Winners and Losers of the 2026 NHL Offseason So Far
We are officially entering the dead of the offseason, with the draft and the start of free agency in the rearview.
In an offseason like this, with plenty of player-vs.-team stalemates and fewer blockbuster free-agent signings, things are sure to pop up one by one throughout the summer. But as for league-wide action, it's probably safe to head to the cottage and turn the WiFi off for a bit.
And just before you were ready to disconnect, the Red Wings announced Wednesday morning that they've parted ways with longtime GM and franchise legend Steve Yzerman after nearly a decade of failure to make the playoffs. This will surely keep us on our toes as we await what's next in the Dylan Larkin saga.
As we wait for the details to unfold in Detroit,ย here are the winners and losers of the 2026 NHL offseason so far.
Winner: Leo Carlsson
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It's hard to find anyone in the world, let alone anyone in the hockey world, who is more of a "winner" than Leo Carlsson this offseason.
As we're all aware by now, the Ducksย matched theย Flyers' record-setting offer sheet for the 21-year-old center last week. The five-year, $90 million deal carrying an $18 million AAV makes Carlsson the NHL's highest-paid player.
Carlsson had been negotiating with the Ducks to no avail, and this contract's AAV is ~$3 million higher than the figure his reported ask that the Ducks initially turned down.
Look, the deal made negotiations for the team around him more difficult, starting with the current Cutter Gauthier deal that needs to get done.
It also puts some pressure on Carlsson to have a monster season. But a little pressure isn't always a bad thing, especially when it comes with a sweet signing bonus.
Loser: The Red Wings
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Nothing quite tells you you're "losing" the offseason like firing your franchise legend of a GM after nearly a decade of stagnation and failure to make the playoffs.
This offseason has been a mess for the Red Wings, and things got messier -- but likely better in the long run -- as they announced the firing of GM Steve Yzerman on Wednesday morning.
Let's take a look at the conundrum he found himself in that the next GM will inherit.
The Red Wings' signing of Viktor Arvidsson was solid, but they've been quiet beyond that this offseason -- despite their desperation to return to the playoffs -- for a reason.
They can't do much of anything until their current situation gets sorted out. The "situation?" Oh yeah, it's just that their captain, first-line center, and face of the franchise for nearly a decade, Dylan Larkin, wants out with five more seasons left on his contract.
This is such a gigantic bummer for Red Wings fans. First off, they either lose Larkin or keep him, knowing his heart's not in it, which would've been bad enough. The holdup here has pretty much prevented Yzerman from making timely moves that could help build the Red Wings up in the post-Larkin era. If we're being real, though, that was never his strong suit.
There's no need to jump into a trade that would yield anything but the perfect return for Larkin, just because he requested one. But now things are going to be awkward and sour as his time with the Red Wings comes to an end, no matter what.
Perhaps the firing of Yzerman changes Larkin's feelings on staying a Red Wing? We'll have to stay tuned.
Winners: The Capitals
3 of 7Some speculated that the slew of big moves the Capitals made at the opening of free agency meant that Alex Ovechkin would not be returning for 2026-27. When you really think about it, though, the moves they made, including acquiring Jordan Kyrou and Alex Tuch, onlyย reallyย made sense if Ovechkin was indeed returning.
Kyrou and Tuch are two of the best forwards in the NHL right now. If the Caps were going to focus on the future without Ovechkin, they'd still be great additions to the team, but their age and contracts indicate a more "win now" type deal. Free agent signings Boone Jenner and Vincent Desharnais put even more emphasis on the "win now."
So, the Caps improved their roster, anticipating a return to the playoffs next year, and whaddayaknowit Alex Ovechkin shortly re-signed to a one-year contract.
The Capitals are going to be a team to watch next year, especially with a healthy Logan Thompson in net.
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Loser: The Seattle Kraken
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It hurts, perhaps more than anticipated, to watch a generally stagnant team that makes generally conservative front-office moves actually swing for the fences and miss.
The Kraken reportedly offered 40-goal scorer and Stars star Jason Robertson an extension to the tune of an eight-year deal carrying a ~$15 million AAV. Robertson declined to be traded to make the deal happen.
You can't blame Robertson for wanting to stay with or land with a contender, especially when he's been playing playoff hockey his entire career. It just would've been such a win on the Kraken side of things, and he would've fit in perfectly with the vision they've long needed two or three more elite players to execute.
You'd love to see Seattle take another swing this offseason and not just admit defeat after that, because it was genuinely encouraging to see them in the mix. They've made a few good moves this offseason beyond the Robertson fail, like acquiring Mackie Samoskevich and acquiring forward Bobby McMann with a six-year extension. They're just still searching for that signature move, and the signature piece of the puzzle that brings it all together.
Winner: The Edmonton Oilers?!?
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Sometimes, after years of frustration with a team's decisions, the team surprises you one offseason in what feels like the snap of a finger.
The hiring of Mike Babcock as head coach is questionable at best, given his lack of recent league experience and the fact that the most recent experience on his resume is his departure as Blue Jackets head coach before the 2023-24 season even started.
The roster moves themselves, though, show greater urgency and a clearer understanding of what's at stake as Connor McDavid's bridge deal begins.
They finally shed defenseman Darnell Nurse's nightmare of a contract, sending him to the Sharks in exchange for defensemen Shakir Mukhamadullin and Zack Sharp, opening up critical salary cap flexibility. They also addressed their goaltending situation, signing reigning Cup champion goalie Freddie Andersen to a one-year deal and adding Devon Levi for potential depth.
The Oilers had more of an offseason than usual to rest, given their first-round exit, so some time away from grueling playoff hockey and some moves that free them up come the trade deadline and actually address their need in net could put them right back into contention next season.
Losers: Zach Werenski and the Columbus Blue Jackets
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In yet another player-vs.-team dispute, at least one side usually comes out on top. But it feels like both the Blue Jackets and Zach Werenski lost when he reportedly informed Columbus that he would not be returning at the end of his contract in two seasons.
If you thought, "Hey, that was nice of him to give the team a heads up so they could get things moving on the trade front," you and the Blue Jackets' front office thought the same thing. They had a blockbuster with the Stars, including Werenski, who figured out that until Werenski vetoed that and clarified that he didn't want to leave just yet.
So now, the fanbase is aware that Werenski wants to eventually leave, but not at the peak of his value, post-Norris Trophy and Olympic Gold.
After that news broke, top scorer Kirill Marchenko also informed the Blue Jackets that he wouldn't be returning at the end of his contract. He becomes an RFA at the end of next season.
A whole lot of informing is going on here! As important as this era of players exerting more power is, maybe someone could inform Werenski and Marchenko that they could turn this Blue Jackets team into a playoff team with a few more good games at the end of the season.
Winner: Apparently, Tom Dundon and His Family
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If you somehow missed it, apparently, no one is winning this offseason more than Tom Dundon's kids.
It was revealed last week that each of their names was etched onto the Stanley Cup, an event that sparked much debate-- and even more memes.
Look, we're not here to make fun of children, and yes, this isn't the first time some ownership family members have been controversially etched onto the Stanley Cup.
But if you're going to put your kids on the Stanley Cup like it's one of those stick-figure family bumper stickers, we're allowed to laugh at the absurdity, at the very least.
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