Hot Take-aways From the First Day of 2026 NHL Free Agency
Well, folks, the first day of 2026 NHL free agency is officially behind us, and it was much more entertaining than many of us anticipated.
Cup-winning goalies were on the move, defensemen young and old got paid, and tons of interesting moves -- via trade and free agent signings -- were made.
Plus, we've still got some burning questions as the week keeps rolling: Will the Blue Jackets hang on to Zach Werenski after his heartfelt statement? Will Dylan Larkin show up to Red Wings training camp, business as usual?
Here are some hot take-aways from an eventful first day of the 2026 NHL free agency period.
The Sharks Bulk Up on Defense
1 of 5
The Sharks were apparently on a mission to acquire veteran defensemen to round out their young core, and boy, did they accomplish that mission.
They inked 32-year-old Jacob Trouba to a handsome contract with a four-year term and an $8.25 million average annual value.
On one hand: The cap is rising, the term is appropriate, the Sharks have the wiggle room on the roster and in their cap space, and Trouba is still a serviceable defenseman who can eat big minutes. On the other hand, his game took a significant step back last season, and as he gets older, it's a big risk to bank on the possibility that he'll return to form from several years ago.
The Sharks also landed Darnell Nurse in a trade with the Oilers in exchange for defenseman Shakir Mukhamadullin and prospect forward Zack Sharp.
Nurse is currently signed to an eight-year, $74 million contract with a cap hit of $9.25 million per season that expires after the 2029-30 season, meaning he's got three more seasons at this generous cap hit. Nurse has had his fair share of gleaming moments, but the criticism around him in Edmonton has been more about both the length, cap space, and lack of trade flexibility in his contract. It'll be tough for the Sharks to get out of this three-year commitment, but that's less of a risk than the Oilers took when signing him for the full eight years in 2021.
The Sharks were just four points out of the Stanley Cup playoffs this past season, and much of their improvement needed to come from more experienced players and a well-rounded team. They also added winger Mason Marchment on a five-year, $33.75 million contract ($6.75 million AAV), which was a solid investment.
The Sharks made the blue line sturdier while losing virtually nothing except cap space. Given the terms of the contracts, it was a relatively low-risk first day of free agency for a team with some wiggle room, even though they might've overpaid.
Are the Caps Loading Up for Ovi's Last Dance ... Or Are They Getting Ready for Life Without Him?
2 of 5
You can look at the Caps' slew of interesting first-day moves through two lenses: Either they are putting together a squad to complement Alex Ovechkin's last season, or they are stocking up to prepare for life without the greatest goal-scorer of all time.
It all started last week, when Washington sneakily won the pre-free-agency draft week that felt more like a trade deadline. They snagged Jordan Kyrou from St. Louis, then they maneuvered a sign-and-trade with Buffalo to acquire impending UFA Alex Tuch.
These two alone completely upgrade the team that was seeking more of a finishing touch, even with Ovechkin in the mix. On the first day of free agency, they signed a trio of veterans: center Boone Jenner from Columbus, right-handed defensemen Vincent Desharnais from San Jose, and Justin Holl from St. Louis.
Personally, I'm team "Ovi's coming back" based on my own speculation: I would've thought there'd be more fanfare if last season was his "last dance," plus it ended on a sour note, plus the Caps have added veterans and scoring instead of opting to go younger and build up.
We will see!
The Kings Have (Somehow) Gotten Older
3 of 5
The team and management crew that always seems a few steps behind the eight-ball just refuses to dispel that reputation.
On the first day of free agency, Kings GM Ken Holland signed four players, and their average age is 34. Erik Haula is 35. Corey Perry is 41. Mats Zuccarello was actually a solid snag at a bargain for LA, but he is still 38-going-on-39. Scott Laughton, extended for three more years, is 32.
What am I missing here? The Kings played the Avalanche close in certain periods despite getting swept in the first round, but ultimately their lack of speed and finesse caught up to them in each game. Wouldn't the team look at that and think, let's get a bit faster and younger? Alas...
The Big Trade Sagas Haven't Been Settled Yet
4 of 5
Feeling a bit empty now that the puck has been lifted, the draft has come and gone, and the first day of free agency is behind us? Fear not, the name of the big-name game is now trades, and there's still plenty for teams to figure out ahead of next season.
It looks like Zach Werenski is off the trade market (for now) after a few dramatic days in Columbus. Both sides issued statements on Wednesday saying it was all good and that Werenski is committed to staying with the Blue Jackets.
GM Don Waddell's statement explains that Werenski, with two years left on his contract, "indicated that he wasn't sure what the future would hold with regard to staying with the club or possibly moving on."
"During those discussions, we talked about me exploring opportunities to move him now and we all agreed that if there was a deal to be made, I would bring it to him," Waddell went on. "We found something that would work for the club and took it to him. After some time and discussions with his family, Zach informed us that he didn't want to leave Columbus."
As for Dylan Larkin, the Red Wings captain requested a trade out of Detroit about a month ago, but remains very much in Detroit on the second day of free agency. Awkward! Not only does this situation create unease for everyone involved, but it also restricts the Red Wings from making many changes in free agency with so much uncertainty around the first-line center position.
To be fair to Larkin, the Red Wings' perpetual reluctance to change much of anything, even when they can, is pretty much why he asked for the trade in the first place.
Red Wings GM Steve Yzerman has now addressed the situation, and it seems like he is in no rush to complete Larkin's request, so he might stay in Detroit no matter how awkward it is. But it's hard to believe that's in the team's best interest, so we'll keep an eye on this all summer.
Finally, will all-class goaltender Connor Hellebuyck remain a Jet? Winnipeg signed Stuart Skinner at a $3.75 million AAV for two years, which is a solid deal. Skinner has been both a backup and a starter, which of course adds to the intrigue around Hellebuyck. Are the Jets gearing up for a Hellebuyck departure, are they bolstering their goaltending depth, or are they bracing for all of the uncertainty?
The Rangers Make Significant Changes, But Are They Actually Better?
5 of 5
The Rangers are never not in motion these days, as they work to complete a seemingly endless retooling full of notes-app apologies and confusing expectations. This time, though, it feels like maybe there's a light at the end of the tunnel after a genuinely productive start to free agency.
They'd already acquired clutch forward Pavel Dorofeyev from Vegas in exchange for a 2026 first-round pick last week. Then they made out well in the draft, selecting gigantic defenseman Alberts Smits at No. 5. On the first day of free agency, they picked up right where they left off with seven total moves in one day.
The additions: Goaltender Joonas Korpisalo, forwards Oliver Bjorkstrand, Cole Beaudoin, and Joe Veleno, defensemen Sean Durzi, Marcus Pettersson, and Marc Del Gaizo, and three draft picks.
The subtractions: Two draft picks, center Vincent Trocheck, defenseman Will Borgen, and forward prospect Kalle Vaisanen.
The team appears significantly better off than it was at the end of last season, but the reason it needed to improve in the first place was largely due to front-office blunders. Perhaps the Rangers can truly use this slew of moves as a clean slate and start to remove themselves from the mistakes of years past.
.jpg?w=480 "NHL Trade Grades")
.png?w=600 "Latest Free-Agency Moves ✍️")