5 Storylines to Watch Ahead of 2026 NHL Free Agency

We checked off the first major box of the NHL offseason this past weekend with the 2026 NHL Draft.

Gavin McKenna is officially a Toronto Maple Leaf.

Some big trades were made.

All 32 teams picked players that they believe will be future stars in the league.

Now things turn to the more immediate, short-term outlook on Wednesday with the start of the 2026 Free Agency signing period.

It is probably one of the weaker free agent classes we have seen in recent memory, which could create some chaos with a rising salary cap and teams needing to spend money on somebody.

It could also open the door for other types of transactions.

So let's take a look at five big storylines to watch ahead of the start of the 2026 Free Agency signing period.

Who Is the Best Player Available?

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Every year it seems like the free agent market gets worse and worse as teams work hard to prevent their best players from reaching the open market. But even last year had players like Mitch Marner and Nikolaj Ehlers as potential options.

There's nobody even close to that level this season in terms of talent, age or production.

Alex Tuch and Darren Raddysh were going to be the biggest names available as of a week ago, but both players saw their free agent rights get traded to new teams (Raddysh to the Toronto Maple Leafs; Tuch to the Washington Capitals) and sign new long-term deals.

With those two players off the market, that probably leaves veteran defenseman John Carlson.

But his free agent rights were traded to the Carolina Hurricanes over the weekend, creating the possibility that HE gets signed before things open on July 1.

If he does get signed who becomes the top player?

If you go by goals scored this past season, it is Anthony Mantha (33 with the Pittsburgh Penguins).

If you go by total points, it is a tie between Mantha and Alex Ovechkin (64), and Ovechkin is realistically only an option for one team.

Does a soon-to-be 32-year-old Anthony Mantha coming off a career season excite you? Does that get you fired up to throw a big-money contract at him? It probably shouldn't.

Beyond him you have a bunch of big names that have had big careers, but are very much near the end of them. Mats Zuccarello is still productive, but he's about to be 39 years old. Anders Lee and Claude Giroux might still have some game, but they are in their late 30s. Patrick Kane can still score on the power play, but he's a liability defensively and during 5-on-5 play. Viktor Arvidsson is still pretty good and coming off a nice season with the Boston Bruins, but "pretty good" and coming off a nice season is a recipe for a contract that you immediately hate and want a mulligan on.

There are some useful players here. There are some players that might have roles on good teams, and important roles. There are just not a lot of them, and there are a lot of players that will probably be questionable investments.

The Trade Market and How It Unfolds

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If there is one thing that can come from a weak free agent class it is an increase in the trade market. This is where teams might be finding their biggest impact talents.

We have already seen big player movement over the past two weeks with Brady Tkachuk, Mackie Samoskevich, Jordan Kyrou, JJ Peterka, Pavel Dorofeyev, Mason McTavish, Simon Nemec, Willam Eklund, Bowen Byram, Valeri Nichushkin and Ross Colton change teams.

There will almost certainly be more, including some potentially big names.

• The Detroit Red Wings are still working on figuring out what to do with captain Dylan Larkin following his trade request.
• Jason Robertson is a restricted free agent and could potentially be on the move if he and the Dallas Stars can not work out a contract.
• Zach Werenski and Kirill Marchenko are not interested in re-signing with the Columbus Blue Jackets, which could push the team to make a move now.
• Do the Winnipeg Jets move superstar goalie Connor Hellebuyck?
• Will the New York Rangers still trade Vincent Trocheck after acquiring Dorofeyev?
• Are the Toronto Maple Leafs really willing to trade Matthew Knies? What about veteran defenseman Morgan Rielly?
• Where is Edmonton Oilers defenseman Darnell Nurse going to go, and what does that potential trade actually look like?
• Do the Carolina Hurricanes move Alexander Nikishin, especially if they are able to get John Carlson signed?

Those are just some of the big names potentially on the board. There is always the chance that somebody completely off the radar gets moved, especially as teams are swimming in salary cap space.

Is There an Offer Sheet to Be Had?

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We try to talk ourselves into this every offseason, and it rarely, if ever happens.

But if there were ever an offseason for it to happen, this would almost certainly be the one. The environment is perfect for it.

You have a weak unrestricted free agent class. Teams have more money to spend and can go above and beyond on an offer that might not be matched. You also have teams realizing that future first-round picks are not as valuable as previously thought and are not afraid to trade them in bunches for players. If you're one of the teams interested in trading for Jason Robertson and see yourself as a contender for the next few years with him, is it worth the potential of giving up four future first-round picks?

If Brady Tkachuk is worth three first-rounders, and if Simon Nemec and Mason McTavish are worth two, why isn't Robertson worth more? Especially when he is the superior player?

We have seen a little more restricted free agent action in recent years, and have actually seen a few successful ones, and it is a trend that should be continuing.

That is where the talent is, and it has been an underutilized path for far too long. Be bold. Be aggressive.

What Sort of Market Is There for Patrik Laine?

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Laine might be one of the most fascinating players in an otherwise uninspiring market.

He is not without his risks. Injuries have significantly limited him throughout the bulk of his career, and he is a very one-dimensional player. But he is still only 28 years old, and he is still very good at that one dimension (scoring goals) when he is on the ice.

He has still scored at a 30-goal pace over 82 games over the past few years, and he is eligible for an incentive-laden contract.

He could be a potential low-risk, high-reward option for a contender that needs a goal-scorer and doesn't have a lot of salary cap space to utilize, or for a team that is looking to find a reclamation project scorer that it might be able to pump up and trade at the deadline. Anthony Mantha found some serious success for the Pittsburgh Penguins on a similar contract a year ago, scoring 33 goals. Is it really a stretch to imagine Laine doing something similar with a fresh start and a healthier season?

What Is Alex Ovechkin Going to Decide?

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Technically speaking Ovechkin is an unrestricted free agent. But even with that, it's pretty much a foregone conclusion that he is only playing for the Washington Capitals this season.

If he plays.

Ovechkin has yet to make up his mind about his plans for the 2026-27 season, and retirement is still very much on the table.

The Capitals have made big moves this offseason to get Jordan Kyrou and Alex Tuch to add some serious goal-scoring to their lineup, and they might be loading up to try and give Ovechkin another run at the playoffs and a potential championship before he does decide to retire.

Even though the Capitals missed the playoffs during the 2025-26 season they were significantly better than their record indicated, and there was a lot of bad luck in that result. They have already made themselves dramatically better this offseason, and that has to be at least be somewhat enticing for Ovechkin.

He may not be a top player at this stage of his career, but he is still the NHL's all-time goal-scoring leader, the best goal-scorer that has ever played, and he can still score 30 goals just by showing up. Until he makes a decision it is going to be at least something of a storyline in the NHL.