Winners and Losers of the Start of NHL Free Agency

The 2017 NHL free-agency period has looked a little different from what we usually see.

Maybe it's the lack of high-octane superstars who have opted to explore unrestricted free agency. Maybe teams have learned to maximize their bargaining power during that five-day discussion window before the signing period begins annually on July 1.

A virtually flat salary cap that's set at $75 million for next season certainly doesn't offer general managers a lot of room to dish out those big-money, long-term deals that have been the headline-makers in past years.

Last July, we saw six- and seven-year, big-money contracts signed by Kyle Okposo, Milan Lucic, Andrew Ladd, Loui Eriksson and Frans Nielsen. This year, the longest deal that was given out to an unrestricted free agent was a five-year contract for defenseman Karl Alzner with the Montreal Canadiens.

Teams held back on dollars as well as term, keeping most of their signings below the $5 million threshold.

In this altered landscape, here's a look at the winners and losers from NHL free agency so far in 2017.

Winners: Bought-Out Players

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As teams struggle to build winning rosters in a period where salary-cap increases are minimal, buyouts are being used more and more often to wipe bad contracts off the books.

Players who are bought out aren't necessarily finished in the NHL. On Saturday, we saw a rash of them sign new deals.

Here's the breakdown of players who were only unemployed for a few days—some for only a few hours. Between their buyouts and their new contracts, they'll be just fine.

• Dan Girardi, 33, will receive $3 million in signing bonuses plus two-thirds of the additional $10 million he was owed by the New York Rangers, spread over the next six years. He signed a two-year contract worth $6 million with the Tampa Bay Lightning on Saturday.
• Mike Cammalleri, 35, will receive two-thirds of the $10 million he was owed by the New Jersey Devils, spread over the next four years. He signed a new one-year contract worth $1 million with the Los Angeles Kings on Saturday.
• Benoit Pouliot, 30, will receive two-thirds of the $8 million he was owed by the Edmonton Oilers, spread over the next four years. He signed a one-year contract worth $1.15 million with the Buffalo Sabres on Saturday.
• Scott Hartnell, 35, will receive two-thirds of the $7.5 million he was owed by the Columbus Blue Jackets, spread over the next four years. He signed a one-year contract worth $1 million with the Nashville Predators on Saturday.
• Antti Niemi, 33, will receive two-thirds of the $4.5 million he was owed by the Dallas Stars, spread over the next two years. He signed a one-year contract worth $700,000 with the Pittsburgh Penguins on Saturday.
• Lance Bouma, 27, will receive two-thirds of the $2.3 million he was owed by the Calgary Flames, spread over the next two years. He signed a one-year contract worth $1 million with the Chicago Blackhawks on Saturday.
• Ryan Murphy, 24, will receive one-third of the $875,000 he was owed by the Calgary Flames, who traded for him on June 29 before buying him out. The money will be spread over the next two years. On Saturday, Murphy signed a one-year contract worth $700,000 with the Minnesota Wild.

Losers: The 40-Something Club

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As the NHL gets faster and more skilled, the small cap hits attached to entry-level contracts become increasingly valuable in the structure of each team's roster. That makes it more and more difficult for the league's greybeards to find work. 

The NHL's conditions on contracts for players above age 35 also make it tough for older players to secure multiyear deals. Per CapFriendly, cap hits for 35-plus players basically stay on the books no matter what—teams can't shuffle them onto long-term injured reserve or earn any meaningful cap savings by executing a buyout.

Though he turns 38 in September, Patrick Marleau bucked the trend when he got the three-year deal he was after from the Toronto Maple Leafs on Sunday, at a hefty cap hit of $6.25 million per season, according to Kristen Shilton of TSN.

Most of the other members of this year's 35-plus club have had to settle for one- or two-year contracts—and no player over 40 has inked a new deal as of Sunday evening.

That group is led by Jaromir Jagr, 45, who did not receive an offer from the Florida Panthers after two-and-a-bit seasons in the Sunshine State, according to Harvey Fialkov of the Florida Sun-Sentinel. As Fialkov mentions, "Jagr (has) said he would like to play until he's 50."

Shane Doan, 40, is also looking for a new home after being cut loose by the Arizona Coyotes, and Jarome Iginla, who turned 40 Saturday, could be angling to take one last run at a Stanley Cup.

If the old guard doesn't find a place to land in the NHL, don't be surprised if these veterans form the core of some very experienced Olympic teams heading into next February's event in South Korea.

Winner: Nostalgia

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Who say you can't go home again?

Starting with Brandon Saad's return to the Chicago Blackhawks in his trade on June 23, a long list of NHLers are headed back to familiar turf next season, rejoining teams where they had early success.

We've already mentioned bought-out players Mike Cammalleri and Scott Hartnell. Their returns to the Los Angeles Kings and Nashville Predators, respectively, take them back to the teams that drafted them.

Justin Williams also returns to the Carolina Hurricanes on a two-year deal, 12 years after winning a Stanley Cup with the team in 2006. Meanwhile, Patrick Sharp joins Saad and will take a crack at winning his fourth Cup in Chicago on a one-year deal with a reported average annual value of $1 million.

More typically, a trend of free agency sees players sign with franchises closest to their childhood homes. Kevin Shattenkirk left money and term on the table to sign with the New York Rangers, while Evanston, Illinois, native Tommy Wingels joined the Chicago Blackhawks, and Burnaby, British Columbia's Patrick Wiercioch signed with the Vancouver Canucks.

Losers: Matt Duchene and the Colorado Avalanche

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With every day that passes, it seems more and more unlikely that the Colorado Avalanche are going to earn the return they covet if they trade one of their star players, forward Matt Duchene.

For months, the word has been that general manager Joe Sakic wants a young, established top-four defenseman as the key piece coming back in any Duchene trade. Adrian Dater of BSN Denver reiterated that demand on Saturday.

The Avs didn't fare well in the drawn-out saga of Ryan O'Reilly. In June 2015, Sakic finally pulled the trigger on a deal with the Buffalo Sabres, but the center he received in return, Mikhail Grigorenko, didn't receive a qualifying offer last week and defenseman Nikita Zadorov continues to struggle to establish himself at the NHL level.

The Nashville Predators and Columbus Blue Jackets are the two teams still frequently linked to Duchene, but Nashville's acquisition of Nick Bonino on Saturday may have dimmed their interest in a Duchene deal. 

If Sakic waits too long, there may not be any suitable landing spots remaining for Duchene this summer.

Winners: Non-Playoff Goaltenders

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On Saturday, a long list of netminders coming off less than great seasons signed with new teams. All parties are hoping that new surroundings will deliver better results.

Steve Mason leaves Philadelphia to challenge Connor Hellebuyck for the starter's job with the Winnipeg Jets, while outgoing Jets netminder Ondrej Pavelec will back up Henrik Lundqvist with the New York Rangers.

That opening was created when Antti Raanta was traded to the Arizona Coyotes. He was replacing Mike Smith, who had been dealt to the Calgary Flames.

Leaving Calgary was Brian Elliott, who will slide into Mason's old job in Philly.

Got all that? 

Elsewhere, Ryan Miller will get a chance to get back into the playoff picture after three years in Vancouver now that he's backing up John Gibson with the Anaheim Ducks. Jonathan Bernier moves from Anaheim to Colorado after the Avalanche lost Calvin Pickard to Vegas in the expansion draft. Anders Nilsson leaves Buffalo to take Miller's place with the Canucks, and Nilsson's old job will be filled by Chad Johnson—returning to the Sabres after a year in Calgary with the Flames.

In addition, Antti Niemi recovered from being bought out by Dallas by signing on as the new Pittsburgh Penguins backup.

Of the eight high-profile UFA goaltenders who signed new deals on Saturday, Mason scored the biggest payday—two years at a cap hit of $4.1 million per season. Elliott, Bernier, Johnson, Nilsson and Miller also cracked the $2 million mark.

It makes sense for teams that miss the playoffs to want to shake up their netminding, but it's a bit of a head-scratcher to see how many general managers seem to think their teams' fortunes in net will change if they bring in a displaced goalie from another non-playoff team.

It comes down to supply and demand—there are only so many skilled goaltenders to go around. Even the ones without recent playoff success have pulled some pretty solid paycheques for next season.

Loser: Metropolitan Division

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In 2016-17, the Metropolitan Division was the class of the National Hockey League. The Washington Capitals finished out the year with their second straight Presidents' Trophy, and the Metro placed three teams in the top four spots in the NHL standings, with the Pittsburgh Penguins and Columbus Blue Jackets close behind the Capitals.

After the expansion draft and free agency, it looks like the Metro's top squads will have a tough time hanging onto their standing in the 2017-18 season.

The Capitals were able to retain impending unrestricted free agent T.J. Oshie and re-sign valuable RFAs Evgeny Kuznetsov and Dmitry Orlov, but they'll go into next season without forwards Justin Williams and Marcus Johansson as well as defensemen Karl Alzner, Nate Schmidt and trade-deadline acquisition Kevin Shattenkirk.

The Stanley Cup-winning Penguins retained defenseman Justin Schultz but have been forced to part ways with forwards Nick Bonino and Chris Kunitz as well as blueliners Ron Hainsey and Trevor Daley and goaltender Marc-Andre Fleury.

The Blue Jackets have remade their roster by bringing in Artemi Panarin in place of Brandon Saad but have also said goodbye to Sam Gagner, Scott Hartnell and William Karlsson.

Expect to see the balance of power shift around the league next season now that the salary cap has forced some Metro talent to spread out to other teams.

Winner: T.J. Oshie

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Perhaps if T.J. Oshie had decided to test the open market on Saturday, he could have bucked this year's trend toward shorter contracts and, for the most part, more moderate overall cap hits.

As it turns out, it looks like he and his agent read the lay of the land correctly when they opted to re-up with Washington on an eight-year deal with a cap hit of $5.75 million per season.

That $46 million deal easily eclipses the total value of any contract signed by an unrestricted free agent since Saturday. Karl Alzner received the longest term at five years, Kevin Shattenkirk collected the highest dollar value at $26.6 million, and Joe Thornton earned the biggest cap hit at $8 million, but for only one season.

Rather than getting into bidding wars over UFAs, a number of teams have opted to spend their money on locking in new contracts for their current roster players. Some are restricted free agents this year, like Evgeny Kuznetsov (eight years, $62.4 million). Others are being signed to contract extensions before hitting UFA status in 2018, like Carey Price (eight years, $84 million).

The five-day discussion period before the opening of free agency has helped temper the bidding wars that used to erupt in the early hours of July 1. Teams now have more power to act strategically and set boundaries for their offers.

By re-signing with Washington on June 23, Oshie deprived himself of the opportunity to see what other options may have come his way. Now that we've seen how free agency has played out, it seems highly unlikely that his loyalty to the Capitals caused him to leave any money on the table.

Losers: Alexander Radulov, Andrei Markov and the Montreal Canadiens

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Have Alexander Radulov and Andrei Markov overplayed their hand with the Montreal Canadiens?

The two Russians were important parts of the Habs lineup last season. Radulov tied for third on the team with 18 goals, while Markov was second to Shea Weber in points by a defenseman with 36, including 12 points on the power play.

The pair were also among Montreal's highest-paid players in 2016-17, with matching cap hits of $5.75 million. They're both said to be looking for even more money on their next deals.

On June 22, Pierre LeBrun of TSN reported that Radulov, 30, was seeking a six-year deal at $7 million per season. On Thursday, Renaud Lavoie of TVA cited a request of $6 million per season for two years by Markov, 38.

Only a couple of UFA-eligible players have signed deals in those ranges this year—Oshie's agreement with Washington, and Patrick Marleau's rich contract with Toronto. Radulov and Markov have watched their bargaining power shrink while Montreal general manager Marc Bergevin has busied himself with other tasks—including bringing in Karl Alzner and signing Carey Price to a massive contract extension.

On Sunday, Bergevin told said in a press conference that "if I comply to their demands, it is impossible to bring back both." He turned up the heat by saying that he would like to bring both Radulov and Markov back, but with his team's cap structure, the situation is "first come, first served."

If Bergevin won't budge, Radulov and Markov can take some time to see if another team will come closer to meeting their asking prices. The risk for each player? His share of the Montreal budget might no longer be available if he ultimately decides to circle back and agree to Bergevin's terms.

Bergevin's taking a risk, too. If both players end up signing elsewhere, that creates two substantial holes in the Canadiens lineup next season.

All stats courtesy of NHL.com. Contract and salary-cap information from CapFriendly.