2025 NHL Free Agency: Live Grades for All the Biggest Signings
The 2025 NHL free-agent market opened at noon ET on Tuesday. However, several teams avoided the rush by re-signing their pending unrestricted free agents, and in one case, signing and trading him to another team.
With the salary cap rising from $88 million last season to $95.5 million for 2025-26, general managers could be more inclined to spend than in recent years under a stagnant salary cap. Teams with the most cap space will have the advantage in any bidding wars.
On Monday, we published our ranking of the best players eligible to become unrestricted free agents. They'll be the ones that will be the focus of attention for the clubs willing to spend to improve their rosters.
However, that list has shrunk considerably in recent weeks. Between June 10 and 29, notables like John Tavares of the Toronto Maple Leafs, Sam Bennett of the Florida Panthers, Claude Giroux of the Ottawa Senators, and Jamie Benn and Matt Duchene of the Dallas Stars re-signed.
On June 30, Aaron Ekblad and Brad Marchand re-signed with the Panthers. Meanwhile, the Toronto Maple Leafs signed winger Mitch Marner to an eight-year, $96 million contract and then traded him to the Vegas Golden Knights.
Nevertheless, there's a handful of noteworthy players who are expected to sign with new clubs on July 1. They include forwards Brock Boeser and Nikolaj Ehlers, and defenseman Vladislav Gavrikov.
Follow along as we provide our live grades of this summer's notable signings.
Contract figures provided by PuckPedia unless otherwise indicated.
Nikolaj Ehlers Jets Off to the Carolina Hurricanes
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After 10 seasons with the Winnipeg Jets, Nikolaj Ehlers has moved on to the Carolina Hurricanes. The 29-year-old winger inked a six-year contract worth an average annual value of $8.5 million.
Ehlers was the last notable star remaining among this summer's crop of unrestricted free agents. Unlike those already signed, he opted to take his time evaluating offers before settling on the best fit. He completed a seven-year contract with an AAV of $6 million.
A skillful playmaking winger, Ehlers reached or exceeded 55 points in six of his 10 seasons with the Jets, including 63 points in 69 games last season. He's among their franchise leaders with 674 games played, 225 goals, 295 assists and 520 points.
Ehlers' new cap hit is roughly around what would be expected for a winger with his skills. The length of the deal is a year less than the maximum allowable seven years. It also doesn't break the bank for the Hurricanes, leaving them with $10.6 million in cap room with 23 active roster players signed.
The Hurricanes were in the market for more scoring this offseason. Ehlers should help them address that need. “He's a highly skilled winger who can really skate and will fit very well with our forward group,” said general manager Eric Tulsky.
Ehlers' skills will likely decline during the final years of this contract. He also doesn't play with a physical edge, something the Hurricanes still need going forward. Nevertheless, his offensive contributions should help this club remain in the Stanley Cup hunt over the next three or four years.
Grade: A-
Brock Boeser Returns to the Vancouver Canucks
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The Vancouver Canucks announced in April that they planned to let Brock Boeser test the unrestricted free agent market on July 1. They also indicated that they would leave the door open for a reunion if he didn't find anything suitable on the open market.
Boeser didn't spend much time testing the market, returning to the Canucks on a seven-year contract with an average annual value of $7.3 million.
A sometimes streaky scorer, Boeser still reached or exceeded 45 points in each of the past eight seasons, including a career-best 40-goal performance in 2023-24. That production must have drawn interest from other teams, but not enough to pry him away for good from the Canucks.
Boeser might have received a higher salary from another club elsewhere. However, after years of short-term contracts, the length of the deal was more important.
Canucks management might feel relieved that Boeser was willing to stay. Given how many of the notable free agents re-signed with their current clubs before July, they would've had a difficult time finding a suitable replacement via free agency.
This deal will take Boeser up to age 35, which could become an overpayment over the final couple of years. Nevertheless, he's still in his playing prime and returns to the team he never wanted to leave. It should be beneficial for the Canucks as they attempt to rebound from a disappointing 2024-25.
Grade: A-
New York Rangers Land Vladislav Gavrikov
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Two years ago, Vladislav Gavrikov signed a two-year contract extension with the Los Angeles Kings. The 6'3”, 220-pound defenseman was hoping to land a more lucrative long-term deal under a much higher salary cap.
Gavrikov didn't have to wait long to find it. Within an hour of the free-agent market opening, the New York Rangers signed the 29-year-old to a seven-year contract with an average annual value of $7 million.
A reliable all-around left-shot defenseman, Gavrikov averaged over 23 minutes per game last season with the Kings. He became the most notable defenseman on the market after Aaron Ekblad re-signed with the Florida Panthers and Ivan Provorov re-upped with the Columbus Blue Jackets.
Gavrikov is expected to skate alongside Adam Fox on the Rangers' top defense pairing. They've been retooling their roster since last season, shipping out blueliners like Jacob Trouba and Ryan Lindgren. His addition means that K'Andre Miller will also be traded to free up salary cap space.
This signing also brings some versatility to the Rangers' defense corps. Gavrikov can play either left or right defense, which gives them the option of pairing him with the second unit if needed.
Gavrikov might've received more salary with another club, but the Rangers were his primary destination. While the term is a little long, the salary-cap hit is a reasonable one for a defenseman with his skills. It also leaves them with the cap room to re-sign restricted free agent Will Cuylle.
Grade: A-
Toronto Maple Leafs Sign Mitch Marner, Trade Him To the Vegas Golden Knights
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Sportsnet's Elliotte Friedman reported the Toronto Maple Leafs pulled off a rare sign-and-trade scenario on Monday, inking right wing Mitch Marner to an eight-year contract and then shipping him to the Vegas Golden Knights.
Marner, 28, was heading to free agency on Tuesday. Rather than lose him for nothing, the Maple Leafs worked out an arrangement with the Golden Knights, signing him to a new contract with an average annual value of $12 million and trading him to Vegas in exchange for forward Nicolas Roy.
It's a nice $1.1 million raise over the $10.9 million AAV that Marner earned over the last six seasons with the Maple Leafs. On June 10, The Athletic's Dom Luszczyszyn projected his salary would be in the range of $12 million to $13 million.
An elite two-way playmaker, Marner is in the prime of his career after coming off a career-best 102-point performance. He might've received a little more elsewhere had he gone to market, but he opted for the long-term security and the opportunity to play with a contender in Vegas.
Marner provides the Golden Knights with additional offense while also helping improve their defensive game. However, they will be top-heavy with expensive forwards at the expense of their overall roster depth, especially among their checking forwards and their defense corps.
Their blue line will also take a hit with hip injuries forcing Alex Pietrangelo onto long-term injury reserve. Nevertheless, it will free up $8.8 million in cap space to put toward Marner's contract.
Grade: A-
Sam Bennett and Aaron Ekblad Re-Sign With the Florida Panthers
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Leading up to free agency, the Florida Panthers locked up two valuable core players who played key roles in their back-to-back Stanley Cup championships.
On June 27, they signed forward Sam Bennett to an eight-year, $64-million contract ($8 million average annual value). Three days later, they inked defenseman Aaron Ekblad to an eight-year, $48.8 million deal ($6.1 million AAV).
Winner of the 2025 Conn Smythe Trophy, Bennett is a versatile, agitating two-way forward whose clutch scoring played a crucial role in the Panthers' recent Cup win. Meanwhile, Ekblad has been the foundation of their blue-line corps for most of his 11-season NHL career.
Bennett's $8 million AAV is a well-deserved raise from the $4.4 million of his previous contract. The cap hit was slightly less than what Daily Faceoff's Matt Larkin had projected, while the cap hit was two years longer.
Ekblad made no secret of his wish to remain with the only NHL club he's ever played for. It was assumed he'd accept a pay cut and a shorter term from the $7.5 million AAV he earned over the previous eight years. The pay reduction was no surprise, but another eight years raised some eyebrows.
Retaining Bennett and Ekblad ensures the Panthers can remain Stanley Cup contenders over the next two or three years. However, their physical style of play will take its toll on the two 29-year-old veterans, resulting in the inevitable deterioration of their performance.
Bennett is at the peak of his career, coming off a career-best 51-point season and an impressive 15-goal postseason performance. It will likely take longer before his play starts to decline.
Meanwhile, Ekblad has been hampered by serious injuries since 2020-21, including a fractured leg and shoulder surgery. He slowed a little this season, which suggests his decline may have already begun.
Grades: A- for Bennett, B for Ekblad.
Brad Marchand to Re-Sign with the Florida Panthers
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After 16 seasons with the Boston Bruins, Brad Marchand was shipped to the Florida Panthers at the March trade deadline. It turned out to be a savvy move by the Panthers, as the 37-year-old winger tallied 10 goals and 20 points during the playoffs to help them win their second straight Stanley Cup.
With the Panthers carrying a projected $19 million in cap space and Sam Bennett and Aaron Ekblad also eligible for unrestricted free-agent status, Marchand appeared headed to the open market. Instead, the club managed to re-sign all three.
According to Sportsnet's Elliotte Friedman, Marchand was closing in on a six-year contract extension worth just under $32 million. That would put the average annual value at just over $5 million.
Marchand completed an eight-year contract with an AAV of $6.13 million. He was underpaid during most of it, but instead of seeking bigger bucks, the pesky winger opted to take less on a longer term to stay with the Stanley Cup champions.
As with the re-signings of Bennett and Ekblad, the Panthers are trying to keep their Stanley Cup window open for the next several years by retaining their core players. That might work well in the short term, but those long-term deals could be burdensome as the players age and their performances decline.
Marchand had an impressive postseason, but his production has declined over the past three seasons. He might have another two or three good years left before age and the physical grind of his long career start to take their toll, if it hasn't already started.
Defenders of this deal will suggest that the steadily rising salary cap will make it easier for teams to carry aging players on long contracts. However, at some point, they must make way for younger talent, and it will become difficult for teams to move those veterans if they're unwilling to retire.
Grade: B
Ivan Provorov Inks a Seven-Year Extension with the Columbus Blue Jackets
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The Columbus Blue Jackets began this week with two of their top-four defensemen eligible for unrestricted free-agent status. By the end of Monday, they managed to keep that group intact.
On Sunday, they re-signed Dante Fabbro to a four-year contract with an average annual value of $4.1 million. The following day, they managed to get Ivan Provorov inked to a seven-year extension worth an AAV of $8.5 million.
The 28-year-old Provorov averaged over 23 minutes of time on ice per game in 2024-25, finishing with 33 points and a plus-minus of plus-11. He was also their leader in shorthanded ice time per game (2:36).
Acquired from the Philadelphia Flyers in June 2023, Provorov was earning an AAV of $6.8 million on his previous contract. He'll be expected to play a significant role in this new deal as the Blue Jackets attempt to take the next step toward playoff contention.
However, the Blue Jackets may have overpaid Provorov. He's a good second-pairing defenseman, but the AAV is near what teams might pay for a No. 2 defenseman. Fabbri, however, fills that role alongside Zach Werenski and will be making half of what Provorov makes for nearly half as long.
Fortunately for the Blue Jackets, they have the cap space to absorb Provorov's hefty new deal for 2025-26. However, the longer this deal goes, the more costly it could become if his performance doesn't match the annual cap hit.
Grade: B-
Ryan Lindgren Ships Off to the Seattle Kraken
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The Seattle Kraken landed one of last year's top UFA free-agent defensemen, signing Brandon Montour to a seven-year contract with a $7.14 million average annual value.
This summer, the Kraken took another dip into the UFA pool for another blueliner, inking Ryan Lindgren to a four-year contract with an AAV of $4.5 million.
Unlike the puck-moving Montour, the 27-year-old Lindgren is a stay-at-home shutdown defenseman. He spent almost seven seasons with the New York Rangers, with most of that time skating on their top pairing alongside Adam Fox. The retooling Rangers traded Lindgren to the Colorado Avalanche in March.
Lindgren struggled last season with the Rangers, though the same can be said for most of his teammates during their disappointing 2024-25 campaign. However, his performance didn't improve after joining the Avalanche.
A right-shot, left-side blueliner, Lindgren will likely be paired with Montour on the Kraken's second pairing. His physical style of play has given him an injury history, and he doesn't contribute much offense, but few players work as hard as he does in his own zone.
The Montour signing was an expensive long-term deal that might not age well for Seattle. Lindgren's contract is a more affordable deal in dollars and term. If he can put last season's difficulties behind him and return to form, he could be a good addition to the Kraken's blue line.
Grade: B+
Mikael Granlund Flies to the Anaheim Ducks
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The 2024-25 season was a good one for Mikael Granlund. At 33, the versatile middle-six forward had his second straight season with at least 60 points (65). Traded by the San Jose Sharks to the Dallas Stars, he also had 10 points in 18 playoff games.
That performance improved Granlund's stock heading into free agency. He had completed a four-year contract with an average annual value of $5 million.
The rebuilding Anaheim Ducks were willing to invest in Granlund's skills and experience, signing him to a three-year contract with a $7 million AAV. He wound up with one less year, but landed a significant raise on his annual salary.
Granlund proved that he remains an effective and experienced two-way forward. He will likely end up skating on the Ducks' third line at center or on the wing, providing them with offense while helping them defensively.
The Ducks have overpaid for Granlund's services, and his performance will likely decline by the final season of this deal. However, they have the cap space to do it and it's not for very long. They will consider it money well spent if he can help them take the next step toward playoff contention.
Grade: B+
