Winners and Losers from the First Day of 2026 NHL Free Agency

The NHL's free agent signing period officially opened on Wednesday, and while it was not an overly impressive group of players available on the unrestricted free agent market, there were still a lot of big moves made.

That included some trades, some big re-signings and contract extensions, and some big money spent on UFAs.

So let's take a look at what has happened so far on the first day and identify some early winners and losers.

Keep in mind: It is still only July 1, and there is still a lot of time remaining before the puck drops on the 2026-27 NHL season. There is still plenty of time for teams to do more and change the overall outlook of their offseason and future seasons. This is just an early progress report on what we have seen so far on day one.

Winner: Montreal Canadiens Core

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It is not just about new additions and trades on free agency day. It is also about the players you already have that are eligible for new deals. The Canadiens locked in another major piece on Wednesday by signing forward Ivan Demidov to an eight-year contract extension worth $9.15 million per season.

It is the type of deal that should age fantastically, not only due to the fact that Demidov's best days are still ahead of him, but also because the salary cap is going to continue rising in the coming seasons.

With Demidov signed, Montreal now has him, Cole Caufield, Juraj Slafkovsky, Nick Suzuki, Lane Hutson, and Noah Dobson locked in for at least the next four years, with several of them going well beyond that. None of them makes more than $10 million per season. Only two of them make more than $8.5 million per season.

That is fantastic work by Montreal management and gives them a massive advantage in building their team in the coming seasons.

It is already one of the best young core groups in the league, and all have contracts that should give Montreal the freedom and flexibility to make major additions. The Carolina Hurricanes did something similar with their core over the past few years, which eventually helped lead to a championship. Montreal has to like the path it is on right now.

Winner: Columbus Blue Jackets and Zach Werenski Figuring Things Out

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It seemed like a Zach Werenski trade was becoming inevitable this week as the relationship between the team and the player was devolving into chaos.

And then?

No chaos.

Werenski and general manager Don Waddell released joint statements on Wednesday that indicated they will be moving on together. At least for now.

Word originally surfaced around the NHL Draft that Werenski was not interested in re-signing with the Blue Jackets at the conclusion of his current deal (which has two years remaining), resulting in immediate trade speculation.

Then, on Tuesday, the Blue Jackets reportedly had a trade in place for Werenski, which he rejected by using his no-trade protections. That is where things really turned wild with the potential for real ugliness.

But cooler heads prevailed.

First, it's a big win for the Blue Jackets to keep their best player and top defenseman.

Second, it's a big win for Blue Jackets fans who have been handed punch after punch for years that their best player is sticking around for now.

Loser: Chicago doubling-down on its Bowen Byram investment

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Byram is a fine player. He can score and generate offense. There is a role for him on any team, including a good team. He will make the Chicago Blackhawks better. But how much better? And how good is he? And more importantly, is he actually as good as the Blackhawks seem to think he is?

After trading the No. 4 and No. 45 overall picks in the 2026 NHL Draft for him, the Blackhawks are doubling down on that investment by giving him an eight-year contract extension that is reportedly worth over $12 million per season.

That is not a contract you give to a defenseman you hope can add depth.

that is not something you give a player that you HOPE can turn into a top-pairing defender.

That is a contract you give to a player that you KNOW is a top-pairing defender, and will be for a very, very long time.

And what evidence is there to suggest that Byram is that player? None. He is 26 years old, has been a full-time player for more than four years, and two different teams have already moved on from him. Given how important and valuable young, top-pairing defenders are, it seems logical to assume that one of his previous teams (the Colorado Avalanche or Buffalo Sabres) would have already seen it and done everything in their power to keep him.

They didn't.

That might be oversimplifying it, but teams don't let young top-pairing defenders get away if they feel they have one.

Chicago had the right idea dealing those draft picks. They need to make progress and start actually building something competitive around Connor Bedard. The idea and the strategy is sound. But they may have simply done all of this for the wrong player. A good player, to be sure. But perhaps the wrong player for that price.

Winner: Nico Hischier's Contract Extension with New Jersey Devils

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With Hischier set to enter the final year of his contract, there was some concern as to what his future with the Devils might look like. It even prompted some trade speculation going into the offseason.

The Devils and Hischier made all that talk meaningless on Wednesday with a five-year, $58.5 million contract extension that includes an $11.7 million salary cap number.

Given the rising cap, it's a strong deal for one of the league's best two-way centers who is still in the prime of his career. It also eliminates any distraction that might have come with the team's captain being in a contract year.

Hischier averages 27 goals and 66 total points per 82 games, while also playing a strong defensive game that has seen him finish in the top-10 of the league's Selke Trophy voting three different times. That includes a runner-up season in 2022-23 and a ninth-place finish this past season.

The Devils were not going to find a better center on the open market for a better price in future seasons, and trading a player of this caliber is an extremely difficult move to win.

Loser: Toronto Maple Leafs Goalie Situation

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The Maple Leafs new front office seems determined to overhaul most of the NHL roster, eliminating as much leftover stink as possible from the Brad Treliving era. There are a lot of new faces coming in, especially as it relates to their third-and fourth-line forward situations.

It remains to be seen if they will be better, worse, or the same.

Maybe a little better defensively, a little worse offensively. That might be by design to free up the likes of Auston Matthews, William Nylander, John Tavares, and Gavin McKenna to focus on scoring and carrying the offense.

The position that is becoming the biggest risk, however, is in goal, where they have completely overhauled the position over the past few weeks.

After trading Joseph Woll to Philadelphia earlier in the offseason, they moved out Dennis Hildeby on Wednesday for forward Nick Paul and some draft picks, while also signing free agent goalie Sergei Bobrovsky to a three-year, $21 million contract.

Bobrovsky has had a Hall of Fame career, complete with multiple Vezina Trophy wins and Stanley Cups. He's a big name, with a big resume, and has been one of the most successful goalies of his era. But he is 38 years old and coming off the worst season of his career.

Are you really sure that, at this stage of his career, he is going to be better than what Woll and Hildeby could have been? And for $7 million over three years? It's a risk. It's a big risk. If it backfires, it could make pretty much everything else they did on Wednesday -- and this offseason overall -- pretty much meaningless.

Winner: The Vincent Trocheck Trade

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Not every move or trade needs to have a clear-cut winner or loser. Sometimes a trade works for both teams. And that might be the case in the long-anticipated Vincent Trocheck trade to Utah.

The Mammoth gets a very good second-or third-line center that can play tough minutes and help lock things down defensively, while the Rangers get a nice puck-moving defenseman in Sean Durzi and a young prospect in Cole Beaudoin (plus a third-round pick).

The addition of Durzi is especially intriguing given the reported move for Marcus Pettersson that is potentially in the works. Adding Durzi and Pettersson to a defense that already has Adam Fox and Vladislav Gavrikov should make it a much-improved group.

The only problem for the Rangers is that they really needed that sort of defense two or three years ago, when the rest of the forwards were better than they are now.

Utah has been a big buyer every offseason since relocating from Arizona, and that trend has continued. The Mammoth made the playoffs in 2025-26, and the addition of Trocheck should raise expectations even more going into the 2026-27 season.

Loser: San Jose Sharks Defense

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The San Jose Sharks have been getting a lot of love this offseason for the way the 2026 NHL Draft worked out for them, adding three top prospects to an already strong young talent core.

They also made another strong forward addition to kick off free agency by signing Mason Marchment to a long-term deal that isn't an outrageous overpay, given the market.

But while the forward group is coming together, the defense still needs a lot of work.

General manager Mike Grier tried to address that on Wednesday with a pair of moves, but it may have just been a couple of expensive mistakes.

The Sharks signed veteran free agent defenseman Jacob Trouba to a four-year, $33 million contract, and then acquired Darnell Nurse from the Edmonton Oilers and took on all of his remaining contract. That means for the next four years, the Sharks will be paying Trouba and Nurse a combined salary cap hit of over $17 million per season, for two defensemen on the wrong side of 30 that are already on the downswing of their careers.

They have the salary cap space to do something like that right now, but it might not be ideal in the coming seasons.

Trouba is a big-hitter and brings some serious physical punch to the group, while Nurse is ideally a solid second-pairing defender who is being paid like a first-pairing defender. There is something here with them for now, but they are paying too much for whatever it is.

The forwards are coming together.

The defense is not yet matching the excitement.

Winner: The Bargain Signings

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Not every contract on July 1 is a multi-year mega deal. Sometimes there are bargains to be had.

Some of the more notable ones from Wednesday include...

• The Los Angeles Kings are getting Mats Zuccarello on a one-year, $1 million contract. He is 39 and has missed some time in recent years, but he can still score at a top-line rate.
  
• The Detroit Red Wings signed Viktor Arvidsson to a two-year, $10 million contract. It's not going to turn the Red Wings into a contender, but he brings some speed and goal-scoring touch to a team that needs some depth at a price (or term) that carries relatively little risk.
  
• The New York Islanders signing Matias Maccelli for one-year, $2.5 million. The Maple Leafs did not tender him a qualifying offer as an RFA, allowing him to reach the open market. He's a solid, middle-six playmaker that can bring some offense to an offense-needy team.

Loser: Anaheim Ducks Defense

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It is still early in the offseason, and there is time to fix this, but so far, the Ducks have lost Jacob Trouba, John Carlson, and Radko Gudas to free agency and traded away Olen Zellweger.

Should the Ducks have paid Trouba what he got from San Jose? No way.

Were Carlson and Gudas interested in re-signing? Maybe not.

Did the defense need great improvements anyway? You better believe it.

But that is still a lot of bodies leaving that unit with nobody yet coming in to replace them, and options seem to be running low unless there is some sort of big trade on the horizon.

Winner: Nashville's Trade for Mavrik Bourque

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New Predators general manager Chris MacFarland has been making non-stop moves since taking over the job, and he made one of his most significant on Wednesday when he traded two draft picks to the Dallas Stars for Mavrik Bourque and defenseman Ilya Lybushkin.

Lybushkin was nothing more than a salary dump on Dallas' end, but Bourque was a very real offer-sheet candidate and is a good young player who might still have another level to reach with a bigger opportunity.

For the Predators to get him for a second-and third-round pick is a nice piece of business for a team that's still trying to figure out what it is and where it is going.