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Two-Way Deals: 7/1/25

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As major signings come in around the NHL today with the 2025-26 league year beginning, teams are shoring up their minor-league depth as well by signing players to two-way contracts. We’re keeping track of those signings today in this article, which will be continuously updated. Deals are one year unless otherwise noted.

Boston Bruins

F Riley Tufte ($775K NHL) – Ty Anderson of 98.5 The Sports Hub
D Jonathan Aspirot ($775K NHL) – Ty Anderson of 98.5 The Sports Hub
G Luke Cavallin ($775K NHL) – Ty Anderson of 98.5 The Sports Hub

Buffalo Sabres

D Mason Geertsen ($775K NHL/$425K AHL) – Elliotte Friedman of Sportsnet // two years

Calgary Flames

D Nick Cicek ($775K NHL) – team release

Carolina Hurricanes

G Amir Miftakhov ($775K NHL/$100K AHL/$240K gt’d) – PuckPedia

Chicago Blackhawks

F Dominic Toninato ($850K NHL) – team release // two years

Colorado Avalanche

F T.J. Tynan (unknown) – team release
D Jack Ahcan (unknown) – team release
D Ronald Attard ($775K NHL/$450K AHL/$500K gt’d) – PuckPedia

Columbus Blue Jackets

F Owen Sillinger (unknown) – team release
D Christian Jaros (unknown) – team release

Dallas Stars

D Niilopekka Muhonen (unknown) – team release // three years, entry-level

Edmonton Oilers

D Riley Stillman ($775K NHL/$475K AHL) – PuckPedia // two years
G Matt Tomkins ($775K NHL/$400K AHL/$450 Y2 gt’d) – PuckPedia // two years

Florida Panthers

F Nolan Foote (unknown) – team release
F Jack Studnicka ($775K NHL/$450K AHL) – Chris Johnston of TSN/The Athletic
G Brandon Bussi ($775K NHL/$400K AHL) – PuckPedia
G Kirill Gerasimyuk (unknown) – team release // two years, entry-level

Minnesota Wild

D Ben Gleason ($800K NHL/$475K AHL) – PuckPedia

Montreal Canadiens

F Alex Belzile (unknown) – team release
D Nathan Clurman ($775K NHL/$125K AHL/$140K gt’d) – PuckPedia

New York Islanders

F Matthew Highmore (unknown) – team release
D Ethan Bear ($775K NHL/$325K AHL/$425K gt’d) – PuckPedia
D Cole McWard (unknown) – team release

Ottawa Senators

F Olle Lycksell ($775K NHL/$450K AHL/$500K gt’d) – Darren Dreger of TSN

Philadelphia Flyers

F Lane Pederson ($775K NHL/$525K AHL) – PuckPedia

San Jose Sharks

F Colin White ($775K NHL/$425K AHL/$475K gt’d) – PuckPedia

St. Louis Blues

F Matt Luff ($775K NHL/$400K AHL) – PuckPedia

Tampa Bay Lightning

F Nicholas Abruzzese (unknown) – team release
F Tristan Allard (unknown) – team release // two years, entry-level
F Boris Katchouk (unknown) – team release
D Simon Lundmark (unknown) – team release // two years
G Ryan Fanti ($775K NHL/$80K AHL) – PuckPedia

Utah Mammoth

F Kailer Yamamoto ($775K NHL/$500K AHL) – PuckPedia
D Scott Perunovich ($775K NHL/$400K AHL/$500K gt’d) – PuckPedia

Vancouver Canucks

F Joseph LaBate ($775K NHL/$350K AHL) – PuckPedia
F Mackenzie MacEachern ($775K NHL/$575K AHL) – PuckPedia // two years
D Jimmy Schuldt ($775K NHL/$500K AHL) – PuckPedia // two years

Winnipeg Jets

D Kale Clague (Unknown) – Elliotte Friedman of Sportsnet

Senators Sign Lars Eller

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The Senators announced they’ve signed center Lars Eller to a one-year deal worth $1.25MM.

Eller will once again step away from the Washington Capitals with this decision. He previously spent seven years with the club from 2016 to 2023, and filled a major role on the team’s 2018 Stanley Cup win. The Capitals traded Eller to the Colorado Avalanche for a 2025 second-round pick ahead of the 2023 Trade Deadline, though he’d only go on to play in 24 games with the Avalanche before signing with the Pittsburgh Penguins as an unrestricted free agent. Eller spent the full 2023-24 season with the Penguins, racking up 15 goals and 31 points while operating out of the team’s third-line center role. He also managed a 52.3 percent faceoff win rate that year.

He continued to win draws and provide impact away from the puck to start Pittsburgh’s 2024-25 season, but a dwindle in scoring led Eller to a mid-season trade back to the Capitals organization. Just two years after acquiring a second-round pick in return for Eller, the Capitals re-acquired him for only a 2027 third-round pick and 2025 fifth-round pick.

But his return to Washington only resulted in six goals and 15 points across 63 appearances. His intangible additions were a boost, but at 35-years-old, it was apparent that Eller was beginning to lose his stride. Still, he’s averaged 27 points per 82 games and a 52 percent faceoff percentage over the last three seasons. He’ll be a hardy, albeit slow, option to fill one of Ottawa’s bottom-two center roles.

PHR’s Gabriel Foley contributed significantly to this article.

Senators Still Hoping To Re-Sign Gaudette

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  • The Senators haven’t given up on trying to re-sign winger Adam Gaudette, notes Postmedia’s Bruce Garrioch (Twitter link). The 29-year-old wound up scoring a career-best 19 goals this past season after being an AHL regular the previous two seasons.  That has Gaudette in a position for a raise and a one-way deal; he checked in 43rd on our Top 50 UFA list.
  • At the draft, Los Angeles moved defenseman Jordan Spence to Ottawa but the Senators weren’t the only Atlantic team interested in his services. Daily Faceoff’s Jeff Marek reports that the Bruins were also in on the 24-year-old.  Spence had 28 points in 79 games this past season but had requested a trade in the hopes of finding a bigger role elsewhere.  Speculatively, had Boston landed Spence, they may not have turned around and re-signed Henri Jokiharju, who inked a three-year deal earlier today.

Senators Re-Sign Nick Cousins

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The Senators will be keeping Nick Cousins in the fold for one more year.  In a deal first reported by Lalime’s Martian on Twitter and subsequently confirmed by Postmedia’s Bruce Garrioch (Twitter link), Ottawa has signed Cousins to a one-year, $825K contract.

The 31-year-old had to wait until close to the start of training camp to get a contract last year, ultimately signing a one-year, $800K agreement with the Sens in late August.  Now, he’ll forego testing the open market and will get a small raise for doing so.

Cousins played in 50 games for Ottawa this past season while also missing more than two months with a serious knee injury that had his availability for the playoffs in question but he was able to return late in the season.  In those outings, Cousins collected six goals and nine assists along with 85 hits in a little under 12 minutes a night of playing time.  In their first-round exit to Toronto, he was held off the scoresheet in five appearances.

A veteran of 642 career NHL outings during the regular season over 11 seasons, Cousins has bounced around, seeing time with seven different organizations.  Instead of testing the market to see if he could get a bit more money, he has decided to stay put in a situation that works for both sides.

With the signing, Ottawa now has a little over $7MM in cap space, per PuckPedia.  However, with both GM Steve Staios and owner Michael Andlauer cautioning that the team doesn’t intend to spend to the Upper Limit and a possible $2.75MM in bonuses on the books for Claude Giroux’s new deal, it’s unclear how much of that cap room is spendable at the moment although, at a minimum, they’ll have to add a depth forward or two to the roster in the coming days and weeks.

Senators Sign Leevi Merilainen To One-Year Extension

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The Senators agreed to a one-year, $1.05MM contract extension with goaltender Leevi Merilainen before today’s qualifying offer deadline, the team said.

Although it doesn’t completely shut the door, the new one-way contract for Merilainen likely spells the end of Anton Forsberg’s tenure with the Senators. Still, given Merilainen’s performance in limited action past season, and with Ottawa technically saving some money on the swap, the move could work out well for the Senators.

Merilainen has had respectable seasons in the Finnish Liiga and AHL, but he truly began knocking on the door this past season. Earning the starting nod for the Senators’ AHL affiliate, the Belleville Senators, Merilainen finished the campaign with an 18-12-7 record in 37 games, a .913 SV%, 2.37 GAA, and four shutouts. Unfortunately, it wasn’t enough to backstop the baby Senators to the 2025 Calder Cup playoffs, but that was largely because Merilainen missed a handful of games when he was rostered in the NHL.

He made sure to make a statement in his NHL games, too. Impressively, Merilainen finished the season with an 8-3-1 record with Ottawa, managing a .925 SV% and 1.99 GAA, along with 7.5 Goals Saved Above Average. There is some room for pause, given that only three of those wins were against postseason-bound teams. Still, Merilainen stopped 24 out of 26 shots for a win against the Dallas Stars on January 12th, and took the Presidents’ Trophy-winning Washington Capitals to overtime after holding them scoreless through three periods.

Ottawa will likely give Merilainen every opportunity to win the backup role in training camp. If the Senators are unable to reach a new agreement with Forsberg, it would be wise for the team to consider acquiring a reliable third-string option later in the offseason. This would provide insurance in case Merilainen struggles at the beginning of the season.

Senators Sign Claude Giroux To One-Year Extension

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The Senators and pending UFA Claude Giroux are “putting the finishing touches” on an extension, Chris Johnston of TSN and The Athletic reports. The Senators have since confirmed the deal. It’s a one-year contract with a base salary of $2MM and up to an additional $2.75MM in performance bonuses, while including a no-movement clause. The full bonus structure is as follows, per PuckPedia:

20 games played: $250K
30 games played: $250K
60 games played: $250K
Playoff berth + 50 RS GP: $250K
First round win: $500K
Second round win: $250K
East Final win: $500K
Stanley Cup win (50% of GP): $500K

Giroux, while in the twilight years of his career, still could have likely landed more than a $4.75MM figure in maximum compensation on the open market, especially on a one-year deal. Instead, the 37-year-old will remain in Ottawa’s top nine forward group for another year as he looks to help guide the club to back-to-back postseason appearances for the first time since 2012 and 2013.

While his offense has been in decline for a few years now, the 18-year NHLer remains an effective secondary scoring piece. He finished fifth on the Sens in scoring last year with a 15-35–50 line in 81 games. He still saw over 18 minutes per game, a number that will presumably drop by some next season. Despite spending most of his time on the wing, he was still Ottawa’s primary faceoff taker over frequent linemate Tim Stützle and won a team-leading 600 draws with a career-best 61.5% win rate.

His return, especially at an affordable base price, gives Ottawa one less roster spot to worry about while providing them with a tad more spending flexibility this summer than they previously anticipated. They have $8.2MM in space remaining, according to PuckPedia, and no notable RFAs to re-sign. That money will presumably mostly go toward filling out their forward depth – they addressed their need for a right-shot defender yesterday by acquiring Jordan Spence from the Kings.

If he tested the market, Giroux would have been among the more desirable forward options still available, particularly after Sam Bennett’s and John Tavares’ extensions. He was No. 10 on our list of this summer’s unrestricted free agents.

Senators Acquire Jordan Spence From Kings

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The Ottawa Senators are reportedly getting close to acquiring defenseman Jordan Spence from the Los Angeles Kings, per TSN’s Bruce Garrioch. The Los Angeles Kings will receive a 2025 third-round pick – 67th-overall – and a 2026 sixth-round pick in return per Sportsnet’s Elliotte Friedman. The move has been confirmed by the Senators.

In the minutes leading up to the start of draft day two, Ottawa has pulled off yet another lucrative deal. They acquired the third-round pick moved in this deal from the Nashville Predators on Friday, as part of a package with the 23rd-overall pick to move up to Ottawa’s 21st-oveall slot. The Senators went on to select Logan Hensler at 23, landing a heavy-body and poised defender who should fit perfectly ahead of Spence in the Senators’ future lineup. That makes this acquisition of Spence all the sweeter for Ottawa. For the net cost of 21st overall and a sixth-round pick, they’ll land a top prospect in Hensler, and a high-upside puck-mover in Spence.

Spence climbed into a hardy role in the Kings lineup over the last two seasons, on the back of confident play-driving and gradual improvements to his game away from the puck. Last season marked his first full year in the NHL, and he marked it with 24 points, 12 penalty minutes, and a plus-five through 71 games played. Not to be outdone, Spence returned to the NHL full-time this year and improved his stat line to 28 points, 16 penalty minutes, and a plus-23 in 79 appearances. He’s a crafty and quick defender, though one often undercut by his 5-foot-11, 180-pound frame.

That size has kept Spence an unheralded player for much of his hockey career. He was originally drafted by the Kings in the fourth round of the 2019 NHL Draft, following a year where he scored 49 points in 68 games with the QMJHL’s Moncton Wildcats. He continued on in the QMJHL for the next two seasons, and didn’t reach point-per-game scoring until he managed 40 points in 22 games of the shortened 2020-21 campaign.

It was on the heels of that surge to scoring that Spence opted to turn pro. He played through his rookie AHL season, and fell one game short of his rookie NHL season, in the 2021-22 season. That year was marked by a productive 42 points in 46 AHL games, but just eight points in 24 NHL games. He returned for much of the same in the following year – netting 45 points in 56 AHL games but just one point in six NHL appearances.

Now, Spence seems firmly set as a routine, full-time NHL fixture. That fact made him a tough asset for the Kings to hold onto, with Drew Doughty and Brandt Clarke holding firm roles in the lineup above Spence. The Senators should be able to reward him with much more playing time – with their right-side only blocked off by Artem Zub and Nick Jensen, two options who move the puck far less than Spence. That setup could be the makings of a breakout year for the flashy defender, though just how well his all-three-zones playmaking will hold up at the NHL level is yet to be seen.

Senators Expected To Show Interest In Tanner Jeannot

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With the Kings not expected to offer winger Tanner Jeannot a new contract, he’s expected to hit the open market on Tuesday with teams looking for extra grit being likely to show interest.  It appears that the Senators will be one of those as Postmedia’s Bruce Garrioch reports that Ottawa is expected to pursue Jeannot in free agency.

Jeannot was one of the bigger surprises in the NHL back in 2021-22.  In his first full NHL season, he wound up collecting 24 goals and 17 assists along with 130 penalty minutes and 318 hits in 81 games, earning the 28-year-old a seventh-place finish in Calder Trophy voting.  All of a sudden, it looked like Nashville had a key power forward of the future in the mix.

But things didn’t go anywhere near as well the following year as his output dropped to just 14 points in 56 games.  Nonetheless, Tampa Bay still believed in him, sending the Preds draft picks in the first five rounds (including the 23rd pick last night, one that was moved in a trade-up swap) to acquire Jeannot’s services.

The change of scenery didn’t boost his scoring prowess as Jeannot had just four points in 20 games down the stretch in 2023 and then followed that up with just seven goals and seven assists in 55 outings in 2023-24.  While the physicality was still there, the offensive touch certainly wasn’t.  Needing to clear cap space last summer, the Lightning moved Jeannot and his $2.665MM contract at the draft last year for second and fourth-round picks.

Once again, the change of scenery didn’t yield an increase in production as Jeannot posted seven goals and six assists along with 89 penalty minutes and 211 hits in 67 games while logging just 11:01 per night.  As a result, he’s going to be entering the open market with teams now viewing his breakout year as the outlier, not necessarily a sign of things to come.

After that 24-goal rookie year, Jeannot has managed just 20 in the three seasons since combined, making him more of a fourth liner than an impactful middle-six piece.  As a result, he didn’t earn a spot on our Top 50 UFA list.  After playing on a bridge deal the last two seasons, it wouldn’t be surprising to see Jeannot effectively get another one as it would be difficult to see a team making a longer-term commitment to someone whose production has been so limited lately.  But with a lot of teams looking for added grit, Jeannot should nonetheless have a solid group of suitors next week with the Sens appearing to be one of them.

Nashville Predators Acquire 21st Overall Pick, Select Cameron Reid

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According to Sportsnet’s Elliotte Friedman, the Ottawa Senators have traded the 21st overall selection of the 2025 NHL Draft to the Nashville Predators for the 23rd and 67th overall picks. The Predators have selected Cameron Reid from the OHL’s Kitchener Rangers as the franchise’s newest player at the time of writing.

Reid joins the Predators’ system as a very high-floor defensive prospect, being projected right around the time of selection if not a few spots higher. He recently completed his second season with the Rangers, scoring 14 goals and 54 points in 67 games with a +39 rating.

Unfortunately, Reid looked a bit weaker in the postseason, tallying five assists in 14 postseason contests with a -5 rating. It was an identical output to last year’s postseason in four additional games.

Although he’s mostly associated with the two-way archetype, Reid’s offensive capabilities are the best part of his game. He is an exceptional skater with advanced hockey IQ for his age, and his draft stock rose this season due to his effortless joining of the rush.

In all seriousness, shot selection may be his only true weakness, which is true of most younger defensemen, anyway. If he continues his developmental trajectory, Reid should have no issue being a top-four blueliner on Nashville’s roster and finding a role on both special teams units.

Senators Notes: First-Round Pick, Forsberg, Merilainen, Søgaard

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After qualifying for the postseason for the first time since the 2016-17 season, speculation began that the Ottawa Senators could look to make a notable addition this summer to continue their winning ways. It doesn’t appear that an addition of that magnitude will be made at the draft, as General Manager Steve Staios shared on TSN 1200 that the Senators are more inclined to move down in the first round, rather than move up.

The Senators should have quality options available to them with the 21st overall pick of the 2025 NHL Draft. Still, it makes little sense to move up in this summer’s draft, which has been perceived as weaker than normal, unless they’re willing to make an offer for a top-four selection. According to PHR’s 2025 NHL Mock Draft by Gabriel Foley, the Senators are projected to select center Cole McKinney from the U.S. National Team Development Program, should they retain their pick.

As a counterpoint, the same reason it makes little sense for Ottawa to move up in the draft could be the same reason another team isn’t interested in helping them move down for additional assets. Teams may not see much discrepancy in talent from picks 20 to 32nd, giving them little reason to include additional draft picks to move up a few spots in the draft order.

Other notes from the Senators:

  • Stemming from the same interview with TSN, Bruce Garrioch reports that the Senators are interested in re-signing Anton Forsberg, but it’s not a priority. The expectation is that Forsberg will become an unrestricted free agent on July 1st and make a decision then. Forsberg is coming off a quality season as Ottawa’s backup netminder, managing an 11-12-3 season in 30 games with a .901 SV% and 2.72 GAA. AFP Analytics projects a two-year, $3.4MM contract for Forsberg, which should be feasible for a team with $10.7MM in cap space.
  • If the Senators and Forsberg can’t agree on a contract moving forward, Staios suggests he’s comfortable with Ottawa’s in-house options. Garrioch shares that the Senators would use Leevi Merilainen or Mads Søgaard as the backup next season, with a competition taking place during training camp and preseason. Both netminders played sparingly for Ottawa in the 2024-25 season, with the former maintaining a .925 SV% through 12 games. Still, Søgaard is the only one signed through next season, with Merilainen entering the summer months as a restricted free agent.

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