Devon Toews

This year’s free agent class was underwhelming. There’s no disrespect intended here to players like Alex Killorn, Dmitry Orlov and Vladimir Tarasenko. However, we’ve grown accustomed to at least one true star being available on the market every year – at least a top-ten player at their position. But a flurry of extensions took some potential game-breakers, such as Boston Bruins sniper David Pastrnak off the market, limiting the amount of star power available.

With the salary cap finally expected to jump significantly by about $4MM next offseason, some NHL general managers will undoubtedly look to spend that extra cash on a shiny new toy on the UFA market. As 2023 is mainly in the rearview mirror, let’s take a look at some of the best players slated to hit the open market next summer, whether or not they may extend, and offer some way-too-early contract projections in the process:

F Auston Matthews (Toronto Maple Leafs) – The unquestionable crown jewel of the 2024 free agent class might also be one of the least likely to hit the market. Matthews is more than just a superstar – he’s a season removed from back-to-back Rocket Richard Trophies, he’s led the league in even-strength goals in four out of his seven NHL seasons, and he’s coming off a “down season” in which he still managed 40 goals despite a career-low 12.2 shooting percentage. Toronto is still plugging away at an extension with Matthews, a process that was surely elongated by a change at the GM position earlier this offseason. While multiple reports suggested it likely won’t be a long-term deal to keep Matthews in Toronto, seeing his name available for anyone to pursue next July would be shocking.

Extension Likelihood: Very Likely
Projected Contract: Five years, $62MM ($12.4MM AAV)

F William Nylander (Toronto Maple Leafs) – Another star in Canada’s largest city is also headed for the open market next season. Nylander is coming off a strong season with a career-high 40 goals and 87 points, but multiple reports indicate contract talks are currently at an impasse between the two sides. The Swedish winger reportedly wants an eight-figure cap hit on his next deal, one he’s increasingly unlikely to receive after sub-$10MM extensions for players like the Carolina Hurricanes’ Sebastian Aho. He will be in his prime at 28 years old next summer, though, and he currently holds the undisputed title of the best pure winger slated to hit the market. Given the slated cap increase, Nylander may be able to garner the money he desires elsewhere if Toronto isn’t willing to fork over another eight-figure deal.

Extension Likelihood: Somewhat Unlikely
Projected Contract: Seven years, $70MM ($10MM AAV)

F Steven Stamkos (Tampa Bay Lightning) – Including Stamkos on this list seems like more of a formality than anything else. The captain of back-to-back Stanley Cup championship teams in Tampa and likely to go down as the greatest player in franchise history when he retires, it’s nearly impossible to imagine him wearing another jersey. Barring an unforeseen breakdown in communication, Stamkos will be re-upping with the Bolts on what could potentially be the final contract of his NHL career as he enters his mid-30s. After yet another point-per-game season, Stamkos will undoubtedly be sticking around in Tampa as long as they’ll have him, likely at a slight discount to help them replenish their depth reserves.

Extension Likelihood: Very Likely
Projected Contract: Four years, $31.5MM ($7.875MM AAV)

F Jake Guentzel (Pittsburgh Penguins) – The Penguins have exhibited a strong tendency toward keeping the band together in recent seasons, but it’s a trend that may change under the front-office leadership of Kyle Dubas. Still, it’s hard to imagine the Penguins won’t field a competitive offer to keep Guentzel in the fold. He’s been one of the most successful and consistent linemates to Sidney Crosby in the entire illustrious career of the future Hall-of-Famer, he’s a two-time 40-goal scorer, and he’s an incredibly clutch playoff performer. While contract extension talks haven’t begun between the two parties yet, reporting indicates the Penguins’ core shares the public’s view of Guentzel and would like to keep him around.

Extension Likelihood: Likely
Projected Contract: Eight years, $75MM ($9.375MM AAV)

F Mark Scheifele (Winnipeg Jets) – The first of two Jets on this list hasn’t been in trade rumors quite as much as his netminding counterpart, but there’s still a very good chance Scheifele is sporting a different jersey by the 2024 trade deadline. Speculation has immediately run rampant about Scheifele as a stop-gap fix down the middle for the Boston Bruins, who are without their number-one center after captain Patrice Bergeron announced his retirement last week. There are plenty of question marks about how highly Scheifele is actually valued around the league, given his significant defensive lapses, but he’s consistently produced the offense you’d want out of a number-one center. Despite scoring a career-high 42 goals last season, 2022-23 was actually Scheifele’s first campaign falling short of a point per game since 2015-16, when he was just 22 years old.

Extension Likelihood: Unlikely
Projected Contract: Seven years, $66MM ($9.4MM AAV)

D Devon Toews (Colorado Avalanche) – Toews may be the most unheralded defenseman in the league thanks to his partner, Cale Makar. On almost any other team, Toews would be a legitimate number-one defender with very few holes in his game. Little has been made of his impending free agency, but he’ll be due a major raise on his current bargain-bin $4.1MM cap hit. Combined with the potential loss of captain Gabriel Landeskog‘s LTIR relief should he return to play in 2024-25, it could be incredibly difficult for Colorado to retain him even with the cap going up. Not only does Toews consistently rank among having some of the best defensive impacts in the league, but he’s also coming off back-to-back 50-point campaigns and has finished top-15 in Norris voting during each of his three seasons in Colorado.

Extension Likelihood: 50/50
Projected Contract: Seven years, $61MM ($8.7MM AAV)

D Brandon Montour (Florida Panthers) – A pair of prominent Panthers defenders are up for UFA status next season in Montour and Gustav Forsling, but Montour’s the one we’ll cover more in-depth here after he led the Panthers’ defense in playoff scoring with eight goals and 13 points in 21 games despite playing through a shoulder injury which will cost him the beginning of the 2023-24 campaign. His stock has never been higher after exploding for 73 points in 80 regular season games, along with a career-high 107 penalty minutes. While he’s still a rather one-dimensional player and likely to be somewhat of a liability defensively, he’s finally shown legitimate top-pair ability at 29 years old. Committing any term to Montour as a UFA may be a case of buyer beware, however, as his track record is far from consistent.

Extension Likelihood: Somewhat Unlikely
Projected Contract: Four years, $26MM ($6.5MM AAV)

G Connor Hellebuyck (Winnipeg Jets) – It seemed very unlikely a few months ago that Hellebuyck would be on this list today. While there’s no chance he’ll be signing an extension with the Jets, a trade followed by an extension with a new team seemed rather likely this offseason. However, some outlandish financial demands from Hellebuyck’s camp dried up trade interest, and there hasn’t been a lot of movement on that front lately. While small, the possibility that Hellebuyck lands on the open market next season seems to be increasing without a trade or extension any closer to fruition.

Extension Likelihood: Very Unlikely
Projected Contract: Seven years, $61.25MM ($8.75MM AAV)

Photos courtesy of USA Today Sports Images.