon be knocking on the postseason door, or potentially kicking it down.
