Salary Cap Deep Dive: Florida Panthers
Navigating the salary cap is one of the most important tasks for a front office. Teams that can avoid total cap chaos by walking the tightrope of inking players to deals that match their value (or compensate for future value without breaking the bank) remain successful. Those who don’t often see struggles and front office changes.
PHR will look at every NHL team and give a thorough look at their cap situation for the 2025-26 season. This will focus more on players who are regulars on the roster versus those who may find themselves shuttling between the AHL and NHL. All cap figures are courtesy of PuckPedia. We’re currently covering the Atlantic Division, next up are the Panthers.
Florida Panthers
Current Cap Hit: $103,050,261 (above the $95.5MM Upper Limit)
Entry-Level Contracts
None who are on the active roster on a full-time basis.
Signed Through 2025-26, Non-Entry-Level
D Uvis Balinskis ($850K, UFA)
G Sergei Bobrovsky ($10MM, UFA)
F A.J. Greer ($850K, UFA)
F Noah Gregor ($775K, UFA)
F Luke Kunin ($775K, UFA)
F Tomas Nosek ($775K, UFA)
D Jeff Petry ($775K, UFA)
F Mackie Samoskevich ($775K, RFA)
D Donovan Sebrango ($775K, RFA)
F Cole Schwindt ($825K, UFA)
G Daniil Tarasov ($1.05MM, UFA)
Potential Bonuses
Petry: $250K
Greer has found a nice role in Florida, setting a career high offensively last season while more than doubling his career high in hits as well. This season, he’s off to an even better start. Given his role and Florida’s top-heavy salary structure though, they may not be able to afford to keep him if his price tag pushes towards the $1.5MM mark. Schwindt was a waiver claim from Vegas last month but played sparingly (before being injured earlier this month) after being in and out of the lineup last season. Unless his role changes considerably, he’s probably going to be capped at the league minimum on his next deal. Realistically, the same can be said for any of Nosek, Kunin, and Gregor.
However, Samoskevich is a much different situation. He accepted a one-way deal this past summer, taking less than his qualifying offer to get the guaranteed salary. In doing so, he’s setting himself up to have salary arbitration rights next summer. If he plays the middle-six role he currently has all season and beats his 31 points from a year ago, he should easily triple this price tag at a minimum; quadrupling it isn’t unrealistic if he has a big second half.
Balinskis performed well last season in his first full year on the third pairing and is being deployed similarly in the early going this year. As is the case with Greer, he’d need to stay around the minimum to stay in Florida while his market value might be more in the $1.5MM range.
Petry had a tough year with Detroit last season which certainly hurt his market. At 37, he’s best served as a third pairing or depth defender and this price tag reflects that. He has four $50K bonuses tied to games played that are achievable if he stays healthy while the other $50K is dependent on a Stanley Cup victory. There’s a good chance he stays near the minimum if he keeps playing beyond this season. Sebrango was claimed off waivers with Florida dealing with injuries. He’s just looking to get established as an NHL regular at this point but his arbitration eligibility could work against him if Florida thinks that filing for a hearing could push him into seven figures, a risk they might not want to take as he should also stay at the minimum.
There were times in this contract that Bobrovsky’s contract looked like a complete anchor on the books. However, he has become a bit more consistent in recent years and when Florida traded Spencer Knight at the trade deadline last season, it suggested that their plan is to stick with Bobrovsky beyond this deal as they don’t have anyone else in their system that’s ready. He’ll be entering his age-38 season in 2026-27 so a long-term deal isn’t likely. However, a two-year pact could be doable, one that might land closer to half this amount. Alternatively, if they were to go with a one-year offer, he’d be eligible for performance incentives which could give Florida some shorter-term wiggle room next season.
Tarasov had a rough year in Columbus, ultimately finishing as the third-string goaltender and getting moved for cheap in the summer. If he can re-establish himself to the level he was at in 2023-24, he could make a case to land closer to $1.75MM or so on his next contract although that’s a price tag Florida likely can’t afford.
Signed Through 2026-27
F Jesper Boqvist ($1.5MM, UFA)
F Eetu Luostarinen ($3MM, UFA)
F Evan Rodrigues ($3MM, UFA)
Free agency hasn’t been kind to Rodrigues which helped explain why he signed a four-year deal for this price tag, a contract that had a chance to become team-friendly pretty quickly. So far, so good on that front. As a player who consistently passes 30 points and can play down the middle in a pinch, he should be able to land something in the $4MM range on his next contract.
Luostarinen has been a player who has produced a point total in the 20s in three of the last four seasons. The production he had last playoffs (19 points in 23 games) was the outlier but for the most part, he has been a third liner making third-line money. With his production generally being more limited, he might not be able to land as much as Rodrigues next time out. Boqvist signed this deal near the trade deadline last season and he might have done better than he would have on the open market where he didn’t have a lot of luck in 2024. As a fourth liner with a bit of versatility, his value should hover somewhere around this mark two years from now.
Signed Through 2027-28
F Jonah Gadjovich ($775K in 2025-26, $905K after)
D Dmitry Kulikov ($1.15MM, UFA)
Gadjovich hasn’t played a lot since joining Florida in 2023 but he has been a serviceable fourth liner who fits the physical style they want to play. As a 13th forward in an ideal situation, keeping him at just over the minimum salary starting next season isn’t a bad deal for them.
The fact Kulikov received a four-year deal last summer was a surprise but he also left a fair bit of money on the table had he opted to go with shorter-term contracts. The end result is that he gets a bit of security while the Panthers get a bargain deal for someone who, when healthy (which he currently isn’t), is still a pretty dependable third-pairing defenseman at this point.
PHR Mailbag: Atlantic Division, Rangers, Kadri, Cooper, Binnington
Topics in this edition of the PHR Mailbag include a look around the Atlantic Division, the potential for the Flames to trade Nazem Kadri, and more. If your question doesn’t appear here, check back in last weekend’s column while we’ll have one more mailbag from our last call for questions as well.
PyramidHeadcrab: Let’s do a mini Atlantic lightning round:
- Buffalo is floundering at the bottom of the East again, and bafflingly looking at offloading another top pick. How short of a leash does Kevyn Adams and the rest of the front office have at this point?
- Toronto sans Marner has been a clown show. How much of this is thanks to Stolarz regressing, and how much is due to broader roster management?
- Who’s on the rise and who’s declining in Montreal?
- Does Ottawa find the next gear and lock in a playoff spot?
- What’s the timeline on Barkov and Tkachuk returning in Florida? And if they recover in time, do we see another Cup Final run despite the below-average season thus far?
- Anyone else surprised at how Tampa continues to be competitive so consistently?
- When does Boston “blow up the team”?
- Detroit has fallen off a cliff in recent weeks–do they recover and push for a playoff spot, or extend the drought?
Let’s get right into it with some rapid-fire answers.
1) It looks like a pretty short leash with open speculation that the team is starting to talk about a potential change. Whether that’s just promoting Jarmo Kekalainen when he’s able to return from a personal leave or going external needs to be seen. But if ownership has decided that it’s time to make a change, they’re better off making it instead of dragging this out any longer.
2) It seems pretty clear to me that Anthony Stolarz was trying to play through something and the fact his return timeline keeps getting pushed back tells me it was something pretty significant. But yes, poor goaltending at the start of the season hurt them. But quietly, they’re scoring at a slightly higher rate than last year (3.3 goals per game versus 3.26 last season) and Joseph Woll – when healthy – gave them good enough goaltending to get back into the mix. Some of their moves this summer haven’t panned out which isn’t great but they’re in better shape than it might seem at first glance.
3) I’ve been really impressed by Oliver Kapanen this season. On the bubble to make the roster out of training camp, he has come in and exceeded expectations to the point of being tied for the lead in rookie goals. That hasn’t solved the second-line center problem but it’s bought them time. He and Ivan Demidov have shown some promising chemistry early on. On the decline is their goaltending. A decent tandem last season, Sam Montembeault and Jakub Dobes (despite a 6-0 start) have fallen off the proverbial cliff. It’s impressive that the Canadiens are still right in the thick of it in spite of their goaltending.
4) It’s surprising that Ottawa hasn’t picked it up since Brady Tkachuk’s return although they’re still a good week away from probably being in a Wild Card spot. I had them as a playoff team going into the season and I still think they do get there. Linus Ullmark has been a little better lately but if he can even get close to the form he’s capable of being, they should be fine.
5) Aleksander Barkov is done for the regular season with the team eventually needing to make a call on if he could be ready late in the playoffs or if he lands on season-ending LTIR. Matthew Tkachuk has been skating for a couple of weeks now but there’s no firm timeline for a return beyond that he should be good to go in the Olympics. I don’t want to write them off entirely but with the injuries they have and the fatigue of two long playoff runs, them getting back there again this season would surprise me.
6) The fact that Tampa Bay is consistently strong isn’t too shocking given their core talent and coach (more on him shortly). That they’re this good this year with a long list of injuries is particularly impressive though.
7) Considering the Bruins are exceeding expectations, I don’t think they’d be looking at blowing things up. If anything, it wouldn’t surprise me if GM Don Sweeney sees this as evidence that his approach to the summer was correct and they’re on the right track. That isn’t to say that pending UFAs like Viktor Arvidsson and Andrew Peeke won’t be moved if they’re out of contention in early March but any subtraction would be more limited compared to last season.
8) I think the drought gets extended (and I say this as they’re in a playoff spot). I liked the John Gibson pickup but he hasn’t panned out as planned as goaltending remains a big sore spot. The offense has been improved so far but it wouldn’t shock me to see that regress as the season goes on. I could easily be wrong with how tight the division is but I don’t think this group is quite good enough to really make a run.
Schwa: NYR plans with the Fox injury? How would you play rank the following scenarios in terms of likeliness…
– Let Morrow take the PP1 and hope internal options will get by.
– Drury gets aggressive and mortgages the future to try and save another season stuck in the middle.
– Long-term focused move – maybe something like trading for Mintyukov. Could you see the Ducks being interested in Othmann plus a piece?
Also, a long-term focused idea… could you see Drury trying to move Panarin early – either for someone more long-term focused or for picks and see what Perreault can do?
We know the Rangers are looking to see if there are any affordable options to bolster their firepower on the back end. Of course, with them not having much in the way of non-LTIR cap room available (when everyone is healthy), their options are pretty limited so I’m not sure they’ll have a ton of success there. They’ve tried option one a bit already without a lot of success. I think option three (long-term focused) is the likelier of the remaining two as with the struggles they’ve had at times, it’s hard to see GM Chris Drury think that this is the time to push in some trade chips.
With Pavel Mintyukov’s situation, I think back to a former Ranger in Nils Lundkvist. A youngster with some perceived potential that consistently seems to be on the borderline on the depth chart although Mintyukov has still been in the lineup more regularly than Lundkvist was in New York. The return for Lundkvist was a first-round pick and a fourth-round selection. Yes, Brennan Othmann was a first-round pick but I don’t think he holds that type of value now. He’d be more of the secondary inclusion at this point and that’s a price the Rangers don’t need to be paying.
As for the potential of moving Artemi Panarin early, it depends on the standings. If New York is in the thick of the playoff hunt, it’s harder to see them moving him and punting on the season. But if they slide a little further in the standings and the best-case scenario becomes squeaking into a Wild Card spot, then yes, I do think Drury will at least investigate the options. If Panarin isn’t willing to take a team-friendly extension (which appears to be what the Rangers are offering), then it would make sense to move him earlier with retention and maximize a trade return with a future asset (either a top pick or strong prospect) coming their way. It’s too early to make that call but if they keep underachieving, I do think that will be on the table.
@RobG64: Will Kadri get traded?
I know the question doesn’t say should but I’m going to comment on that first. He should be moved. The worst thing that happened to Calgary last season was Dustin Wolf dragging them so close to a playoff spot that the Flames think they’re close. I know they’ve been a bit better as of late but they’re not close to a playoff spot and further away from contending. Nazem Kadri is 35 years old and isn’t going to be part of the core group (or at least as impactful) by the time they get to that next level. So, from a logic standpoint, he absolutely should be moved.
But you asked will he be moved. That, I’m not so sure about. As long as management in Calgary believes that a playoff berth is reasonably within reach, they’re probably going to want to keep him as making the postseason would be easier with him than without. On the other hand, their hand is going to get forced sooner or later with pending UFA defenseman Rasmus Andersson as they won’t want to risk losing him for nothing on the open market. (Or at least they shouldn’t want that.) So maybe when Andersson goes, they reassess on Kadri.
If I’m handicapping it, I wouldn’t go higher than a 60% chance that Kadri gets moved. The Flames should get several substantial offers for his services in a market that doesn’t have many sellers and has a lot of buyers looking for centers. The situation is there for them to get a premium return but I don’t sense their willingness to take it is as it as it probably should be.
FeeltheThunder: Do you think Jon Cooper should be a major contender for the Jack Adams Award this season? Why he hasn’t won it in the past is borderline asinine. He’s taken a Tampa team that surprisingly stumbled out of the gate in early October to start the season and was at the bottom of the Eastern Conference and then by late October changed gears. They go on a win streak and continued it through the majority of November going 11-3 and that is in spite of countless injuries to key players during it. Much more, Tampa’s depth has proven to be significant as this looks like the deepest they’ve been in a few years. What do you think of Cooper’s chances?
While the Lightning have been perhaps a bit streakier than they’d like this season, on the whole, it’s hard not to be impressed. Despite a litany of injuries (many of which have been to their top players), they have been at or near the top of the Atlantic Division. If you’d have said to me that they’d be there despite having six of their top seven scorers missing time along with Andrei Vasilevskiy, I’d have had a hard time believing that. Should he be a contender as things stand? Absolutely.
Will he be one? I’m not as confident in saying that. A lot of years, voters have leaned toward the coach of a team that has taken a big jump in the standings and really exceeded expectations. That’s not Tampa Bay. They’re a steady contender which is a big compliment to Cooper and the job he’s done but doesn’t necessarily earn him much support in a one-year award.
Off-hand, there are a couple of teams that fit the usual criteria of being a big improver and surprising in the standings. One is in the division in Boston’s Marco Sturm. Few had them as a playoff team and they’re right up there with the Lightning. Meanwhile, there was an expectation that Anaheim would be better but they’ve been atop the Pacific a lot early on this season which should push some support to Joel Quenneville. There’s lots of time for the potential contenders to change but as of today, Cooper’s streak likely continues.
vincent k. mcmahon: Does Jordan Binnington eventually get moved to the Oilers (with all the rumors surrounding a potential trade) or barring a huge turnaround he doesn’t get moved?
Assuming he were to be traded, would the return be S. Skinner and picks to St. Louis?
One of the great things with the mailbags is that we get enough questions to break them into multiple columns. The challenge is picking which ones are safe to push back. It often works out well but sometimes, well, this happens and kills the question before I have a chance to really answer it.
Clearly, the answer is now a trade to Edmonton isn’t happening. Honestly, I don’t think it would have anyway, just because of Binnington’s $6MM AAV. Yes, it’s only $625K higher than Tristan Jarry’s but the hoops the Oilers are jumping through money-wise to stay cap-compliant are significant as it is with three players on LTIR. That small difference in cap charge might have been enough for them to need to move another player or two out to create the savings to absorb Binnington’s extra cost.
I don’t get the sense that there’s a great trade market out there for Binnington at the moment. Yes, there are teams looking for goaltending help but right now, how much of a help would he be? With a save percentage of just .869, he’s already near the bottom of the league so teams aren’t looking at him and thinking he’s a sure-fire upgrade. They can hope he could be but fitting that money in plus whatever the acquisition cost is likely going to be too much grief for another team to justify right now.
Photo courtesy of David Gonzales-USA TODAY Sports.
PHR Mailbag: Standings, Hot Seat Coaches, Sleeper Trade Candidate, Blues, Murphy, Lightning, Siegenthaler
Topics in this edition of the PHR Mailbag include why we might have to wait a while for a coaching change, possible trade frameworks for a pair of Blues veterans, and much more. If your question doesn’t appear here, check back in one of our next two mailbag columns.
letsgonats: At the 1/4 point, which NHL playoff teams from last year will not make it? The East, in particular, is so pinched together that it looks like three or four teams will be fighting for a spot on the last game of the season.
Also, how likely are the Capitals to figure out their power play? They are dominating 5×5 but anemic on the power play?
For playoff teams from last season missing this year, I could see Montreal slipping out. Yes, their goaltending should turn around but they’re also scoring at an unsustainable rate. Between that and several key injuries, it wouldn’t shock me if they go from just make to just miss. I’m not ready to write off Toronto just yet but it’s heading in that direction, especially if they can’t get both goalies healthy at the same time which was a huge part of their success a year ago. Florida’s trending that way as well but they’ve earned the benefit of the doubt this early. And with the East being so close, all of this could change depending on what types of injuries we see over the next few months. That’s the biggest wild card of them all.
In the West, I have a hard time seeing St. Louis getting out of its tailspin. This feels like a year where they decide to move a couple of veterans and do a quick reset. Edmonton’s out right now but at some point, they’re going to get going. Winnipeg is out and could be in some trouble if they don’t start treading water soon until Connor Hellebuyck returns but it’s too early to predict they won’t bounce back; they’ve earned a longer leash.
As for Washington’s power play, it’s around 2% below the league average this season. That’s not great by any stretch but with how it was last season (23.5%) with largely the same personnel, I think there’s a good chance it rebounds to at least league-average level. That’s still going to come in a few percent below where they were a year ago but if they’re around the middle of the pack, that’s at least a step up from where they are now.
mister noons: Who do you have finishing bottom two in each conference?
As of this asking the bottom five in the West are WPG, STL, NAS, CGY, VAN. In the East, it is DET, OTT, TOR, FLA, BUF.
For the West, I think Calgary is going to be there. Without Dustin Wolf dragging them to competitiveness, we’re now seeing the roster we thought we’d see a year ago, one that has some pieces but isn’t good enough. And with Rasmus Andersson looking like a safe bet to move, it’s probably going to get weaker. Right now, Nashville would have to be my other pick. I thought they’d be at least a bit better this season but they’re still near the bottom. And if they move out some veterans, it could get a bit worse. If St. Louis winds up selling more than I think they might, they could get into the mix as well.
The East is much harder to predict considering the bottom seems to change every few days. I want the answer to not be Buffalo just because that team needs to get going at some point but they can’t win away from home and seem to be stuck in a perpetual rut. They’re at least a safe pick. As I just noted, I can’t rule out Toronto and Florida from being playoff teams and there aren’t any pushovers in the Metropolitan this season which is rather surprising. There are some red flags with Detroit that make me think they could slip in the second half and given how tight the standings are, that might be enough to drop them to the bottom two. But I’m not very confident in that answer.
Gbear: Which Head Coach gets fired first (my pick is well known)?
If Nashville was going to make a move to try to save the season, I suspect they’d have done it already. Things aren’t going well in Buffalo but at this point, they’ll just let the season run out and let Lindy Ruff’s coaching contract expire as originally planned (and then probably shuffle him into a new role). Vancouver and Seattle aren’t doing much but have new head coaches so they’re not making changes so quickly. It’s rough in Calgary but Ryan Huska was extended not that long ago which buys him more time.
Where am I going with this? I wouldn’t be shocked if the first coaching firing came from a team with playoff expectations that doesn’t want to fall too far out of the race. If Edmonton doesn’t get going soon, Kris Knoblauch could be unfairly let go to try to shake things up without shaking up the roster. It would take some time to get to that point though. The other one that comes to mind is Jim Hiller and I write that as they’re in a playoff spot and a recent denial that they’re considering a change. But it’s a soft grip at best on a postseason position and GM Ken Holland didn’t hire him for the role. If the Kings falter over the next little while, that’s one that wouldn’t surprise me even though he’s done a decent job.
I don’t expect to see a lot of in-season firings. So many teams have changed coaches in the last 24 months which isn’t much of a shelf life for a coach. Owners don’t want to be paying a bunch of coaches not to coach so I expect we’ll see more patience, especially with the standings being tighter than usual.
lgr34561: Are there any players you think will be traded before the deadline that people are sleeping on?
If I could simply say ‘I don’t know’ here, this would be a time for me to use it. There is part of me that expects the trade market to not materialize much as the playoff salary cap is probably going to cut down on in-season swaps. With teams not really getting time to plan their rosters accordingly, this could be a quiet year. On the other hand, the level of parity could increase the number of buyers or teams willing to make ‘hockey trades’ in which case things would open up considerably and we could have a few deals that come out of nowhere.
But that’s not a fun answer so I’ll take a stab at a sleeper trade candidate. Two years ago, Kent Johnson struggled, leading some to wonder about his future in Columbus. He signed a bridge deal and then had a breakout 57-point effort last season. However, he has really struggled out of the gate this year and some of those questions are back. But Johnson has shown enough to be appealing to some teams. The fact he has a center background (though he hasn’t played there lately) only helps his value. If there are ‘hockey trades’ coming where it’s an even swap of young core players, I could see Johnson being a viable candidate to be moved.
Gmm8811: If the Blues move on from Schenn or Faulk, what do you think a reasonable return for each would be? I’d prefer draft picks. Do they have to retain any money? Armstrong usually doesn’t like to do that.
Let’s answer these out of order. I don’t think St. Louis has to retain on either player in a trade. Brayden Schenn is a veteran center with enough of a track record to command a significant trade market and if the Blues are willing to take a player or two back to offset money short-term, that would work. Justin Faulk’s market probably won’t be as strong but with one less year left on his contract (he’s only signed through 2026-27), I think there are teams that would take on the full deal, as long as they could send a player or two back again.
However, while GM Doug Armstrong may not like to retain, the trade returns will undoubtedly be better if he did. That will have to be factored into the equation; is the extra value of the return worth the extra dead cap space? It wouldn’t shock me if it was.
As to what a return would look like, I know Schenn’s having a down year but I still think it starts with a first-round pick. The demand for centers is sky-high and that’s great news for the Blues. Last year, the believed ask was that plus two strong prospects including a high-end one. I don’t think that’s necessarily viable now but a first, a key prospect, and a young roster player (or one who is near-ready) could be doable. If St. Louis sells, I don’t see them embarking on a full-scale rebuild so the young roster player could very well be a crucial element of the return. If they have to take a more expensive player back to match money, that could ultimately expand the package a bit with the Blues adding a mid-round pick or equivalent asset.
With Faulk, a lot is dependent on if they retain or not. To stick with the premise of the question, I’ll take the no answer. In that case, the return St. Louis paid for Cam Fowler (a second and a prospect while also getting a fourth back) might be a reasonable equivalent while, again, possibly also taking someone back to balance the money. I’m not sure retaining would land them a first but it would probably give them a big boost in the caliber of the prospect coming back to them.
PHR Mailbag: Wild, Sharks, Third Lines, Goaltending Moves, Draft
Topics in this edition of the PHR Mailbag include San Jose’s rebuild, speculating about teams that could make a goalie move, and more. If your question doesn’t appear here, check back in last weekend’s column.
Zakis: How does the Wild figure out 5-on-5 scoring?
A lot of it is just going to be patience. They’ve been hovering around a shooting percentage of five at full strength this season. That’s bound to improve on its own as even bad teams are closer to seven at the end of a year.
There are a couple of ways to improve scoring at five-on-five and neither of them are easy. The first is upgrading their playmaking, especially down the middle. GM Bill Guerin has been trying to do that for years without much success. (He’s hardly the only one who has struggled in this regard either.) That’s going to be tough to do in-season.
The other is play with more tempo and try to generate more odd-man rush chances. The problem is that Minnesota isn’t particularly young and a lot of their veterans aren’t known as high-end skaters. Beyond Kirill Kaprizov’s line, they’re built to play a little slower. That might work in the playoffs when the checking and whistles are tighter but in the regular season, it’s bit trickier. Ideally, prospects like Danila Yurov and Liam Ohgren playing their way into bigger roles would help but that, again, takes patience. But in terms of short-term fixes, I don’t see a viable way for them to significantly change their fortunes on that front and that’s why they’re going to be viewed as more of a bubble team than a contender.
PyramidHeadcrab: It’s looking like Sharks fans are going to have to strap in for another rough season.
We know the Sharks have been building top-shelf assets (Celebrini, Askarov, Misa, Graf, et al), but how long do complete rebuilds like this typically last?
In watching their first few games, I am seeing a team that is completely disorganized, with players being consistently out of position – Celebrini making a tremendous play with no one in position to receive a pass, for instance. There’s the cliche of “veterans mentioning The Youth™” but experienced players like Klingberg, Kurashev, and Goodrow are consistently playing poorly.
At what point do you know if the plan is working, and when do the stars typically align for a team like this to turn the corner on being successful?
And as a brief addendum – the lack of a net-crashing power forward to kite attention from the opposing D is glaring; is there anyone in the Sharks system that could fill this role eventually? Are there any top prospects for the ’26 draft that could fit this bill?
There aren’t a lot of examples of the ‘burn it to the ground and build back slowly’ rebuild to compare to here. These types of undertakings haven’t gained a lot of popularity until the last decade or so. Sure, there have been rebuilds with an eye on them taking a few years but few have been to quite this extent.
The best option I can think of is the one that’s still ongoing in Utah. I remember reading something a few years ago about how long he envisioned his rebuild being and it was something like eight or ten years for the full process to take place. He mentioned last year in an interview with KSL Sports (video link) that competing for a playoff spot in the fifth season was a realistic target.
So, where are the Sharks in this? While they’ve missed the postseason in six straight years, it was really only the 2023-24 season where they got serious about it. Erik Karlsson went that offseason, Tomas Hertl at the deadline, and some youngsters (William Eklund and Fabian Zetterlund) got big minutes. You could argue 2022-23 was the start when Timo Meier moved but that was done late in the year. Basically, they’re around the halfway mark before that ‘playoffs in five years’ goal. With the pieces they’re collecting, I think they’re on the right track and I could see them getting there at the back end of that timeframe.
As I’ve noted before, scouting is not my forte so I could be wrong on this but from what I have seen with some of their top prospects, I don’t really see someone who can be that type of player, at least consistently. Looking at the top of this year’s class, Ethan Belchetz might fit the bill but as is always the case with power forward prospects, there’s a difference between being that type of player in junior versus being that type of player in the NHL.
At this point of the rebuild, the focus is asset acquisition and getting as many pieces in place as possible. Once that first wave of prospects is established, then they could start to get a little pickier or use some later-round picks on more aggressive boom/bust selections to try to find a certain type of player that they lack in their system. I’d say they’re getting closer to that part and it wouldn’t shock me to see them try to address that.
PyramidHeadcrab: I’m legitimately confused at how Barclay Goodrow hasn’t been bought out yet. The only way that makes sense is a) it’s a verbal promise to be like, “sorry for screwing you over”, or b) they REALLY want to keep those retention slots open.
But in that case, why not bury him in the A and just eat the contract? Like it’s a real head-scratcher for me.
I don’t think it’s the first option. While San Jose is likely operating with some respect befitting a longer-term veteran, if they felt they had to get him off the roster, they’d probably do it. There might be a bit of validity to Option B. They only have one salary retention slot available to them. That’s not just for this season but 2026-27 as well with Karlsson signed until then. The other one doesn’t unlock until after the 2029-30 campaign. Adding Goodrow – who is also signed through 2026-27 – to the mix means they’re out of retention options until July 2027. That’s not ideal. I’d be saving that one for the trade deadline, potentially for Alexander Wennberg to maximize the return for him.
When the Sharks orchestrated the waiver claim situation to ensure they got him around 15 months ago, they knew (or reasonably ought to have known) that his best on-ice days were behind him. I don’t think they brought him in thinking that he’d give the bottom six a big boost (mind you, they were probably hoping he’d be at least a little better than this). I suspect he was viewed as more of a character addition. In essence, that cliched mentoring idea you mentioned in the initial question.
If they think they need a roster spot, he’s someone who would safely clear waivers if it came to that. He’d still probably come back after the trade deadline when there isn’t a roster maximum though. This could be something they look at in the summer though. They wouldn’t save a ton of money on a buyout since a decent chunk of his salary is in a signing bonus but if he’s done all he can do for them, I could see them buying him out to give him a chance to try to catch on elsewhere, likely for the league minimum. But for now, I expect he’ll stay up for the rest of the season.
frozenaquatic: Thanks again for putting these together! The last six Cup winners have had depth in common, running out four lines that grind down opponents. I know bottom sixes are deployed differently (and also are more easily shuffled–though the best bottom sixes have chemistry and identity), but they’re usually a combo of grit and timely tertiary scoring. In your view, who has the most effective 3rd line in the league to start 2025? What’s the worst 3rd line on a supposed contender? Would you say Taylor Hall’s 4th line is the best? Who has the weakest 4th line?
Speaking of how quickly lines can be shuffled, Hall now finds himself in the top six in Carolina so he’s technically out of the equation for now. And best is in the eye of the beholder. If you’re looking squarely at results, the answer could be one way. If you’re looking at overall effectiveness (or maybe trying to quantify it using Expected Goals), it’s going to be a different answer.
Colorado’s third line is a bit of an odd mishmash of players but it seems to be working. Ross Colton has been there for a while now while Jack Drury came in early last season. They both have some defensive skills but their linemate, Victor Olofsson, is more of an offense-only player, making the trio a bit of an odd combination. However, it has worked early on with a 64.5 Expected Goals Percentage, per MoneyPuck despite close to a 50/50 split in zone starts. They’re not scoring much but they’re not getting scored on either. That’s a quietly effective line. On the flip side, Nashville’s third line of Michael Bunting, Erik Haula, and Jonathan Marchessault looks quite good on paper but is struggling considerably defensively with the lowest xGF% of any line with at least 45 minutes of time together so far.
Fourth lines are a lot harder to quantify as they often change from one game to the next between injuries and line shuffling. As a result, there are very few who have played together enough to glean any sort of meaningful information from. For context, if I use that 45 minutes played as a cutoff, it looks like there are only three lines that would even qualify. That’s not enough to really be able to accurately answer that question this early in the season.
ljfranker: What are some goaltending changes you expect to see this season?
History suggests that we won’t see too many changes as goalies don’t move in-season anywhere near the extent that skaters do. I doubt this year will be much of an exception. But that’s not an exciting answer so I’ll give you a few things I could see happening, just that the odds of all of them happening are low.
Oilers: At some point, Connor Ingram works his way onto Edmonton’s roster, likely at the expense of Calvin Pickard. I thought his acquisition from Utah was a great move, especially for the low, low price of absolutely nothing (future considerations) despite there being salary retention. I think he can raise the floor of their goaltending and if all went well, push Stuart Skinner. With the Oilers not having a lot of wiggle room to try to improve their roster, this is one thing I expect them to do.
Sabres: Their claiming of Colten Ellis came as a surprise given the depth that they have and that Devon Levi is still viewed as part of their long-term plans. If they’re pleased with what Ellis is showing in practice, Alex Lyon could become expendable. At $1.5MM per season through 2026-27, he’d be an affordable dart throw for a team to take, especially one that gets hit with a longer-term injury.
Bargain Hunters: While it’s early, the gamble Ottawa made going with Leevi Merilainen isn’t exactly confidence-inspiring and Mads Sogaard may have plateaued. For a team with playoff aspirations, they can’t afford to stick that out if Merilainen keeps struggling while Linus Ullmark doesn’t typically carry a huge workload. I think they’ll be looking around at options soon. We’ve seen speculation of Calgary sniffing around the market and that they might not trust Devin Cooley to be a full-time NHL backup so they’ll probably keep doing that. I also wonder about Florida. If Daniil Tarasov winds up being more of a mediocre option, I could see them exploring what’s out there. With the injuries they have, getting a more proven piece to stabilize the backup games could be crucial.
Breakaway: The 2026 draft is supposed deeper and has more high-end talent. Schaefer and Misa were considered the consensus top picks in 2025. If they were coming out this year, would they be the 2nd and 3rd picks or would they fall farther down? After those two, there was a gap in talent, where would the rest of the top five fall if they were coming out in 2026?
One of the challenges with an exercise like this is that what teams hold those draft picks ultimately does a lot to dictate who goes where. What’s the player type they’re looking for? It’s not always a case of Best Player Available (or teams have had some very different opinions on BPAs from the consensus top of the class). But I’ll give it a shot.
Gavin McKenna goes first and there’s probably not much to explain there. I do think Matthew Schaefer would go second and I’d say that without factoring in his start with the Islanders. A young 18 for his draft class, he’s a high-ceiling all situations number one defender. That will always go high. Keaton Verhoeff could change that with a big year in college (especially as a righty) but failing that, Schaefer lands ahead of him.
For Michael Misa versus Ivar Stenberg, what’s the need? If it’s a pure shooter (or a team really wants a center), it’s Misa. If it’s a setup guy, it’s Stenberg. I’d lean toward Misa myself so he’d be fourth. I’d have Anton Frondell next at five, then Stenberg at six, assuming his development goes as planned this season.
Then we go back to centers with Caleb Desnoyers (fourth to Utah) and Ryan Roobroeck, draft-eligible this year. Today, I’d give the nod to Desnoyers but with this season barely underway, that could easily change.
Brady Martin is the ultimate wild card. Given his power forward style of play, it’s entirely plausible to me that a team could see this combined group and still pick him fifth. I could also see him fall out of the top ten and it wouldn’t surprise me. It all comes down to who has the picks and what their team needs are. Chances are that he’d still sneak into the back of the top ten with that playoff-profile skillset.
Photo courtesy of ……….
Salary Cap Deep Dive: Detroit Red Wings
Navigating the salary cap is one of the most important tasks for a front office. Teams that can avoid total cap chaos by walking the tightrope of inking players to deals that match their value (or compensate for future value without breaking the bank) remain successful. Those who don’t often see struggles and front office changes.
PHR will look at every NHL team and give a thorough look at their cap situation for the 2025-26 season. This will focus more on players who are regulars on the roster versus those who may find themselves shuttling between the AHL and NHL. All cap figures are courtesy of PuckPedia. We’re currently covering the Atlantic Division, next up are the Red Wings.
Detroit Red Wings
Current Cap Hit: $83,641,833 (below the $95.5MM Upper Limit)
Entry-Level Contracts
F Michael Brandsegg-Nygard (three years, $942.5K)
D Simon Edvinsson (one year, $894.1K)
F Emmitt Finnie (three years, $821.7K)
F Marco Kasper (two years, $886.7K)
D Axel Sandin Pellikka (three years, $918.3K)
Potential Bonuses
Brandsegg-Nygard: $500K
Edvinsson: $850K
Kasper: $1MM
Sandin Pellikka: $500K
Total: $2.85MM
Considering the season he had overseas, it was a bit surprising to see Brandsegg-Nygard break camp with Detroit but tying for the league lead in preseason goals and points earned him a spot. Considering he’s just starting out, it’s too early to forecast another contract but if he wants a long-term second contract, he’ll need to be established as a regular top-six player by the time it expires. Finnie was another training camp surprise where his preseason efforts earned him a spot. He’s in the same boat as Brandsegg-Nygard when it comes to his next deal though.
That can’t quite be said for Kasper. His first full NHL season was a strong one where he was in the top six more often than not. If he stays on that trajectory, he’s someone who could plausibly bypass a bridge deal. In this market of escalating salaries, a deal might push into the $7.5MM territory even if he remains more of a second liner at that time. Meanwhile, a bridge pact would check in with a number likely starting with a four.
Sandin Pellikka is also in his first full year in North America and while many expected he’d at least start the season in AHL Grand Rapids, he also broke camp with the big club. If he has the type of impact they hope he will (as an offensive top-four defender), he’s someone that they might look to sign to a long-term deal coming off his entry-level pact. But again, it’s far too early to forecast, given that he’s only a handful of games into his NHL career.
Edvinsson is a different case. A full-time top-four player in his rookie year, he’s someone who appears to be living up to his lofty draft billing. GM Steve Yzerman doesn’t dole out a lot of long-term deals but this is a case where it wouldn’t be surprising to see him try to do so. They did this with another young blueliner recently who we’ll get to later but it wouldn’t be surprising to see them use that price tag as an internal ceiling for an Edvinsson extension.
Signed Through 2025-26, Non-Entry-Level
F Jonatan Berggren ($1.825MM, RFA)
D Jacob Bernard-Docker ($875K, RFA)
D Ben Chiarot ($4.75MM, UFA)
D Erik Gustafsson ($2MM, UFA)
D Travis Hamonic ($1MM, UFA)
D Justin Holl ($3.4MM, UFA)
F Patrick Kane ($3MM, UFA)
G Cam Talbot ($2.5MM, UFA)
F James van Riemsdyk ($1MM, UFA)
Potential Bonuses
Kane: $4MM
van Riemsdyk: $750K
Total: $4.75MM
Once again, it took until the eve of free agency for Kane and the Red Wings to work a deal out. This one gave him a bit less in guaranteed money by $1MM but added $1.5MM in incentives, giving him a chance at beating his earnings from last season. He’ll earn $2.5MM of those after just 10 games and another $500K by the time he reaches 50 games so as long as he stays healthy, he’s a $6MM player this season. In this market, that’s not a bad price tag for a winger who is probably best served as a second-line winger at this point but can move up in a pinch. While he turns 37 next month, he could plausibly keep playing for another couple of seasons with this type of contractual structure.
Berggren was largely a regular last season after spending most of his sophomore year in the minors but wasn’t able to match his rookie-season numbers, yielding this bridge deal this summer. He’ll need to establish himself a little higher on the depth chart or he risks becoming a non-tender candidate when he gains arbitration eligibility next summer. As for van Riemsdyk, he didn’t need a late-summer deal this time around after a decent showing in a depth role with Columbus. Notably, $500K of his bonuses are playoff-dependent while the other $250K kicks in at 50 GP. At this point in his career, he’s likely to remain around this price point on one-year deals.
Chiarot’s contract was a surprise three summers ago, both in terms of money and term. He remains a top-four blueliner for Detroit but is someone who is trending more toward being a fourth or fifth defender given that he’ll be 35 when his next contract begins. A two-year deal could still be doable but a drop down to a price tag starting with a three looks likely at this point. Holl has cleared waivers for the second straight year and is in Grand Rapids where his cap charge has dropped to $2.25MM. If he made half of what he makes now, there might have been a taker for him on waivers. Accordingly, despite teams passing on him for free now, there still could be enough of a market for him to land around $1.5MM on a one-year prove-it type of contract next summer.
Gustafsson had a so-so first season in Detroit as an offense-first defender, picking up 18 points in 60 games but also struggling defensively. He lost his roster spot and is now in the minors, carrying a reduced cap charge of $875K. He’s likely to land closer to half of his current cap charge unless he’s able to come back and be productive. Hamonic was a depth defender last season in Ottawa and has had a similar role this season. At 35 and with some heavy lifting in minutes in his prime, he’s unlikely to land much more than this if he gets a contract for next season. Bernard-Docker also spent most of last season in a depth role with the Senators and is merely looking to establish himself as a full-time player. He’s arbitration-eligible but unless he’s a regular, he’ll be a non-tender candidate, even if they want to keep him around since he entered the season with 144 games of NHL experience already.
Talbot was brought in via free agency in 2024 to help shore up the goaltending position. However, he was more of a platoon-level piece than a true starter, resulting in them attempting to shore up that spot this past summer. Still, this price tag for a serviceable backup at a minimum is pretty reasonable in this market. He’ll be heading into his age-39 year if he looks to play next season so his next contract, if there is one, should be a one-year pact around this price point.
Signed Through 2026-27
F Mason Appleton ($2.9MM, UFA)
F Andrew Copp ($5.625MM, UFA)
F Alex DeBrincat ($7.875MM, UFA)
G John Gibson ($6.4MM, UFA)
D Albert Johansson ($1.125MM, RFA)
F Elmer Soderblom ($1.125MM, RFA)
While the idea of signing a medium-term deal has grown in popularity around the league lately while looking for a more favorable cap environment next time, DeBrincat was one of the first to do so after being acquired in 2023. It bought Detroit three extra years of control but allows DeBrincat to hit the open market at 29. A max-term contract should be achievable for him at that time and given his offensive consistency as a legitimate top-six winger who typically collects between 65 and 70 points most years, he should be in a good position to push past the $10MM mark. Detroit won’t be able to use an internal ceiling if they want to retain him.
Copp was brought in via free agency in 2022 on the heels of a career year offensively. He hasn’t been able to match that in Detroit although he brings enough other elements to the table to give them at least a reasonable return. Still, even in this inflated market, he’ll be hard-pressed to match this price tag if he remains in the 30-point range offensively. However, another multi-year deal should be doable at least.
Appleton had a quiet contract year in Winnipeg which limited his market this summer. However, if he can get back to the 30-point range where he was in 2023-24, he could push for something closer to the $4MM range on his next deal. Soderblom split the last two seasons between Detroit and AHL Grand Rapids, making a low-cost bridge deal this summer a guarantee. He’ll have arbitration rights two years from now and if he’s a regular in their bottom six, doubling this cost doesn’t seem unreasonable.
Johansson got his first taste of NHL action last season, seeing regular action on the third pairing. Given the inexperience, a bridge deal was the only play here as well. Like Soderblom, he’ll have arbitration rights next time out and assuming he remains a regular top-six piece, doubling this price tag (at a minimum) should be doable.
Gibson was much better in Anaheim last season after some tough years but with Lukas Dostal in place as the starter of the present and future, the Ducks opted to move him with Yzerman seeking another short-term upgrade. If he can get back to being a starting-caliber netminder, the Red Wings will do quite well with what’s left of this contract. However, if he remains more of a platoon piece, he’ll be a considerable overpayment, albeit one they can easily afford right now. He might be more in the $5MM range on his next deal, if not a bit lower.
Salary Cap Deep Dive: Buffalo Sabres
Navigating the salary cap is one of the most important tasks for a front office. Teams that can avoid total cap chaos by walking the tightrope of inking players to deals that match their value (or compensate for future value without breaking the bank) remain successful. Those who don’t often see struggles and front office changes.
PHR will look at every NHL team and give a thorough look at their cap situation for the 2025-26 season. This will focus more on players who are regulars on the roster versus those who may find themselves shuttling between the AHL and NHL. All cap figures are courtesy of PuckPedia. We’re currently covering the Atlantic Division, next up are the Sabres.
Buffalo Sabres
Current Cap Hit: $93,341,521 (below the $95.5MM Upper Limit)
Entry-Level Contracts
F Zach Benson (one year, $950K)
F Josh Doan (one year, $925K)
F Jiri Kulich (two years, $886.7K)
Potential Bonuses
Benson: $650K
After a strong rookie year in 2023-24, Benson’s sophomore campaign was largely the same. While he didn’t take a step back in his development, he didn’t really progress either. While he’s someone the Sabres clearly feel will still be a part of their long-term plans, finding a price point low enough for them to be comfortable with and high enough for Benson to be happy with will be tough. With that in mind, a short-term bridge deal around the $4MM territory might make the most sense for both sides. He has three ‘A’ bonuses in his deal and if he stays in their top six all year, he could hit some of those.
Doan was one of the pieces coming to Buffalo in the JJ Peterka trade this offseason. He held his own in a bottom-six role for the bulk of last season with Utah but that’s not the type of player that typically signs a long-term deal at this point. A short-term bridge pact makes sense here, potentially in the $3MM area if he has a similar showing this season. Kulich showed some promise last season despite a relatively limited role. They’re hoping he can be a top-six center of the future and if it looks like he’ll be there at the end of this deal, a long-term pact could be on the table. The rate for that could be in the $8MM territory, even if he’s on the second line given the inflation coming to the cap.
Signed Through 2025-26, Non-Entry-Level
D Jacob Bryson ($900K, UFA)
D Michael Kesselring ($1.4MM, RFA)
F Peyton Krebs ($1.45MM, RFA)
F Beck Malenstyn ($1.35MM, UFA)
F Alex Tuch ($4.75MM, UFA)
Tuch’s contract situation is one of the biggest discussion points in Buffalo right now. He’s a local player who has publicly stated that he wants to re-sign but no agreement has been reached just yet. Seeing the recent explosion of the winger market, it’s likely that Tuch’s camp is seeking to more than double his current price tag. He has only passed the point-per-game mark once in his career but with two 36-goal efforts over the last three seasons, he’s still producing enough that he could very well surpass the $10MM mark on his next deal. If Buffalo continues to struggle, his name will come up in trade speculation quickly so it wouldn’t be surprising to see both sides plug away at this in the coming weeks.
Krebs bounced back last season after a tough 2023-24 campaign but he still hasn’t progressed to being a consistently reliable producer; he has yet to reach 30 points in a single season. However, given that he plays a premium position and has arbitration rights, he should be able to double this price tag next summer. Malenstyn wasn’t anywhere near as impactful in his first year with Buffalo compared to his 2023-24 season with Washington. However, with his physicality, it wouldn’t be shocking to see him pass the $2MM mark next summer, even as a pure fourth liner.
Kesselring was the other part of the return for Peterka and is someone Buffalo likely views as an important building block on the back end. He hasn’t become a full-time top-four piece yet but as a coveted right-shot defender with arbitration rights, he should be in a position to push for $4MM on a shorter-term deal while a long-term pact would likely run past $5MM per season. Bryson has been a depth defender for the last few seasons and is likely to remain in that role moving forward. That should keep him close to the minimum salary for next season and beyond.
Signed Through 2026-27
D Bowen Byram ($6.25MM, UFA)
F Justin Danforth ($1.8MM, UFA)
G Colten Ellis ($775K, RFA)
F/D Mason Geertsen ($775K, UFA)
F Jordan Greenway ($4MM, UFA)
G Alex Lyon ($1.5MM, UFA)
F Jack Quinn ($3.375MM, RFA)
D Conor Timmins ($2.2MM, UFA)
F Jason Zucker ($4.75MM, UFA)
Zucker and Greenway found themselves in similar situations last season, players on expiring contracts who were likely to be moved if they didn’t sign extensions. Instead, both worked out short-term deals that gave them some stability and kept Buffalo’s long-term options open. Zucker’s trips through free agency haven’t always proven fruitful but if he stays in the 50-point range the next couple of years, he could land a small raise and a multi-year pact, even as a 35-plus contract. As for Greenway, he has been the beneficiary of the power forward premium. When healthy, he struggles to reach 30 points and even staying in the lineup has been a concern. But given his size, physicality, and defensive acumen, there’s a high enough floor that Buffalo was willing to pay a premium on. He’ll need to produce a bit more if he wants to beat this by any sort of significant amount.
Quinn wasn’t quite able to live up to offensive expectations last season, resulting in this bridge deal getting signed back in June. Both sides will be hoping that he will be able to take that step forward and become a legitimate top-six piece. If that happens, he could plausibly push past $6MM or more two years from now. Danforth came over from Columbus in free agency as a versatile piece who can move up and down the lineup. But he will have to find a way to produce more if he is going to have a shot at beating this in his next trip to the open market. Geertsen hadn’t played in the NHL since 2021-22 before surprisingly making Buffalo’s roster in training camp. Unless he can establish himself as an every-game player, he’s likely to remain at the minimum salary in the future.
To avoid any risk of an offer sheet, the Sabres filed for arbitration with Byram this summer, setting him up for a two-year deal that took him right to unrestricted free agency. While they settled before the hearing, they couldn’t get any additional team control, meaning he’ll hit the open market at 26, in the prime of his career. Given how much salaries have exploded, it’s not out of the realm of possibility that he pushes for a deal in the $10MM range on a max-term agreement. Timmins, acquired in a swap of third-pairing defensemen this summer, also managed to avoid arbitration with this deal. He has shown flashes of offensive upside over the years but has been more of a fifth or sixth option for most of that time. There’s a fine line to navigate for players in his situation as if he remains a lower-producing piece, the offers two years from now might not get to this level. But a few more points could propel him past the $3MM mark.
Lyon became a full-time backup goaltender over his two years with Detroit, getting into 74 games overall. However, his save percentage dipped to .896 last season which hurt his chances of getting a bigger deal this summer. Still, he did enough to get his biggest guaranteed contract. At this point of his career, it’s hard to see him moving into that top echelon of backups so while another small raise could be doable, he’s probably not going much higher than that. Ellis was claimed off waivers and has yet to make his NHL debut. Buffalo feels he has some upside as evidenced by the claim but when everyone’s healthy, he’s no higher than third on the depth chart. This doesn’t feel like a situation where he’s going to get a chance to play into a big contract but if he does well in limited action, he could land where Lyon is now.
Signed Through 2027-28
D Ryan Johnson ($775K, RFA)
F Tyson Kozak ($775K, RFA)
Both Johnson and Kozak are on identical three-year deals. However, with the minimum salary moving to $850K next season and $900K in 2027-28, their cap hits beginning next season should jump to $841.7K.
Kozak made his NHL debut last season, getting into 21 games where he did okay with limited playing time. He wasn’t a big point producer with Rochester either but the security of a three-year pact with two one-way years was enough to get him to sign. He’ll need to establish himself as a regular and make a bit of an impact to help his cause for a new deal as if he winds up with minimal production, he’ll become a non-tender candidate to avoid arbitration eligibility.
Johnson, a 2019 first-round pick, has had a limited role so far when he has played, including a 41-game stint in his rookie year. He also opted for the security of two one-way years while he looks to establish himself as a full-time defender. Like Kozak, he’ll want to be more established by the end of this deal to avoid being a non-tender candidate to avoid arbitration eligibility. If he’s a regular third-pairing option by then, Johnson could move up into the $2MM range on a contract.
Salary Cap Deep Dive: Boston Bruins
Navigating the salary cap is one of the most important tasks for a front office. Teams that can avoid total cap chaos by walking the tightrope of inking players to deals that match their value (or compensate for future value without breaking the bank) remain successful. Those who don’t often see struggles and front office changes.
PHR will look at every NHL team and give a thorough look at their cap situation for the 2025-26 season. This will focus more on players who are regulars on the roster versus those who may find themselves shuttling between the AHL and NHL. All cap figures are courtesy of PuckPedia. We’re currently covering the Atlantic Division, first up are the Bruins.
Boston Bruins
Current Cap Hit: $93,323,333 (below the $95.5MM Upper Limit)
Entry-Level Contracts
F Fraser Minten (two years, $816.7K)
Minten was brought in last season at the trade deadline as part of the return for Brandon Carlo. While his ceiling might not be overly high, he’s viewed as a potential third-line middleman and those players can carry some value. If he can establish himself as a full-timer over the next two seasons, a bridge deal should surpass the $2MM mark while a longer-term pact – if warranted – could run closer to the $5MM territory. Given that it’s risky to sign lower-scoring players to long-term deals, a bridge deal feels like the most probable outcome at this time.
Signed Through 2025-26, Non-Entry-Level
F Viktor Arvidsson ($4MM, UFA)
F John Beecher ($900K, RFA)
D Jordan Harris ($825K, RFA)
D Andrew Peeke ($2.75MM, UFA)
F Jeffrey Viel ($775K, UFA)
Arvidsson was Boston’s biggest splash of the summer in terms of trying to add some extra scoring help to their roster, acquiring him from Edmonton in what amounted to a cap dump from the Oilers. Despite that, he’s only a couple of years removed from a 59-point campaign but he has managed just 42 points in 85 games since then. That’s still respectable production but he’ll need to bounce back a bit if he wants to get a raise next summer. Otherwise, another short-term contract in this price range should be doable.
Beecher was a regular last season but didn’t produce much, notching just 11 points in 78 games while mostly playing on the fourth line. That led to this deal, one that came in just above his qualifying offer. Assuming his role is similar this season, arbitration rights should push him a little past his qualifying offer but it’s likely to be just over the $1MM mark. Viel has seen very limited NHL action in recent seasons and is likely to remain at or near the minimum moving forward.
Peeke had a decent first full season with the Bruins. While he wasn’t a full-time top-four player as he was at times in Columbus a few years back, he did spend a bit of time there while stabilizing the third pairing at others. Right-shot blueliners are hard to come by so even if he stays at this level moving forward, another multi-year deal and an increase into the $3.5MM territory is attainable. Harris took a cheap contract after being non-tendered by Columbus in June and appears to be their seventh defenseman to start the season. Given his track record with Montreal in the past, he seems like a strong non-tender candidate for next summer, simply to avoid giving him arbitration rights. Meanwhile, unless he can play somewhat of a regular role, he’s likely to stay close to the minimum salary as well.
Signed Through 2026-27
F Mikey Eyssimont ($1.45MM, UFA)
F Marat Khusnutdinov ($925K, RFA)
F Sean Kuraly ($1.85MM, UFA)
D Mason Lohrei ($3.2MM, RFA)
F Casey Mittelstadt ($5.8MM, UFA)
F Pavel Zacha ($4.75MM, UFA)
It has been an eventful couple of years for Mittelstadt. The Sabres decided to move him for Bowen Byram at the 2024 deadline in a swap of younger core pieces. Colorado then inked him to this deal, feeling he could be their longer-term solution as their second center. However, he struggled with them, leading to this move to the Bruins back in March. Still just 26, Mittelstadt is young enough to still potentially be an impact player offensively and has two seasons of more than 55 points under his belt. If he can get back to even that level, a jump past $7MM per season is reasonable. However, if his struggles continue, not only will he likely be on the move again within these next couple of years but he’ll also potentially be looking at a dip in salary.
Zacha was the focus of some trade speculation this summer after a dip in production from 59 to 47 points last season. Still, that’s decent second-line production from a position that’s always in high demand. Even if 47 is the new range for his output moving forward, Zacha should be in a spot to get a raise past the $5MM mark and a long-term agreement in 2027. Kuraly is back for a second stint in Boston after signing with them this summer. He has been a solid fourth liner for most of his career but this price tag provides a reasonable reference point for what his next contract should be; unless he can lock down a bigger role between now and then, it’s going to be hard for him to beat this by any sort of significant margin.
Eyssimont was also brought in via the open market in July with a deal that is his personal best. A little younger than Kuraly, there could be a bit more earnings upside for him as he only has a couple of full-time NHL seasons under his belt so far. That said, given that he’s a winger instead of a center, the ceiling for him might check in around the $2MM mark. Khusnutdinov was brought in from Minnesota last season with Boston hoping that a fresh start could unlock some of the offensive potential he showed in Russia. He’ll need to show it on this contract as he’s not a prototypical fit in a bottom-six role; if the production doesn’t improve between now and the 2027 offseason, he becomes a non-tender candidate.
Lohrei wound up playing a much bigger role than expected last season due to injuries and showed lots of offensive upside but some defensive warts as well, making a bridge deal like this one the inevitable outcome. If he can build off that and clean up some of his in-zone concerns, a long-term contract could wind up doubling this price tag.
Signed Through 2027-28
D Henri Jokiharju ($3MM, UFA)
F Mark Kastelic ($1.567MM, UFA)
G Joonas Korpisalo ($3MM, UFA)*
*-Ottawa is paying an additional $1MM per season on Korpisalo’s deal.
Kastelic came to Boston as part of the trade that netted the Sens Linus Ullmark. He was supposed to simply be a depth fourth liner for the Bruins but wound up playing a few extra minutes per game while being their leading hitter among forwards, earning him this extension in-season. While this is more than a lot of fourth liners make, the fact he’s a center who wins faceoffs at an above-average clip also helped his value. That said, given his offensive limitations, there’s going to be cap on his earnings upside that’s pretty close to this.
Jokiharju was added at the trade deadline to see how he might fit in with this group and the early returns were positive enough to land him this contract just before free agency opened. Still just 26, he has shown flashes of top-four upside but consistency has been an issue. If he can become a steady 18-20-minute player, he could see a pretty big jump on his next deal, especially as a coveted right-shot player.
After a rough year in Ottawa, Korpisalo was also in the Ullmark trade last year. His first year with the Bruins was a bit better although his overall numbers were still a little below league average. Even with the Senators paying down part of his deal, he’s on the pricier side for a backup without above-average play. He’ll need to turn things around if he’s going to have any shot at a raise on his next contract.
Summer Synopsis: Montreal Canadiens
With training camps now upon us, the bulk of the heavy lifting has been done from a roster perspective. Most unrestricted free agents have found new homes, the arbitration period has come and gone, and the trade market has cooled. Accordingly, it’s a good time to take a look at what each team has accomplished this offseason. Next up is a look at Montreal.
The Canadiens were hoping to be in the mix for the playoffs last season and a late-season surge not only allowed them to do that, but it also allowed them to sneak into the postseason, perhaps a little earlier than anticipated. While they were quickly dispatched by Washington in the opening round, their movement this summer suggests that they’re expecting to take another step forward in their rebuilding process this season.
Draft
2-34 – F Alexander Zharovsky, Ufa (MHL)
3-69 – F Hayden Paupanekis, Kelowna (WHL)
3-81 – D Bryce Pickford, Medicine Hat (WHL)
3-82 – G Arseni Radkov, Tyumen (MHL)
4-113 – F L.J. Mooney, U.S. U18 (NTDP)
5-145 – G Alexis Cournoyer, Cape Breton (QMJHL)
6-177 – D Carlos Handel, Halifax (QMJHL)
6-189 – D Andrew MacNiel, Kitchener (OHL)
7-209 – D Maxon Vig, Cedar Rapids (USHL)
It’s not very often that a team trying to emerge from a rebuild trades two first-round picks instead of adding to its prospect cupboard but the Canadiens did just that, dealing the 16th and 17th selections (forward Victor Eklund and defenseman Kashawn Aitcheson) as part of a draft-day swap that saw them add a top-pairing defenseman, a move we’ll get to shortly.
They also made a pair of moves on the second day of the draft, trading up for their first two selections, including two second-round selections to get Zharovsky. The winger showed lots of raw offensive skill in Russia’s junior league last season before making his KHL debut in the playoffs. He’s likely at least a couple of years away from being considered to move to North America but if he develops as planned, he could be a top-six piece down the road.
Paupanekis was the other player they moved up for. A big center who showed some flashes of offensive upside with a capable defensive game, they’re hoping that he could be a bottom-six option down the road. Pickford was picked in his second year of eligibility after averaging nearly a point per game in the regular season while adding 24 points in 18 playoff contests. He’s eligible to turn pro next season and could be an intriguing offense-first blueliner in a few seasons.
The rest of Montreal’s selections qualify as longer-term projects. Mooney is the headliner from the list, a player whose skill level is pretty high offensively with a ceiling higher than many drafted ahead of him. However, he’d also be one of the smallest players in the NHL if he makes it which undoubtedly contributed to his drop on draft day but midway through the draft, Montreal felt it was worth the gamble.
Trade Acquisitions
F Zachary Bolduc (from Blues)
D Noah Dobson (from Islanders)
D Gannon Laroque (from Sharks)
The Canadiens swung arguably the biggest trade of the summer to bring Dobson in from New York. Included in the swap was an eight-year, $76MM sign-and-trade contract, making him the highest-paid skater in franchise history in terms of AAV. Clearly, Montreal feels that his drop in points to 39 (down from 70 the year before) is something that isn’t going to be continued while they’ll be counting on him to take a step forward in his defensive game as well. If all goes according to plan, they’ll have a right-shot top-pairing defender locked up through his prime years, checking off a key part of their rebuilding checklist although with Lane Hutson in the fold, he may not get as many prime offensive chances as he did with the Islanders.
Bolduc comes over in a one-for-one swap with St. Louis that saw a pair of 2021 first-round picks get moved for each other. Bolduc had a strong second half last season, ultimately coming up just short of 20 goals while also bringing a bit of physicality to their bottom six. Montreal will be expecting him to pick up where he left off and fill a similar role with them this season. As for Laroque, he was acquired merely as a contract matcher in the swap with the Sharks. He didn’t play at all last season and wasn’t invited to camp this year, suggesting his playing days are likely done.
UFA Signings
F Alex Belzile (one year, $775K)*
F Sammy Blais (one year, $775K)
D Nathan Clurman (one year, $775K)*
D Marc Del Gaizo (one year, $775K)*
G Kaapo Kahkonen (one year, $1.15MM)
F Joe Veleno (one year, $900K)
*-denotes two-way contract
^-denotes re-signing
As has been the case under GM Kent Hughes, Montreal largely stayed on the sidelines when it came to free agent additions this summer. Their most expensive signing – Kahkonen – is likely to start in the minors (assuming he clears waivers), a sign of how little they spent here. Veleno, bought out by Seattle back in June, is someone who should break camp with the Canadiens but is likely ticketed for a limited role to start the year. Blais is on the borderline for a roster spot while the others are all ticketed for the minors.
RFA Re-Signings
G Jakub Dobes (two years, $1.9MM)
F Sean Farrell (one year, $775K)*
D Jayden Struble (two years, $2.8MM)
D William Trudeau (one year, $775K)*
*-denotes two-way contract
Struble’s first two seasons were nearly mirror images of each other. There were times when he flashed top-four upside and other stretches where he struggled to simply get in the lineup. This bridge deal allows both sides more time to see if there’s a full-time spot for him in Montreal while it’s front-loaded, yielding a cheaper qualifying offer two years from now.
Dobes started the season in the minors but a late-December recall saw him get off to quite the start, winning his first five games, including several against some of the better teams in the league. On the flip side, he struggled more down the stretch and with fewer than 20 games played (including playoffs), he’s still rather inexperienced. Montreal will be hoping that he can shoulder a bit more of the workload after Sam Montembeault was among the league leaders in games played last season.
Departures
F Joel Armia (signed with Kings, two years, $5MM)
F Alex Barre-Boulet (signed with Avalanche, one year, $775K)*
F Christian Dvorak (signed with Flyers, one year, $5.4MM)
F Brandon Gignac (signed with Kloten, NL)
F Rafael Harvey-Pinard (signed with Penguins, one year, $775K)*
F Emil Heineman (trade with Islanders)
D Noel Hoefenmayer (signed with Sochi, KHL)
G Connor Hughes (signed with Lausanne, NL)
G Gustav Lindstrom (signed with Djurgarden, SHL)
D Logan Mailloux (trade with Blues)
F Michael Pezzetta (signed with Maple Leafs, two years, $1.55MM)
G Cayden Primeau (trade with Hurricanes)
G Carey Price (trade with Sharks)
D David Savard (retirement)
F Xavier Simoneau (NHL rights relinquished but signed AHL deal with Laval)
*-denotes two-way contract
In the NHL, the center market is often a market of its own. The contract given to Dvorak is a good example of that. He has yet to record 40 points in a season but his defensive game and faceoff ability coupled with a scarcity of available options yielded this deal, one that agents will undoubtedly be trying to use as a benchmark moving forward. Armia was another longer-term bottom-six piece in Montreal who is moving on. While he hasn’t produced enough offensively to live up to his first-round draft selection, he has carved out a viable career as a strong checker. Filling their roles defensively could be challenging for the Canadiens this season.
Heineman was the other piece in the Dobson swap. He got off to a strong start in his first full NHL season before being hit by a car in Utah, landing him on IR and upon his return, his production dropped. Nonetheless, the Isles feel he still has another level to get to. Still just 23, Heineman has been traded three times now for quality players, Sam Bennett, Tyler Toffoli, and Dobson. Pezzetta was a regular on the roster for the past few years but played sparingly overall, being healthy scratched more than 50 times.
Savard was another fixture on Montreal’s penalty kill and was eighth in total blocked shots last season. However, he was struggling as the season went on and knew by the playoffs that he was nearing an end to his playing days. Dobson is his replacement, though he’ll play a much bigger role overall. Dobson’s addition also was enough security to part with Mailloux in the Bolduc trade. Mailloux has shown himself to be a strong offensive defenseman in the minors and even in his brief taste of NHL action. His defensive game is an area of some concern and the Blues will be hoping to help him take some steps forward on that front as he looks to be a full-time regular for them this season.
With Price entering the final year of his contract and an early-September bonus paid, the Canadiens gave up a fifth-round pick to send him to the Sharks, allowing themselves to get out of LTIR. He hasn’t played since a five-game stint late in 2021-22 and won’t play again. Primeau was the backup heading into last season but struggled mightily, leading to his clearing waivers and Dobes coming up. However, he finished strong in the minors which was enough for Carolina to send a seventh-round pick for him to add to their goalie depth.
Salary Cap Outlook
The Price trade significantly altered Montreal’s cap situation for the upcoming season. Instead of being several million deep into LTIR and facing a certain bonus overage penalty for the fourth year in a row, they have over $4.5MM in cap space, per PuckPedia. While they’ll want to keep a significant chunk of that for bonuses (around half of that), that should still allow them to bank ample in-season flexibility to cover injuries and, if they’re in a push for a playoff spot, try to make a late-season addition or two.
Key Questions
What Will Laine Bring To The Table? Patrik Laine’s first season with Montreal was certainly eventful. He suffered a knee injury in the preseason, causing him to miss nearly two months. Upon returning, he became a power play dynamo, finishing fourth in the league in power play goals scored with 15 (two off the lead) despite missing 30 games. However, he only managed five goals at even strength and as the season went on, his playing time and role dropped amid concerns about his five-on-five play. The end result was a career-low ATOI. Now healthy, he’s entering a contract year and it feels like he’s a big Wild Card heading into the season. Can he re-establish himself as a legitimate top-six threat at even strength and position himself for a long-term agreement? Or will he continue to be primarily a power play gunner, something that would have him staring down a significant dip in pay from his $8.7MM AAV.
How Will They Fill The 2C Role? While Montreal made a big move to add Dobson on the back end, they weren’t successful in adding an impact center, something they and many other teams struck out on. As a result, they enter the season with largely the same options and questions as before. Can Kirby Dach stay healthy and take a step forward in his development? While Alex Newhook has started on the wing two straight years, he has finished down the middle each time. Can he be a full-time option and push for that spot? Recently, Oliver Kapanen has seen some preseason action in that role but he has just two assists in 18 games thus far in his early NHL career. Can one of them step up or will that be a weak spot again this season?
What Type Of Impact Will Demidov Have? The Canadiens were able to get Ivan Demidov out of his KHL contract late in the season, allowing him to get into a couple of regular season games and their five playoff outings, showing flashes of the upside that made him the fifth overall pick just a year ago. Can he have a similar type of impact as fellow countryman Matvei Michkov and give Montreal a second offensive line, something they’ve been lacking for a while?
Photos courtesy of Wendell Cruz and Timothy T. Ludwig-Imagn Images.
PHR Mailbag: Flyers, Toews, Unrestricted Free Agents, Contracts, Blackhawks, Dynasty Picks
Topics in this edition of the PHR Mailbag include what type of impact Jonathan Toews might have this season, if shorter-term contracts could become more prevalent moving forward, and more. If your question doesn’t appear here, check back in last weekend’s mailbag.
Emoney123: What’s the next move for Briere? Collect 2026 draft picks; is there anyone on the roster worth a first-round pick? Flyers hold two first-round picks in 2027 and the new arena is to open in 2030; will the team be winning by then?
They’re running out of veterans to sell, at least not without cutting into the perceived longer-term core group of this roster. Christian Dvorak won’t fetch a first-round pick but with 50% retention, they can get something for him. Considering the strong interest in Rasmus Ristolainen in the past, he’s someone I think could move this time and with teams always looking to add players like him, maybe they get a first-rounder if they’re willing to eat half the contract. Maybe there’s a smaller depth move in there as well but that might be it for pick accumulation.
I think they might be sniffing around buying as well. Not necessarily in the traditional sense of adding rentals and veterans but looking to buy low on a distressed asset, something along the lines of the Trevor Zegras move. At some point, you have to emerge from the rebuild with some players capable of making an impact now. That’s the next step for the Flyers so if there’s a chance to take a flyer on a player or two who might not be fitting in where they are, perhaps they can make a low-key move to get someone who might improve with a change of scenery. Those are typically more offseason deals but if you’re like me and think there’s going to be a more pronounced race to the bottom of the standings, some of those types of deals could materialize in-season.
I would hope Philadelphia is back to being a playoff team by 2030. They’re already a few years into this rebuild; if they’re still rebuilding five years from now, it’s probably not going to be Briere at the helm and something will have gone rather wrong. While it happens periodically, rebuilds aren’t supposed to typically last a decade and at this point, I don’t think the Flyers are in a position to be doing one for quite that long.
Cla23: What type of impact will Toews have in Winnipeg? Do you think it will be a one-and-done?
I like the Jets landing Jonathan Toews as he’ll add some much-needed depth down the middle. But I’m not overly optimistic that he’s going to be overly impactful, at least offensively. He was starting to slow down in terms of production over his final two years in Chicago and while some of that could have been affected by his lingering illness, he’s also now 37, not 33 or 34 as he was in those seasons. One will likely offset the other.
But Toews has always been well above average at the faceoff dot and while he might be a bit rusty, he should still be on the happy side of 50%. Winnipeg has finished below 50% as a team in that regard for three straight seasons. He could be a faceoff specialist for them and late in the season and in the playoffs, that can be a big deal. I also expect he’ll still be good defensively, though probably not at the level he was when he last played. That long of a layoff will make a difference.
If Toews can get through this season healthy, my guess is that it wouldn’t be a one-and-done unless he really struggles. If he can still help a contender, he’ll probably want to do so. But if he’s in and out of the lineup and banged up or the struggles from the illness return, then the safe assumption is that he’ll hang up his skates, knowing he gave it an honest effort to come back.
frozenaquatic: Most UFAs are 29, and the good ones sign for seven or eight years, bringing them to their age-36 or 37 season, at which point, it’s exceedingly rare (Marchand notwithstanding) for a player to get much more than a one or two-year deal. There’s a lot of smoke these days about players signing NBA-style three or four-year deals on their UFA. Will that make any sense? It’ll be really interesting to see what happens with Panarin given that he’s had an unconventional career, having started so late, and he’s going to be a UFA at 34. Assuming he has a solid year this year, what do you think Panarin’s next deal looks like?
Part of the reason we see NBA players sign shorter-term deals is simply because those are the maximum term lengths of a deal in most cases. Beyond a small group of players (either designated rookie extensions or veteran re-signings with Bird rights) eligible for five-year deals, four is the maximum so many players opt for that. (There are also considerations for contracts of a specific length that get them to a specific amount of service time, increasing their maximum cap percentage but I don’t want to get too much into the nitty gritty.) But that’s why NBA contracts are typically shorter.
Could NHL players follow suit? Some might in the short term, thinking that another big jump could be coming to the cap. But UFA-eligible players in your scenario (becoming eligible around 29) would then be setting themselves up to try to get a bigger deal in their age-33 year or so. That could be tricky.
For most UFA-eligible players, I think the move is either short-term (two years) if you’re trying to set up for a bigger deal when there’s a bigger spending environment or aim for long-term and max out on what you can get now. But if you’re still in the back end of your RFA eligibility, then a three-year deal or four-year pact becomes a bit more defensible.
With Panarin specifically, there are two options. A max-term deal is unlikely at his age and even short-term doesn’t make a lot of sense as he’s at the age where a decline could come quickly. I could see a four-year agreement around $11MM per season, basically close to an extension at where he is now. Alternatively, if the signing team is a little more cap-strapped, they could tack on a couple of cheaper years which might get the AAV more around the $9MM to $9.5MM territory. That would buy some short-term flexibility for the signing team but that could be a rough contract on the books over those last couple of years. It’s a deep UFA market but Panarin still finds himself in good shape, assuming he’s once again the offensive leader for the Rangers.
kodion: Why are teams not more proactive with expiring “superstar” contracts when they get NOTHING in return if deals don’t get done and the guy bails in FA?
They will never get true, or even fair, value if they move them out with a year or less to go and fanbases will beat on management relentlessly, almost regardless of the return, but that would seem to be a better business practice than running the risk of a no-return departure.
I know it’s not as simple as that but what am I missing?
While this isn’t always the case, if you’re a team with a superstar player (or even a high-end one) that’s on an expiring contract, you probably have hopes of making a long playoff run. As you noted, teams generally aren’t going to get top value for their services. So, what’s better – salvaging some value for the longer term and hurting your chances of winning now or going for it now with a core group you think can win at the expense of the future? Most of the time, teams feel the answer will be the latter.
If I’m a general manager, I have a hard time selling to my owner that we need to move a fan favorite top-end piece to get some pieces that should help us later. That’s going to cost potential playoff revenue and anger a big chunk of the fan base and the dressing room. That’s probably not going to help my cause for staying as GM, especially if I’m throwing in the towel on being able to sign the player. That’s why you don’t see it happen too often.
Objectively speaking, you make a very valid point. In the long run, teams would probably be better off moving out top expiring contracts for some value if they don’t re-sign quickly because, after all, only one team can win the Stanley Cup every year. But the fear of ‘what if this was our year and I just sunk it by trading a star player’ will almost always put an end to it actually happening.
UncleMike1526: Hypothetical question. Say the Blackhawks show a marked improvement this year and some of the young talent starts to shine. With a boatload of draft picks in a deep 26 draft, name some FA’s or trade targets they could chase for 2026? I know big-time FA’s probably won’t go to a declining team just like last year but with some improvement who should they be chasing? Thanks.
For starters, I don’t see this happening. I don’t think GM Kyle Davidson does either. This year will be about getting some prospects some reps so that they can see how close (or far) they are from getting back into the thick of things.
I’ve said before when this question came up that they’re not in a spot to be too choosy. They need a talent influx to help propel them into the postseason picture. It could be a center, a winger, or a defenseman. (I think they’re set in goal for now.) I don’t think it necessarily matters what the combo is, just that there are upgrades coming.
Objectively, they probably need a couple of wingers and a top-six center up front and at least one top-four defenseman. Here is the list of pending UFAs, per PuckPedia. The center and defenseman could be tricky to get if the top guys re-sign or pass on Chicago but there are wingers out there. I think Alex Tuch would be a perfect fit to play with Connor Bedard, Martin Necas would up their skill, and even someone like Mason Marchment could give them some extra grit in the middle six with some offensive upside. How realistic those options are remains to be seen but those are some fits I like.
As for trade targets, the same idea applies. Don’t be picky; if there’s an impact player who can be around for a few years, try to get him. It’s way too early to start hypothesizing 2026 offseason trades but if there’s a talent upgrade available, Davidson should be looking. And that applies even if this hypothetical scenario isn’t in place. Win or lose, next summer is when they should be starting to build back up talent-wise.
Duke II: You’re drafting a Dynasty Team and are looking for future scoring studs; you get three of these forwards + two defensemen. GO!
Lysell, Nikishin, Savoie, Perreault, Snuggerud, Lekkerimaki, Turcotte, Howard, Parekh, Ritchie, Brunicke, and Levshunov.
Forwards: I’ll start with Jimmy Snuggerud. A strong producer in college, he looks to be well on his way to being a top-six NHL piece, probably relatively quickly even; it wouldn’t shock me if he’s a top-six regular by the end of the season. I think Gabriel Perreault will get there as well, but not quite as fast. For the third player, Calum Ritchie might be the safest pick but if you’re swinging for offense, I’d go with Isaac Howard. If he can work his way into a top-six spot over time he has a chance of playing with Connor McDavid (assuming he re-signs) or Leon Draisaitl. That would be a nice way to pick up some points.
Defense: Zayne Parekh has a chance to be one of the more impactful offensive defensemen in the NHL if everything goes according to plan. Granted, his defensive game is part of why he slipped in the draft but if you have the floor of an offensive-minded player who could rack up power play points, that’s generally a good player to have in a pool. Alexander Nikishin might have to bide his time a little bit in Carolina this season but long-term, there’s a clear path for him to become their go-to player offensively on the back end. They’re generally a solid team offensively so he has a chance to put up some points with them.
Photo courtesy of Wendell Cruz-Imagn Images.
Salary Cap Deep Dive: Winnipeg Jets
Navigating the salary cap is one of the most important tasks for a front office. Teams that can avoid total cap chaos by walking the tightrope of inking players to deals that match their value (or compensate for future value without breaking the bank) remain successful. Those who don’t often see struggles and front office changes.
PHR will look at every NHL team and give a thorough look at their cap situation for the 2025-26 season. This will focus more on players who are regulars on the roster versus those who may find themselves shuttling between the AHL and NHL. All cap figures are courtesy of PuckPedia. We’re currently covering the Central Division, last up are the Jets.
Winnipeg Jets
Current Cap Hit: $91,536,190 (below the $95.5MM Upper Limit)
Entry-Level Contracts
None that are projected to be full-time regulars.
Signed Through 2025-26, Non-Entry-Level
G Eric Comrie ($825K, UFA)
F Kyle Connor ($7.143MM, UFA)
F David Gustafsson ($835K, RFA)
D Ville Heinola ($800K, RFA)
F Cole Koepke ($1MM, UFA)
F Adam Lowry ($3.25MM, UFA)
D Colin Miller ($1.5MM, UFA)
F Gustav Nyquist ($3.25MM, UFA)
F Tanner Pearson ($1MM, UFA)
F Cole Perfetti ($3.25MM, RFA)
D Luke Schenn ($2.75MM, UFA)
D Logan Stanley ($1.25MM, UFA)
F Jonathan Toews ($2MM, UFA)
Potential Bonuses
Toews: $5MM
Connor’s pending free agency isn’t generating as much attention as it normally would, it’s just that there are some other big-name players also entering the final year of their respective deals as well. But Connor is in that high-end tier as well. In his eight full seasons as an NHLer, only seven players league-wide have scored more goals. He has two years with more than 90 points over the last four campaigns. He’s an above-average top-line winger, simple as that. He has been on a team-friendly deal for a while now and will be for this season but that will change soon. A long-term pact is likely going to add another $4MM or more per year to his current cost and it’s a price that many teams, not just the Jets, will likely be willing to pay.
Of the trio of players at the $3.25MM mark, one is on the way up, that being Perfetti after his first 50-point season. Many think he still has another gear to get to and he’ll get a chance to play a bigger role following the departure of Nikolaj Ehlers. He’s arbitration-eligible for the first time next summer with a $3.5MM qualifying offer. Assuming that Winnipeg will want to sign him to a long-term deal, it will likely take more than double that amount to get something done.
Lowry has ranged between 34 and 36 points over the last three seasons while bringing a strong defensive game and physicality to the table. In a perfect world, he’s a solid number three center although his usage was a bit more than that at times last season. Given that he’ll be 33 when his next deal starts, he may not be able to command too much more on his next deal but pushing past the $4MM mark should be doable. Nyquist had a career-best 75 points in 2023-24 but tapered off last season, managing just 28, leading to this deal in July. At 36, he should be going year-to-year from here on out. A bounce-back could push him past the $4MM mark, especially on a re-signing where Winnipeg often has to pay a bit of a higher rate.
Toews was able to benefit from an early free agency, so to speak. After not playing in the past two seasons while recovering from illness, he was free to work out a deal before July 1st, making him the focal point of the market for a couple of weeks. His structure gives Winnipeg a bit of insurance as most of his bonuses are based on games played with some for some playoff success, also dependent on playoff games played. So, if he struggles and can’t last the full season, they’re not out the full weight of the contract but if he returns and makes an impact, he’ll be one of their higher-paid forwards. Given his age (37) and recent history, he’s probably going to go year-to-year if he keeps playing beyond this season.
Pearson had to earn a deal of a PTO last season with Vegas and did just that before being a solid depth contributor for the Golden Knights. At this stage of his career, he’s a depth player who will be going year-to-year but he’ll add some length to a lineup that hasn’t always been the deepest. Koepke also adds some depth after being a regular on Boston’s fourth line. With a limited track record at this point (73 of his 99 games came last season), there’s some room for his price tag to jump up still if he can hold down a similar role this year. Gustafsson has had a limited role in recent years and assuming that remains the case, he’s likely to stay near the minimum salary moving forward.
Schenn was brought in near the trade deadline last season to give the back end a bit more snarl and depth. He largely played on the third pairing and killed penalties, the role he has had for most of his career. Given that he’ll be 36 soon, he’s someone who might be on one-year deals moving forward, allowing for a bonus structure that could get the total potential value of the contract close to what it is now. Miller’s first full year with the Jets was serviceable but his minutes remained rather low for a blueliner. Even with some offensive skill, if he can’t log 15 minutes a night, he’ll probably be hard-pressed to match this deal next summer.
Stanley has been in the same spot for several years now, a sixth or seventh option on the depth chart who doesn’t play a lot when he’s in the lineup. Still, given his size (six-foot-seven), there will probably be teams who think they can get him going in a different environment. Accordingly, he could wind up near the $2MM mark next summer. Heinola, on the other hand, has seen his stock drop in recent years to the point where he could be a waiver candidate. He needs to play in 27 games to retain his RFA status, otherwise, he’d be a Group Six UFA. Unless he can establish himself as an NHL regular, he’s likely to be at or near the minimum moving forward.
Comrie hasn’t had a lot of NHL success outside of Winnipeg but his two best seasons have come with the Jets over two separate stints. Based on his numbers with this team, a jump past $2.5MM would make sense. But with his spotty track record elsewhere, he might only be able to land more in the $1.5MM range.
Signed Through 2026-27
F Morgan Barron ($1.85MM, UFA)
D Haydn Fleury ($950K, UFA)
F Vladislav Namestnikov ($3MM, UFA)
F Nino Niederreiter ($4MM, UFA)
Niederreiter isn’t the 50-point player he was a while back but he is still a relatively consistent secondary scorer. His type of role is a tough one to thread, however, as it’s the middle class that might get squeezed with more money heading toward top talent. If he stays around 15 goals and around 40 points per season, he should be able to get another contract like this. However, if the production drops off over the next couple of years, he’ll be 35 and in a spot where overall interest could be limited.
Namestnikov has settled in well with Winnipeg, filling a bit of a ‘Swiss Army’ role where he’s moved around a lot. The same concern with Niederreiter applies here to a point as well although Namestnikov’s ability to play center helps his cause. His free agency has been a bit perplexing in the past in terms of the type of interest he gets but it wouldn’t be shocking to see him land another two-year deal around this price point. Barron has been a regular on the fourth line for several years now and signed this deal this summer to walk him right to UFA eligibility. He will need to find a way to land a spot higher in the lineup if he wants to beat this by a significant amount in 2027.
Fleury played a limited role in his first season in Winnipeg and this contract reflects the expectation that he’ll remain a depth defender for the next couple of years. That has been his role for several years now so there’s no reason to think his future deals are going to remain at or near the minimum salary moving forward.



