NHL Free Agency 2012: Winners and Losers After Day One

Day one of the NHL free-agency period came and went with a bang. Tons of players signed mega contracts, but who were the winners and losers after day one? Which players were overpaid and which teams made shrewd signings that will pay off in the long run?

The winner slides will highlight key additions while the loser slides will break down some of the questionable moves made by the team in question.

The free-agency period may have only just begun, but here are some of the biggest winners and losers from day one of NHL free agency 2012.

Winners: Edmonton Oilers

Key Additions: JustIn Schultz [D], Ryan Smyth [F]

The Edmonton Oilers made the biggest splash on day one when they signed Justin Schultz to a two-year entry level contract.

Schultz is a young, talented defenseman with huge upside and he will have the opportunity to run a power play with Ryan Nugent Hopkins, Taylor Hall, Jordan Eberle and Nail Yakupov. There was a lot of hoopla in the courting process with Schultz, but he will likely prove that it was worth it.

In addition to signing Schultz, the Oilers re-signed veteran leader Ryan Smyth at a discounted price. He is well liked by both the fans and his teammates, so bringing back Smyth at a quality price helps all parities involved.

When you consider that, this offseason, the Oilers' major additions were Yakupov and Schutz, it could turn out to be quite the bargain.

Losers: Anaheim Ducks

Losses: Sheldon Brookbank, Justin Schultz

Not only did the Anaheim Ducks lose Justin Schultz to Edmonton and George Parros to the Panthers, but general manager Bob Murray made some questionable signings that will overshadow some otherwise smart acquisitions.

Sheldon Souray had 21 points all of last season and somehow he found a way to ink a three-year deal for a haul of $11 million. Souray is also 35 years old, so under the current CBA, his cap hit will count even more if he can't fulfill his contract.

Signing a player who was in the AHL less than three years ago isn't a wise move. Souray's cap hit may only be $3,666,667 but that is space that could have been used in other places.

The Ducks also signed Bryan Allen to a three-year deal for $3.5 million a year; a solid signing that should help solidify the Ducks' blueline.

Winners: Dallas Stars

Key Additions: Ray Whitney [F], Aaron Rome [D]

The Dallas Stars made the biggest splash of the day when they signed veteran forward Ray Whitney to a two-year $9.5 million dollar contract, comprised of $8.0 million in salary and an addition $1 million in bonuses. 

Whitney will fill a nice role with the Stars and should provide some solid scoring in a secondary role. The Stars also inked defenseman Aaron Rome to a three-year deal in which he makes $1.5 million per season. 

Rome will add some depth and physical presence to the Stars' blueline.

Losers: Tampa Bay Lighting

Sami Salo is a 37-year-old defenseman that is often injured and on the downside of his career. However, he somehow was worth a lot to Steve Yzerman and the Tampa Bay Lightning, wrangling $3.75 million a season for 2 years.

This could go down as a terrible signing, and after losing Mattias Ohlund to an injury—only after signing a mega deal three years ago—you would have thought Yzerman and company would have learned from their predecessor's mistakes.

Winners: Colorado Avalanche

Key Additions: P.A. Parenteau [F], John Mitchell [F]

Many people were quick to criticize the Avalanche for the P.A. Parenteau signing, but after some serious thought, it makes a lot of sense. The Avs would have loved to add Zach Parise, but he didn't put them on his list. 

Parenteau was one of the better offensive options on the market, had two less points than Parise last season and filled a need for Colorado.

For starters, Parenteau will have the opportunity to play with Matt Duchene, who has the potential to be a solid player if he can stay healthy.

If you add Gabriel Landeskog to the mix, then the Avalanche have a pretty solid first line. The Avs also are currently under the cap floor, so Parenteau's $4.0 million cap hit helped them fill out some space.

Time will tell if this was the right move, but on appearance, the Avs gained some offensive depth on day one.

In addition to adding Parenteau, the Avs signed utility forward John Mitchell, formerly of the New York Rangers. Mitchell is a a depth forward who can kill penalties and will work the second unit of a power play. He was a low-cost signing that should add depth to the Avs.

For a more detailed look on all things Avalanche related, check out this piece by fellow B/R Featured Columnist Kevin Goff.

Losers: Florida Panthers

The Florida Panthers lost Jason Garrison to the Vancouver Canucks and they really didn't stand a chance to match the high-priced offer of $4.6 million a year for six seasons.

However, signing Filip Kuba to a contract of $4.0 million for two seasons was not very smart.

The market may have been thin, but Kuba shouldn't have commanded that much money. In this scenario, Bryan Murray could have waited to see what the trade market would have yielded.

Winners: Los Angeles Kings

Key Addition: Dustin Penner [F]

The defending Stanley Cup champions locked up many of their free agents before July 1st, but Dustin Penner remained on the market.

Penner took a pay cut to remain a member of the Los Angeles Kings and he will look to carry over his successful postseason into the 12-13 regular season.

The former Duck and Oiler will carry a cap hit of $3,250,000, which could be a bargain if he returns to form next season.

Losers: New York Rangers

Unless Glen Sather has something amazing up his sleeve, and he usually does, day one was quite confusing for Ranger fans.

Fan-favorite Brandon Prust bolted to the Montreal Canadiens for a sizable raise, John Mitchell signed with Colorado and John Scott went to the Buffalo Sabres.

They were bottom six players who brought physicality, character and toughness, so Sather sought to replace that physicality.

Michael Haley, formerly of the New York Islanders, was signed to a two-year deal and Aaron Asham completed his tour of duty in the Atlantic Division by signing with the Rangers.

Both are considered to be goons who fail to address the team's need of scoring. The Rangers are still the favorite in the Rick Nash derby, so once Zach Parise announces his decision, trade talks should pick up.

The free-agency period is not won or lost in a day, but day one was not the greatest for the Rangers.

Winners: Detroit Red Wings

Key Additions: Jonas Gustavsson [G], Jordin Tootoo [F], Mikael Samuelsson [F]

With Nicklas Lidstrom retiring and Tomas Holmstrom likely on his way to retirement as well, the Red Wings made some moves to address those holes.

Mikael Samuelsson and Jordin Tootoo were two signing that will add depth, grit and toughness to the Wings' bottom-six. Tootoo especially will play a physical role and will get under opponents' skin with ease and joy.

The Wings also signed a capable backup for Jimmy Howard when they inked Jonas Gustavsson to a two-year deal. His cap hit of $1,500,000 is solid and he could provide some relief for Howard when needed.

Ty Conklin wasn't cutting it for Detroit so adding "The Monster" was a solid move by Ken Holland.

Losers: Phoenix Coyotes

The Phoenix Coyotes are losers because their leading scorer, Ray Whitney, bolted to the Dallas Stars. If the Coyotes' ownership situation is not clear by July 9th, they could also lose captain Shane Doan.

The Coyotes were not very active in free agency on day one, but they did sign young goaltender Chad Johnson, formerly of the New York Rangers and the Connecticut Whale.

The Coyotes could stand to be big losers this summer because, without a stable future, they will be unable to attract free agents.

Winner: Vancouver Canucks

Key Addition: Jason Garrison

Many will criticize this deal, and they have every right, but Garrison left money on the table to sign with Vancouver. His booming shot will fit in well with the NHL's best power-play unit and Garrison should rack up some points.

The Canucks added Garrison likely to fill the void left by Sami Salo, and that isn't a bad thing. Garrison is a competent defender and could prove to be a smart signing.

Garrison may have had his best year with the Panthers in 2011-12, but if he is feeding players like Henrik Sedin, Daniel Sedin and playing alongside Alex Edler on the power play, there is a good chance he racks up 40-50 points with ease.