Even with several notable players still unsigned, and more big trades potentially on the way, we're crowning winners and losers from the early rush of NHL free agency.
Given that so much happened in the lead up to July 1, we also factored in moves made over the last few days into some of our takeaways.
Winners
Panthers
The defending Stanley Cup champions achieved something nobody thought possible: retaining all three of their key unrestricted free agents in Sam Bennett, Aaron Ekblad, and Brad Marchand. And they did it without having to trade away anyone of significance. Yes, the lack of state income tax certainly helps, but it's also a testament to the culture the Panthers have built under general manager Bill Zito. Even factoring in the tax advantages, Ekblad left significant money on the table to stay in Florida: his $6.1-million average annual value is a major bargain.
Florida also made a savvy addition Tuesday, bringing in Jeff Petry on a league minimum deal (plus performance bonuses) to replace Nate Schmidt on the third defense pair.
At this rate, the Panthers could very well make it a three-peat next spring.
Rangers
Rangers GM Chris Drury has been criticized for some of his work over the past year, but he made out very well Tuesday, upgrading his team while collecting desirable assets in the process.
Drury signed top free-agent defenseman Vladislav Gavrikov to a seven-year contract with a $7-million AAV. Then he traded defenseman K'Andre Miller to the Hurricanes for a package including first- and second-round picks, plus defense prospect Scott Morrow. Miller inked an eight-year deal with a $7.5-million AAV as part of the sign-and-trade.
Gavrikov is four years older than Miller, but he's a major upgrade in the short term, and getting him for $500,000 cheaper per season is a huge win. Miller has an intriguing tool kit, but he's battled inconsistencies. Meanwhile, Gavrikov was arguably the NHL's best shutdown defender in 2024-25, and his cheaper-than-expected contract gives the Rangers $1.4 million in breathing room even after re-signing restricted free agent Will Cuylle to a two-year deal with a $3.9-million AAV. The Rangers still have holes in their bottom-six forward group, but they're set up well with ample trade assets.
John Klingberg
It was fair to wonder if Klingberg would ever play in the NHL again after he underwent season-ending hip surgery in December 2023. And, despite only playing 30 games this past campaign with the Oilers (regular season and playoffs combined), he earned himself a one-year, $4-million deal with the Sharks.
Klingberg should log big minutes on an extremely unproven San Jose blue line, and he'll likely quarterback a power play featuring several young, skilled forwards. He could parlay this opportunity into another lucrative contract next summer, whether it be in San Jose or elsewhere.
Losers
Kings
Losing Gavrikov to the Rangers in free agency was tough, but the Kings compounded the issue by overpaying two veteran blue-liners to replace him: Cody Ceci for four years at $4.5 million annually, and Brian Dumoulin for three years at $4 million annually. Ceci's and Dumoulin's best days are behind them. They're both third-pairing defensemen, at best, but these contracts are far too rich for such roles. Corey Perry was a fun add, but Ken Holland's first free agency as the Kings GM will be remembered as a regrettable one.
Bruins
The contract the Bruins handed RFA forward Morgan Geekie on Sunday was a nice deal, but GM Don Sweeney's moves from Tuesday reek of desperation.
The Bruins traded away a fifth-round pick for Viktor Arvidsson, who, with his $4-million cap hit, is a negative-value asset. They did the Edmonton Oilers a favor. Arvidsson was a healthy scratch at times in the playoffs and has looked like a shell of his former self since a major back injury caused him to miss most of the 2023-24 season.
The Bruins also signed Tanner Jeannot to a five-year deal with a $3.4-million AAV. Jeannot is big and physical, but he hasn't scored more than seven goals in a season in the last three years since a 24-goal outlier rookie campaign in 2021-22. That's a bit rich for someone who's best suited as a fourth-line player.
Boston is left with just $2 million in cap space after some other depth signings, but it's hard to say they're an improved team.
Free-agent frenzy shows
Being on air for an entire day to break down trades and signings can't be easy in the first place, but it would've been more challenging on a day with far less action than usual. At the time of writing, there were 121 contracts signed worth a total of $672.8 million on Tuesday, according to PuckPedia. For comparison, last year, there were 185 signings worth a total of $1.2 billion on July 1. Several big names came off the board before free agency opened, and others - such as Nikolaj Ehlers, Pius Suter, Dmitry Orlov, and Brent Burns - are still unsigned, leading to a bit of a July 1 dud.
It's complicated
Maple Leafs, Golden Knights, Mitch Marner
All three parties are both winners and losers in different aspects following the sign-and-trade that sent Marner from the Maple Leafs to the Golden Knights.
As far as sign-and-trades for pending unrestricted free agents go, the Maple Leafs made out well, getting a valuable player in Nicolas Roy in return. He's on a cost-friendly contract and fills a need as a third-line center. In most cases, teams trading away a player's rights only get a mid-round pick, at best.
On the other hand, it never should've gotten to this point for Toronto. It's been evident for years that the Leafs' top-heavy roster configuration didn't work in the postseason, and there were countless opportunities to trade Marner for a major haul before his no-movement clause kicked in on July 1, 2023.
For the Golden Knights, nabbing one of the top free agents is a clear win. However, it likely wouldn't have been possible from a cap perspective if Alex Pietrangelo's playing career wasn't likely over due to hip injuries. His absence will leave a major void on Vegas' blue line and in the dressing room.
Marner, meanwhile, gets a much-needed fresh start with a well-run organization where he'll have a legitimate chance to win a Stanley Cup - or, at the very least, a deeper playoff run. But it also must be disappointing to depart his hometown team, which at one point he figured he would stay with his entire career.