On the first day of NHL free agency, teams across the league committed more than $862 million in salary to 102 players — and that figure doesn’t even include entry-level or minor-league deals.
The largest single contract went to Bowen Byram, who was signed by Chicago for $75 million, making him the highest-paid defenseman in the league at $12.5 million per season — at least for now. Philadelphia led all teams in spending, shelling out just under $90 million, though much of that money, similar to the Byram deal, doesn’t kick in until the 2027-28 season.
Some of these investments will pay off handsomely. Others may be looked back on with regret. Here’s an early assessment of this offseason’s winners and losers:
NEW YORK RANGERS — WINNER: Fundamentals-focused new coach Mike Sullivan should like what he sees on the blue line. General manager Chris Drury brought in defensemen Sean Durzi and Marcus Pettersson through separate trades, which should take some pressure off Adam Fox, Vladislav Gavrikov, and goaltender Igor Shesterkin. Sending Vincent Trocheck to Utah creates a gap at center, but the addition of winger Pavel Dorofeyev helps address the offensive depth up front. Fifth overall pick Alberts Smits may need another year before he’s ready, but the Rangers appear to be in better shape than before.
TORONTO MAPLE LEAFS — WINNER: New general manager John Chayka was candid about the team’s busy stretch, saying: “We did a lot of buying and selling over the last month. And at times maybe it didn’t make a lot of sense in terms of the individual moves. But as we thought about kind of the bigger picture and what we’re trying to create, it all kind of lined up for us.” The roster overhaul included bringing in goalie Sergei Bobrovsky, defensemen Darren Raddysh and Emil Andrae, and forwards Nick Paul, Colton Sissons, Jack Roslovic, Brandon Duhaime, and Teddy Bleuger. Departures included Joseph Woll, Simon Benoit, Brandon Carlo, Nick Robertson, Matias Maccelli, and others. With Auston Matthews’ future still uncertain, Chayka appears off to a solid start, and he also has the first overall pick Gavin McKenna to factor into future plans.
SAN JOSE SHARKS — WINNER: General manager Mike Grier wasted no time making moves, acquiring Darnell Nurse via trade and signing Mason Marchment and Jacob Trouba. These are experienced players who could help push the team back into playoff contention. Grier also added to the prospect pipeline, selecting Ivar Stenberg and two others in the first round of the draft. With Macklin Celebrini already in the fold and the franchise trending upward, San Jose’s short-, medium-, and long-term outlook is looking bright.
FLORIDA PANTHERS — WINNER: Despite losing Bobrovsky, the back-to-back Cup champions in 2024 and 2025 still managed to add Brady Tkachuk, who will play alongside his brother Matthew. The team also brought back Radko Gudas and extended Eetu Luostarinen. Florida looks like a serious contender once again and has significant future salary cap flexibility to work with.
DETROIT RED WINGS — LOSER: Detroit hasn’t appeared in the playoffs since 2016 — the longest active drought in the NHL. The situation is further complicated by captain Dylan Larkin’s desire to be traded. The team’s uncertain direction was on display when their most notable additions were the signing of Viktor Arvidsson and the trade acquisition of Keegan Kolesar. GM Steve Yzerman can afford to be patient in finding the right trade offer for Larkin, but the ongoing uncertainty risks becoming a growing distraction that limits his ability to reshape the roster.
PHILADELPHIA FLYERS — LOSER: In hindsight, Philadelphia may look wise for not committing big money to players like Darnell Nurse, John Carlson (who ended up signing with Tampa Bay), or Byram. But the team’s biggest need — a top defenseman capable of anchoring the power play — remains unfilled. GM Daniel Briere did make a significant long-term move by locking up Tyson Foerster for nearly a decade.
BUFFALO SABRES — LOSER: The Sabres gave up more proven talent than they brought in over the past two weeks, shipping Byram to Chicago and Alex Tuch to Washington. Getting defensive prospect Daxon Rudolph with the fourth overall pick in exchange for Byram offers future value, as do the additions of young defensemen Olen Zellweger and Louis Crevier. However, Buffalo has come up empty in pursuit of Winnipeg goalie Connor Hellebuyck this summer, following St. Louis defenseman Colton Parayko’s refusal to waive his no-move clause at the trade deadline. That leaves GM Jarmo Kekalainen counting on Buffalo’s talented young core to take the next step — building on a season in which the Sabres claimed their first Atlantic Division title and ended a record 14-year playoff drought.
DALLAS STARS — UNCERTAIN: The Stars’ offseason outlook largely hinges on what happens with restricted free agent Jason Robertson, who is seeking a new contract that could surpass $100 million. GM Jim Nill traded Mavrik Bourque to Nashville for draft picks and shed salary by including Ilya Lyubushkin in that deal. Nill also acknowledged he had a trade agreement in place with Seattle that Robertson ultimately vetoed. Reigning Norris Trophy winner Zach Werenski also declined to come to Dallas. Until Robertson’s situation is resolved — whether through a new deal or a trade recouping major assets — the Stars’ offseason remains very much up in the air for a player coming off a 45-goal, 96-point campaign.
