Winners and Losers from the 2025 NHL Offseason So Far

We've made it to mid-July, just about the time when things start to slow down in the NHL world and the insiders are safe to retreat to their cottages.

We're likely to see a few deals trickle in during the dog days, especially since no players with one year left on their contracts have signed extensions yet. But most -- if not all -- of the biggest free agent signings and trades are now done, like Mitch Marner to Vegas, Nikolaj Ehlers to the Hurricanes, and all of the Panthers to the Panthers.

Now that the dust has settled, let's take a look at the biggest winners and losers from the 2025 NHL offseason so far.

Winner: Summer of Tulsky

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Carolina Hurricanes GM Eric Tulsky

Just when you (and many teams in a similar position) thought this year's free agent market was bone dry, the Hurricanes and GM Eric Tulsky made several significant moves.

Not only did he manage to sign one of the most coveted free agents in Nikolaj Ehlers to a reasonable six-year deal with an $8.5 million AAV, but he upgraded the defense with a trade for K'Andre Miller and signed Logan Stankoven to an extension with a $6 million AAV.

The Hurricanes managed to squeeze something out of a desolate market and improve the team across the entire lineup. Plus, it feels like these deals are going to age quite well.

Loser: Whatever the Kings Are Doing

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Kings general manager Ken Holland

Every time we think the Kings are getting on the right track these past few years, they confuse us once again with the direction of the franchise.

The Kings have been outpaced by the Oilers in round one year after year, so it's baffling that they made their defense older and slower on July 1, signing Cody Ceci and Brian Dumoulin. Losing Vladislav Gavrikov on the blue line was going to sting no matter what, but following it up with these moves significantly downgrades the defense for no reason.

Something big has to change for the Kings if they're ever to get past Edmonton in the first round. Signing two aging defensemen did nothing to move a needle that desperately needs to get moving.

Loser: Whatever the Sabres Are Doing

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Bowen Byram, Tage Thompson and Rasmus Dahlin.

The Sabres were already struggling with consistency all over the lineup, including scoring. Losing JJ Peterka to Utah is going to sting, even if they filled two needs in defenseman Michael Kesselring and winger Josh Doan. 

Maybe that's just the problem when it comes to the Buffalo Sabres: It seems like they're constantly trying to plug holes in a sinking ship, stay afloat, and "fill needs" by creating new, larger problems.

There's tons of work to do in all facets of the Sabres roster, and plugging in replacement-level or slightly above replacement-level players where the roster is visibly ailing at the moment isn't the agent of change that will end their brutal playoff drought.

Winner: The Vegas Villains

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Jack Eichel and Mark Stone

No one is better at big-name trades than the Vegas Golden Knights, and their latest maneuver involved the biggest name on the free agency market. They assembled their core by trading for Jack Eichel, Mark Stone, and now Mitch Marner's name is added to that list. Their relentlessness on the trade market has kept them relevant each year the franchise has existed.

This year, they identified that they needed more dangerous scoring threats, so they went out and acquired a 100+ point winger, who is Marner. You may not like the misfits if they've snatched one of the best players on your team, but you can't deny they know how to get stuff done and improve their roster with proven players on the trade market.

Losers: All 31 NHL Teams Besides the Panthers

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Brad Marchand

Who's having a better time than the Florida Panthers right now?

Not only did they just win their second consecutive Cup, but they also won the offseason by simply extending the core players they already had. Keeping all three of Brad Marchand, Sam Bennett, and Aaron Ekblad was the latest GM Bill Zito masterclass. It also ensured -- duh -- that no other competitor could add these players who were so integral to their latest Cup to their own rosters.

In an offseason so starved for free agent options all around, just robbing your opponents of the opportunity to get better is a win in itself.

Winners: 2026 NHL Free Agents

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Kirill Kaprizov and Connor McDavid

If this year was sort of a dud on the big name free agency market, buckle up for next year.

We've got Connor McDavid, Jack Eichel, Kirill Kaprizov, Kyle Connor, Artemi Panarin, Sergei Bobrovsky and many more heading into 2025-26 on the final years of their contracts to keep an eye on all over the league.

Many of these players will likely stay with their current teams, but it's going to be interesting regardless, with the salary cap rising significantly to $104 million. There's sure to be at least a few big names testing the market and cashing in on some historic deals.

Winners: Penn State and NCAA Men's Hockey

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Gavin McKenna

Imagine we told you 15 years ago that Penn State would land the highest-profile NCAA recruit ever. You wouldn't have believed us because Penn State did not have a D1 hockey program at the time.

The landscape of college sports is changing rapidly with the introduction of the NIL, and eight months ago the NCAA voted to open up eligibility to Canadian Hockey League players. 

All of this has led to reigning CHL Player of the Year and No. 1 prospect in the 2026 NHL Draft class, Gavin McKenna, committing to Penn State on SportsCenter earlier this week.

It's a huge moment for college hockey and the Penn State program, and it'll push all developmental leagues to step it up.