Capitals' 2025 Free Agents, Draft Targets, Offseason Guide After NHL Playoff Loss

One of the most memorable seasons in Washington Capitals history has come to an agent.

Alex Ovechkin and the Capitals were eliminated from the 2025 Stanley Cup Playoffs with a second-round loss to the Carolina Hurricanes in Game 5 on Thursday night.

The Caps may have finished the campaign short of a Stanley Cup, but ending the regular season on top of the Eastern Conference was a positive sign regarding general manager Chris Patrick's work to retool this team around the final years of Alex Ovechkin's career.

Given that Ovechkin says he's returning for another season, the Caps will now gear up for at least one more shot at contending behind the the NHL's all-time leading goalscorer.

Here's a look at what the franchise will need to consider in order to improve Ovechkin's chances of a second Cup this offseason.

Capitals Free Agents

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Unrestricted free agents: Nicklas Backstrom, T.J. Oshie, Andrew Mangiapane, Lars Eller, Anthony Beauvillier, Taylor Raddysh

Restricted free agents: Alexander Alexeyev

Nicklas Backstrom's contract expires this spring. Ovechkin's longtime linemate hasn't played since October 2023 and spent last season on the long-term injured reserve while dealing with hip problems.

T.J. Oshie, another member of the 2019 Cup team who spent the 2024-25 season on LTIR, will also see his contract expire this spring amid chronic back issues.

In addition to waiting to hear if Oshie and Backstrom plan to officially retire from the NHL, the Caps have several decisions to make regarding players who joined the team this season.

Lars Eller, another member of the championship squad who returned to the Caps this season thanks to a November trade with the Pittsburgh Penguins, slotted in as the team's third-line center down the stretch.

Andrew Mangiapane and Taylor Raddysh, acquired last offseason through a trade and signing, respectively, have also contributed to the bottom six.

Anthony Beauvillier, another midseason pickup from the Penguins, joined Ovechkin on the Caps' top line alongside Dylan Strome.

The Capitals also have one restricted free agent to negotiate with in Alexander Alexeyev, the 2018 first-rounder who has spent the majority of his pro career in the AHL so far.

The Caps may need to decide if Alexeyev is on track to earn regular NHL playing time next season before deciding what to do with his RFA rights.

Capitals Draft Targets

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The Capitals' playoff run was bolstered by the addition of 2023 first-rounder Ryan Leonard, who was called up to join the team for the postseason.

The Caps don't have any selections as high as Leonard's No. 8 spot this year, but the franchise still holds the No. 31, No. 37 and No. 87 picks going into the draft, per Tankathon.

The top prospects in D.C. are, for the most part, forwards, like right wingers Leonard and Terik Parascak and left wingers Andrew Cristall and Ivan Miroshnichenko. Defenseman Cole Hutson is another highly-ranked prospect.

The Caps are also working on developing centers Hendrix Lapierre and Ilya Protas, but could use more depth down the middle and on the blue line.

One candidate who would provide a boost to the Caps' prospect pool if still available at No. 31 is Victoria Royals center Cole Reschny, ranked No. 25 in the final NHL.com North American skater rankings.

A strong WHL playoff could get him higher on NHL radars, but if Reschny is still available late in the first round he would be a boost to the Capitals' center depth.

Another WHL standout who could be available in the 30s may be Edmonton Oil Kings defenseman Blake Fiddler, who has the size and shot to potentially join Hutson at the top of the Capitals' defensive prospect pool.

The Caps have selected goaltenders in each of the last two drafts (Nicholas Kempf, No. 114 in 2024 and Antoine Keller, No. 206 in 2023.)

The first goaltender in the 2024 draft came off the board early in the second round, so the Capitals could decide to target a top netminding prospect like Joshua Ravensbergen of the WHL's Prince George Cougars should the franchise look to stock up at the position this summer.

The 2025 NHL draft is set to kick off with Round 1 on June 27, with Round 2 onwards taking place on June 28.