The opening day of the NHL free agency featured no shortage of signings.
As is tradition, we’re ranking our winners and losers based on the signings NHL teams have made and roster departures. But let’s be clear – in this case, we’re only talking in about winners and losers from the free-agent signings, re-signings and departures. That’s why the Montreal Canadiens, which traded for Zack Bolduc and acquired Noah Dobson last week, don’t appear here. Off-season trades are a focus for another day.
With that said, here are the five NHL teams that stood out as winners from the opening bell of NHL free agency to late Tuesday afternoon. In alphabetical order:
Florida Panthers
You can’t accuse the Panthers of not trying to be a first-rate Stanley Cup playoff contender yet again.
In what is now clearly Embarrassment of Riches Territory, by finding a way to re-sign left winger Brad Marchand, center Sam Bennett and defenseman Aaron Ekblad, GM Bill Zito has given a masterclass on roster and salary cap maneuvering.
There’s now no clear weakness for this Florida team. Until someone actually eliminates them from a playoff round, there’s no good reason why the Panthers shouldn’t be considered the favorite to win their third straight Cup.
They convinced players not to leave and to take far less than market value to stick around, whether taxes play a factor or not. It couldn’t have gone better for Zito & Co., and in no small part because of their free agency decisions, we’re likely looking at a modern-day dynasty continuing its success next season.
New Jersey Devils
Devils GM Tom Fitzgerald was stark in his 2025 post-season assessment of his team when he said he won’t be coming back with the same group of players.
That was certainly true, as Fitzgerald signed former Oilers plugger Connor Brown and former Dallas Stars veteran Evgenii Dadonov. They also re-signed veteran Jake Allen as Jacob Markstrom’s understudy between the pipes at only $1.8 million per season for five years.
These are subtle tweaks, but they’re important when it comes to New Jersey’s roster composition. You don’t need a high volume of signings or re-signings to make our list, and the Devils got here because they assured themselves of a decent goalie tandem at a bargain rate and slotted in terrific middle-six wingers to shore up their offense. New Jersey is at very least a likely playoff team, and at best, they could vastly improve on this past year’s efforts.
New York Rangers
The Rangers opened the vaults for the best available UFA defenseman, Vladislav Gavrikov, on a seven-year contract that carries a $7-million cap hit. When it came to their own free-agent defenseman, youngster K’Andre Miller, the Blueshirts decided to move on from the RFA. But they did manage to keep another RFA, Will Cuylle.
Gavrikov now likely joins Adam Fox to give the Rangers one of the best one-two punches on ‘D.’ And he left enough money on the table for the Rangers to spend to acquire fourth-liner Justin Dowling. It’s little moves like that one, and big moves like the Gavrikov move, that make you optimistic about the Rangers’ playoff chances next year.
This is already a very different-looking team, and we’re not sure Drury is done making changes. We’ll see how they respond to increased pressure, but the Rangers have taken a step forward with Sunday’s moves.
Utah Mammoth
The Mammoth are itching to be a playoff team, and Utah GM Bill Armstrong targeted a couple of former Winnipeg Jets – left winger Brandon Tanev and former Panthers third-pair D-man Nate Schmidt – as well as backup Vitek Vanecek. They did so for a combined cost of $7.5 million.
Utah will still go as far as its young core of talent carries it, but Armstrong has invested wisely in a pair of guys who will improve on the grit front and goalie insurance in Vanecek. They’re rounding out the depth after already acquiring JJ Peterka. You can’t say Armstrong hasn’t done his part to push the Mammoth into a more competitive era.
NHL Free Agency Frenzy 2025: Live Tracker And AnalysisWelcome to the NHL Free Agency Frenzy of 2025.
Vancouver Canucks
Heading into the summer, it didn’t seem like the Canucks could retain the services of star winger Brock Boeser. However, not only did Vancouver re-sign Boeser, they did so at a not-unreasonable annual pricetag of $7.5 million.
Canucks GM Patrik Allvin also got star goalie Thatcher Demko to sign for an additional three years at $8.5 million per season and slick winger Conor Garland to re-up at $6 million per season through the 2031-32 campaign.
If that felt like a home-run start to summer, it’s because it was. Vancouver brass has firmed up its goalie tandem through 2029, strengthened its depth on the wing and served notice that not making the playoffs won’t be an option in 2025-26.
We expect a big return to form for the Canucks, and if that’s what happens, it will be in part by the reinvestment in their core talents.
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