Salary Cap Deep Dive: New York Islanders
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 Metropolitan Division, next up are the Islanders.
New York Islanders
Current Cap Hit: $89,368,333 (below the $95.5MM Upper Limit)
Entry-Level Contracts
D Isaiah George (two years, $838.3K)
D Matthew Schaefer (three years, $975K)
F Maxim Shabanov (one year, $975K)
Potential Bonuses
George: $80K
Schaefer: $3.5MM
Shabanov: $3.5MM
Total: $7.08MM
The Islanders were the successful team out of a field of money to sign Shabanov out of Russia. One of the top scorers in the KHL last season, it’s fair to say they’ll be counting on him to be at least a secondary producer this year. In doing so, he could have a shot at hitting some of his ‘A’ bonuses of which he has four at $250K apiece. Notably, Shabanov will be arbitration-eligible next summer which will put some extra emphasis on the upcoming season.
Schaefer was the number one pick in the draft back in June despite missing most of the season due to injury. By signing his entry-level deal, the NCAA route is off the table so it’s the NHL or junior hockey for him. If he stays the full year and becomes a top-four piece, some of his four ‘A’ bonuses will be achievable as well. It’s not normal to put an ‘if’ in front of a number one pick playing in the NHL right away but with Schaefer, it’s far from a given. George didn’t look out of place in 33 games with the Isles last season. His situation may be tied to Schaefer making the team or not but it stands to reason he’ll at least see some NHL action again, allowing him to reach some of his ‘B’ bonus for games played. George is trending toward a low-seven-figure bridge deal two years from now.
Signed Through 2025-26, Non-Entry-Level
D Adam Boqvist ($850K, RFA)
D Tony DeAngelo ($1.75MM, UFA)
F Marc Gatcomb ($900K, RFA)
F Anders Lee ($7MM, UFA)
F Jean-Gabriel Pageau ($5MM, UFA)
G David Rittich ($1MM, UFA)
After a tough 2023-24 campaign, Lee bounced back last season with his highest point total since 2017-18. He finished second on the team in points which is more like what they expect from their captain. However, Lee will be entering his age-36 year on his next deal and teams have gotten stingier with contracts given to players that age in recent years. Even a three-year agreement might be deemed too risky unless it was for a big cut price-wise. A two-year pact could be doable at a small dip in pay or, alternatively, teams could push for one year plus achievable games-played bonuses to allow for more in-season flexibility. Both are viable options for him next summer.
A year ago, it looked like the Islanders might have to attach a sweetener to clear Pageau’s contract but instead, they spurned trade interest in him this summer. He’s someone who is steadily around the 35-40-point mark and with his defensive ability and faceoff prowess, he should have good interest next summer. Besting this price tag might be tough for Pageau but another multi-year pact with an AAV starting with a four might be doable. Gatcomb was a serviceable fourth liner in the second half of last season, a good showing after getting his first NHL deal at 25 last summer. He’ll need to show that can hold that role down over a full season and if he does, that could jump him into the $1.5MM range next year.
DeAngelo was a midseason signing after being lured away from his KHL contract and it was a good move as he was his usual productive self while also logging over 23 minutes a game. His defensive concerns will continue to limit his earnings upside but a good full-season showing could give him a shot at a multi-year deal in the $3MM range next summer. Boqvist saw limited minutes after being a midseason waiver claim and signed with a small raise instead of what was likely to be a non-tender to avoid arbitration eligibility. He’ll still be arbitration-eligible summer which will probably work against him again barring a breakout season. As someone who profiles as a sixth defender at best, he’s likely going to stay close to the minimum salary unless his role drastically changes.
Rittich was brought in as goaltending insurance via free agency. He wound up making 31 starts for the Kings last season although his .886 SV% was well below average. Still, he has been a serviceable backup in the past if need be and if he isn’t needed to hedge against injuries, his contract can come off the books entirely if he’s in the minors (if he’s not claimed off waivers).
Signed Through 2026-27
F Casey Cizikas ($2.5MM, UFA)
F Jonathan Drouin ($4MM, UFA)
F Emil Heineman ($1.1MM, RFA)
F Simon Holmstrom ($3.625MM, RFA)
F Kyle MacLean ($775K, RFA)
F Kyle Palmieri ($4.75MM, UFA)
F Maxim Tsyplakov ($2.25MM, UFA)
G Semyon Varlamov ($2.75MM, UFA)
Palmieri was in trade speculation right up to the deadline with the belief that the lack of a trade meant a handshake agreement was in place with then-GM Lou Lamoriello. It appears new GM Mathieu Darche largely upheld that agreement with this contract. Palmieri quietly posted 24 goals and 24 assists last season and near-50-point production for under $5MM in this market isn’t bad value. He’ll be 36 when he needs a new contract and, like Lee, his options may be more limited at that time. When healthy, Drouin was quite productive with Colorado, notching 37 points in 43 games but injuries have now been an issue for him in five of the last six seasons. While he was able to get more than one year this time around, it’s still a below-market contract for what a top-six forward should be receiving. He’ll need to stay healthy and keep producing if he wants a shot at a long-term deal two years from now.
Holmstrom has only been a full-time NHL player for the last two seasons but has quickly worked his way from being a role player to a secondary core piece at both ends of the ice. The lower-cost bridge deal bought Darche some extra short-term flexibility but it sets up Holmstrom well two years from now when he’ll have a $3.75MM qualifying offer and arbitration rights. Assuming he’s able to at least stay at this level, a jump to something starting with a five might be the next step. Cizikas getting six years four summers ago was a bit of a shocker although it has held up relatively well so far. He’s still a contributing fourth liner who can move up in a pinch and help a bit on the penalty kill. In a market where some fourth liners are starting to get higher salaries, this isn’t as much of an overpayment as it might have first seemed.
Tsyplakov was believed to also be nearing a new deal before the GM change but this one wasn’t upheld with the sides working out this agreement a little before an arbitration hearing. He had a solid first season in North America after coming over from the KHL and even if he stays in a third-line role, this deal should hold up well. With a couple more years under his belt come 2027, his market could be an interesting one. Heineman came over as part of the Noah Dobson trade after a decent rookie season that saw him score double-digit goals while primarily playing on the fourth line. Assuming he even stays at that pace, he could land closer to $1.75MM in two years while some offensive improvement could allow him to easily clear $2MM. MacLean was a regular fourth liner although he wasn’t used a lot, nor did he produce much. If he stays in this role, he’s likely to stay close to the minimum moving forward.
When Varlamov received a four-year deal two years ago at 35, it was supposed to be the last two seasons that would be the concerning ones. However, he was limited to just 10 appearances last season and is only set to start skating soon, necessitating the Rittich signing as insurance. At his best, Varlamov can be an above-average backup but with the injuries, that’s a big question mark moving forward.
Signed Through 2027-28
F Anthony Duclair ($3.5MM, UFA)
Duclair was last summer’s impact acquisition but he wasn’t very impactful offensively, notching just 11 points in 44 games while dealing with some injuries along with a leave of absence following some public criticism from head coach Patrick Roy. With limited cap space, they’ll need him to pull his weight moving forward or his deal might be one they’re looking to get out of in a hurry.
Poll: Will Jack Roslovic Or Matt Grzelcyk Sign First?
We’re closing in on a month before the start of informal rookie camps around the league. Of PHR’s Top 50 NHL Unrestricted Free Agents, 45 have already found new homes for the upcoming campaign – including 23 of the top 25 names.
The two missing from that group are three-position forward Jack Roslovic and left-shot defenseman Matt Grzelcyk. While Roslovic has had strong interest from multiple teams all summer long and appears to be playing the long game to drive up desperation as teams miss out on other forward options, Grzelcyk’s market hasn’t been as fervent.
In fact, there’s been essentially no firmly documented interest in Grzelcyk since July 1. That’s despite the 31-year-old entering the signing window with the most points among UFA defensemen last year, notching a career-best 1-39–40 scoring line with the Penguins.
There are some clear reasons for his smaller-than-expected market. He’s on the small side for a rearguard at 5’10” and 180 lbs, doesn’t play much of a physical game at all, and has something of an injury history. He played all 82 games last season for the first time, eclipsing the 70-game mark for the third time in nine years.
That being said, he has strong results in a complementary top-four role next to a more all-around dominant righty. The vast majority of his 527-game NHL career was spent with the Bruins alongside Charlie McAvoy, where he consistently put up 20 to 30 points per season and never had a negative rating.
Last year’s -6 mark on his one-year deal with the Pens isn’t much of a blemish, either. That came with more taxing minutes than he’s used to – averaging a career-high 20:37 per game – and he had better per-60 defensive results at even strength than Erik Karlsson and Kris Letang while also generating more offense than them on the power play.
Few teams would give Grzelcyk the top-unit PP deployment he had throughout the year in Pittsburgh, making another 40-point year unlikely. Still, there’s been an eerie silence around the market for someone who checks out as a highly serviceable No. 4/5 option on most teams who’s comfortable playing on any pairing.
Roslovic’s free agency has been covered more at length as a result of his more widespread interest. Last month, we published free agent profiles on both Grzelcyk and Roslovic.
He’s been connected most firmly to the Canucks and Maple Leafs over the past several weeks, but any team with at least $3MM to $4MM in cap space to accommodate him should be viewed as a legitimate contender for his services. Roslovic’s selling point is his versatility – he may not have the scoring consistency required of a bona fide top-six option. Still, few players could legitimately slot into any spot on any line and find a way to make things work like he can.
Like Grzelcyk, Roslovic is coming off something of a career year in his platform season, although his age advantage by three years strengthens his case for a multi-year deal. While he fell short of his career-high in points in 2024-25, he tied his mark in goals (22) in quite limited deployment with the Hurricanes, averaging under 14 minutes per game for the first time since 2018-19. He’s comfortably averaged 43 points per 82 games over the past three seasons and should be a solid bet to hit that mark again in 2025-26, especially if he sees a bump in minutes.
All that being said, who do you think will come off the UFA list first? Tell us what you think in the poll below and expand on your thoughts in the comments:
Who will sign first?
-
Jack Roslovic 75% (308)
-
Matt Grzelcyk 25% (105)
Total votes: 413
2026 NHL Free Agents
Pro Hockey Rumors’ up-to-date list of 2026 free agents is below. These are players who are eligible for restricted or unrestricted free agency after the 2025-26 season. The player’s age in 2026 is in parentheses.
Players who are currently free agents are not seen here. Only players with at least one game played in the 2025-26 season are listed below, regardless of their inclusion on an active roster.
This list will be continually updated. You’ll be able to access it anytime under the “Pro Hockey Rumors Features” menu on the right sidebar on our desktop site, or under the Flame icon on our mobile menu. If you have any corrections or omissions, please get in touch with us.
Updated March 6, 2026 (10:08 a.m. CT)
Unrestricted Free Agents
Centers
Rodrigo Abols (30)
Teddy Blueger (31)
Nick Cousins (32)
Charlie Coyle (34)
Jason Dickinson (30)
Lars Eller (37)
Luke Glendening (37)
Jansen Harkins (29)
Erik Haula (35)
Kevin Hayes (34)
Adam Henrique (36)
Mark Jankowski (31)
David Kämpf (31)
Justin Kirkland (29)
Anže Kopitar (38)
Scott Laughton (32)
Curtis Lazar (31)
Evgeni Malkin (39)
Tomáš Nosek (33)
Jean-Gabriel Pageau (33)
Kevin Rooney (33)
Cole Schwindt (25) – RFA if 31 GP in 2025-26
Kevin Stenlund (29)
Mitchell Stephens (29)
Oskar Sundqvist (32)
Left Wingers
Zach Aston-Reese (31)
Jamie Benn (36)
Michael Bunting (30)
Michael Carcone (30)
Nicolas Deslauriers (35)
Connor Dewar (27)
Brandon Duhaime (29)
Adam Erne (31)
Tye Felhaber (27)
Nick Foligno (38)
A.J. Greer (29)
Noah Gregor (28)
Carl Grundström (28)
Danton Heinen (30)
Boone Jenner (33)
Marcus Johansson (35)
Ross Johnston (32)
Mathieu Joseph (29)
Tyson Jost (28)
Alexander Kerfoot (31)
Cole Koepke (28)
Andrei Kuzmenko (30)
Patrik Laine (28)
Anders Lee (35)
Ryan Lomberg (31)
Beck Malenstyn (28)
Mason Marchment (31)
Bobby McMann (30)
Sonny Milano (30)
Alex Ovechkin (40)
Tanner Pearson (33)
David Perron (38)
Brandon Saad (33)
Jaden Schwartz (34)
Conor Sheary (34)
Jeff Skinner (34)
Cole Smith (30)
Reilly Smith (35)
James van Riemsdyk (37)
Right Wingers
Noel Acciari (34)
Viktor Arvidsson (33)
Nicolas Aubé-Kubel (30)
Oliver Bjorkstrand (31)
Jonny Brodzinski (33)
Mitchell Chaffee (28)
Evgenii Dadonov (37)
Jordan Eberle (36)
Robby Fabbri (30)
Claude Giroux (38)
Calle Järnkrok (34)
Patrick Kane (37)
Kasperi Kapanen (29)
Sam Lafferty (31)
Anthony Mantha (31)
Michael McCarron (31)
Ilya Mikheyev (31)
Gustav Nyquist (36)
Corey Perry (41)
Ryan Reaves (39)
Jack Roslovic (29)
Nick Schmaltz (30)
Colton Sissons (32)
Givani Smith (28)
Vladimir Tarasenko (34)
Eeli Tolvanen (27)
Alex Tuch (30)
Austin Watson (34)
Mats Zuccarello (38)
Left-Shot Defensemen
Jake Bean (28)
Jacob Bryson (28)
Ian Cole (37)
Andreas Englund (30)
Mario Ferraro (27)
Derek Forbort (34)
Dennis Gilbert (29)
Matt Grzelcyk (32)
Erik Gustafsson (34)
Ben Hutton (33)
Brett Kulak (32)
Jeremy Lauzon (29)
Nick Leddy (35)
Jacob Moverare (27)
Jordan Oesterle (34)
Jamie Oleksiak (33)
Mike Reilly (32)
Ryan Shea (29)
Brendan Smith (37)
Carson Soucy (31)
Logan Stanley (28)
Juuso Välimäki (27)
Right-Shot Defensemen
Rasmus Andersson (29)
Nick Blankenburg (28)
Zach Bogosian (35)
Brent Burns (41)
Kyle Burroughs (30)
John Carlson (36)
Connor Clifton (31)
Tony DeAngelo (30)
Vincent Desharnais (30)
Matt Dumba (31)
Radko Gudas (36)
Erik Gudbranson (34)
Justin Holl (34)
Nick Jensen (35)
Noah Juulsen (29)
Matthew Kessel (26) – RFA if 10 GP in 2025-26
John Klingberg (33)
Timothy Liljegren (27)
Colin Miller (33)
Daniil Miromanov (28)
Connor Murphy (33)
Andrew Peeke (28)
Alexander Petrovic (34)
Jeff Petry (38)
Darren Raddysh (30)
Luke Schenn (36)
Troy Stecher (32)
Jacob Trouba (32)
Trevor van Riemsdyk (34)
Goaltenders
Frederik Andersen (36)
Sergei Bobrovsky (37)
Laurent Brossoit (33)
Eric Comrie (30)
Ivan Fedotov (29)
Connor Ingram (29)
Kaapo Kähkönen (29)
Petr Mrázek (34)
Calvin Pickard (34)
Jonathan Quick (40)
James Reimer (38)
David Rittich (33)
Stuart Skinner (27)
Cam Talbot (38)
Daniil Tarasov (27)
Vítek Vaněček (30)
Restricted Free Agents
* denotes eligible for arbitration
Centers
Nils Åman (26)*
Connor Bedard (20)
Thomas Bordeleau (24)*
Leo Carlsson (21)
Kirby Dach (25)
Jack Drury (26)*
Adam Fantilli (21)
Barrett Hayton (26)*
Ivan Ivan (23)*
Peyton Krebs (25)*
Philipp Kurashev (26)*
Connor McMichael (25)*
Cole Sillinger (23)*
Fedor Svechkov (23)
Trevor Zegras (25)*
Left Wingers
John Beecher (25)*
Zach Benson (21)
Jonatan Berggren (25)*
Yegor Chinakhov (25)*
Paul Cotter (26)*
Cutter Gauthier (22)
Daniil Gushchin (24)
David Gustafsson (26)*
Dylan Holloway (24)*
Zachary L’Heureux (23)
Carter Mazur (24)
Jason Robertson (26)*
Joe Veleno (26)*
Right Wingers
Zachary Bolduc (23)
Mavrik Bourque (24)
Bobby Brink (24)*
Ty Dellandrea (25)*
Pavel Dorofeyev (25)*
Marc Gatcomb (26)*
Collin Graf (23)
Arttu Hyry (25)*
Arthur Kaliyev (25)*
Hendrix Lapierre (24)
Matias Maccelli (25)*
Cole Perfetti (24)*
Matthew Poitras (22)
Lukas Reichel (24)*
Nicholas Robertson (24)*
Mackie Samoskevich (23)
Philip Tomasino (24)*
Left-Shot Defensemen
Alexander Alexeyev (26)*
Nolan Allan (23)
Simon Edvinsson (23)
Jordan Harris (25)*
Zachary Jones (25)*
Pierre-Olivier Joseph (27)* – July 1 birthday
Kevin Korchinski (22)
Pavel Mintyukov (22)
Shakir Mukhamadullin (24)
Henry Thrun (25)*
Arber Xhekaj (25)*
Egor Zamula (26)*
Olen Zellweger (22)
Right-Shot Defensemen
Justin Barron (24)*
Jacob Bernard-Docker (26)*
Adam Boqvist (25)*
Brandt Clarke (23)
Jamie Drysdale (24)*
David Jiricek (22)
Michael Kesselring (26)*
Nils Lundkvist (25)*
Scott Morrow (23)
Simon Nemec (22)
Braden Schneider (24)*
Jordan Spence (25)*
Jack Thompson (24)
Goaltenders
Samuel Ersson (26)*
Jet Greaves (25)*
Leevi Merilainen (23)*
Akira Schmid (26)*
Arturs Silovs (25)*
How The Canadiens, Golden Knights, And Panthers Will Use LTIR
At the time of writing, the Canadiens, Golden Knights, and Panthers are the only three teams that have negative projected cap space to open the season, per PuckPedia.
Those clubs also have high-priced LTIR candidates. Montreal’s Carey Price and Vegas’ Alex Pietrangelo are either retired or ruled out for the season and have cap hits higher than the amount their respective clubs are in the hole. Florida is likely to have Matthew Tkachuk miss significant time to start the year as he continues to get back to full health from last season’s adductor injury. While they won’t have a whole year’s worth of LTIR relief for him, they still have a clear pathway to compliance to start the season without making a cap-shedding trade.
But while these teams have a pathway to cap compliance, it’s not as simple as making an LTIR placement and calling it a day. LTIR usage isn’t blanket cap relief based on the cap hit of the injured player – the amount of financial relief a team gets is tied directly to how well a team optimizes its roster before making the placement.
There are two methods of going about this. The first, and more common one, is waiting until the start of the season to place a player on LTIR.
That means a club needs to, even if it’s for a matter of minutes via paper transactions, be cap-compliant without LTIR usage before making the placement and using their newfound flexibility to restore their roster. The difference between the LTIR player’s cap hit and the cap space available when making the placement will be the relief pool amount the team has to work with – hence why teams using LTIR to start the year try to get as close to $0 in cap space as possible to unlock the player’s full cap hit in relief.
The second involves the usage of offseason LTIR. If a team opts to place a player on LTIR before the season starts, the relief amount is equivalent to their cap excess. In that case, it behooves a team to spend more to boost the amount they exceed the cap by as close as the injured player’s cap hit as possible.
That second method is almost certainly what Vegas will use. Their roster is currently set to exceed the cap by $7.64MM, per PuckPedia, roughly $1.16MM shy of Pietrangelo’s $8.8MM cap hit.
With the rest of their offseason business done and one roster spot open, the Knights still haven’t signed restricted free agent winger Alexander Holtz to a new contract for 2025-26. Signing him to a one-year deal worth exactly $1,161,429 would allow them to have a perfect LTIR capture when opening-night rosters are due, allowing them the full $8.8MM relief amount throughout the season. That figure is above Holtz’s market value anyway, so it’s unlikely they’d have any trouble convincing him to ink that contract.
At first glance, Florida’s pathway to making things work is more likely the first option, if for no other reason than the fact they’ll need the flexibility to activate Tkachuk in-season when he’s cleared to play. They’re also much closer to no cap exceedance than $9.5MM, Tkachuk’s cap hit, worth of exceedance.
Wouldn’t the Panthers thus look to clear exactly their projected exceedance of $3.725MM via paper transactions that can be reversed after Tkachuk’s LTIR placement? Not exactly.
Usually, teams in that situation have a few young waiver-exempt players on their roster that they can briefly send down to the AHL to achieve the intended result. The Panthers have no waiver-exempt players on their projected 22-player roster, and the likelihood of a claim for highly-regarded Cup-winning depth talent like Jesper Boqvist, Jonah Gadjovich, or A.J. Greer is almost 100%.
With the Cats prioritizing continuity between last year’s championship team and this one above all else, it stands to reason they might simply take severely reduced LTIR flexibility out of the gate. Making no other moves before LTIRing Tkachuk would leave them with only $3.725MM in flexibility to open the season, compared to their potential $9.5MM if they tried to optimize his relief. Still, as they’d need to activate him later in the year, they wouldn’t take full advantage of that $9.5MM even if they had it.
As for the Canadiens, they’re stuck in the mushy middle. Price’s cap hit is $10.5MM, and their projected exceedance is $5.93MM. That means they’d either need to shed nearly $6MM in cap space or add over $4.5MM worth of cap hits to take advantage of his placement fully.
For a team on the rise with playoff aspirations and some holes in their middle-six forward group, the latter outcome is the likelier one. They still only have $4.5MM in flexibility if they decide to go that route, though, pricing them out of a new deal for top centers on the trade market like RFAs Mason McTavish and Marco Rossi without sending a significant salary – potentially Kirby Dach‘s $3.36MM cap hit or Alex Newhook‘s $2.9MM cap hit – back the other way to help make up the difference.
What Should The Kraken Do With Philipp Grubauer?
In their inaugural season, the Seattle Kraken believed they had found their franchise goalie for the foreseeable future by signing Philipp Grubauer to a six-year, $35.4MM contract. Grubauer was coming off an impressive season with the Colorado Avalanche, managing a 30-9-1 record in 40 games with a .922 SV%, finishing third place in Vezina Trophy voting.
Unfortunately, the Kraken have not seen a positive return on their significant investment in goaltending. In his first season with the team, Grubauer’s play dropped dramatically, finishing with an 18-31-5 record, a .889 SV%, 3.16 GAA, and -26.4 Goals Saved Above Average (GSAA), the latter being the lowest in the league by a considerable margin.
In large part due to the surprising top-level play from Martin Jones a year later, the Kraken qualified for the postseason in 2022-23. Although Grubauer had another disappointing regular season, he looked inspired throughout the 2023 Stanley Cup playoffs, especially against his former team. Grubauer finished the postseason with a 7-7-0 record with a .903 SV%, eliminating his former employer and the defending Stanley Cup champions in a hotly contested opening round matchup.
Despite having a resurgence in the 2023 postseason, Grubauer has fallen back to his old ways in the meantime, ultimately ceding the starting netminder position in Seattle to Joey Daccord. Since losing to the Dallas Stars in the second round of that playoff run, Grubauer has earned a 22-33-3 record in 60 starts with a .889 SV%. His play over the last two seasons has brought his overall record with the Kraken to a 57-78-12 record (36.5% winning percentage) in 156 games with a .890 SV%, 3.07 GAA, and -56.2 GSAA.
Quite obviously, that wasn’t what Seattle was expecting when they made such a large investment in Grubauer’s services, and he has little chance of recouping the starting position from Daccord anytime soon. The talent gap was so significant between the two netminders that Grubauer had been mentioned as a likely buyout candidate heading into the current offseason.
Ultimately, the Kraken decided against buying out Grubauer during their initial opportunity at the start of the offseason and reiterated this choice after their conditional buy-out window, following the signing of Kaapo Kakko to a three-year contract in late July. Seattle did sign veteran Matt Murray to a one-year, $1MM contract on the opening day of free agency, though he’s likely penciled in for AHL duty with Grubauer still in the system.
Since it’s well known he’s a sunk cost for the remaining term on his contract, the Kraken are effectively left with two choices. They could buy him out next offseason, which would spread out 66.6% of his remaining one-year and $5.9MM over the 2026-27 and 2027-28 seasons, or seek a trade partner. It’s important to note that Grubauer has a 10-team no-trade list in his contract.
Depending on how desperate each team becomes next season, the Philadelphia Flyers, Edmonton Oilers, Pittsburgh Penguins, and Columbus Blue Jackets all make sense to some degree for Grubauer’s services. Even if he has a slight increase in his production, Seattle could be positioned to swap overvalued goaltending deals with the Oilers (Stuart Skinner), Penguins (Tristan Jarry), and Blue Jackets (Elvis Merzlikins).
At this point, the Kraken must provide additional value in a potential deal for the previously mentioned goaltenders. There is no doubt that Grubauer has negative value for the team, and the Kraken may be better off waiting another year to buy out the remaining year of his contract next summer when it is more financially advantageous.
Salary Cap Deep Dive: New Jersey Devils
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 Metropolitan Division, next up are the Devils.
New Jersey Devils
Current Cap Hit: $89,368,333 (below the $95.5MM Upper Limit)
Entry-Level Contracts
D Seamus Casey (two years, $950K)
F Arseni Gritsyuk (one year, $925K)
D Simon Nemec (one year, $918.3K)
Potential Bonuses
Casey: $350K
Gritsyuk: $500K
Nemec: $3.25MM
Total: $1.1MM
Gritsyuk has come over after some productive seasons in the KHL to ideally deepen their attack offensively. His contract has a November 15th European Assignment Clause so even if he starts in the minors with Utica, he can’t stay there for long. If he can stick with New Jersey full time, he could have a chance of getting at least one of his ‘A’ bonuses.
Casey was quite productive in a limited stint with the Devils last season where he had eight points in 14 games while producing at a similar per-game rate with Utica. He could be viewed as a regular this season or could be the first recall with the latter making his bonuses unlikely and likely moving him toward a bridge deal in 2027. Nemec saw very limited time with New Jersey, instead spending a big chunk of the season with the Comets, an outcome he wasn’t too pleased with. He’s likely to fill a depth role if he’s up with the big club which makes his $1MM in ‘A’ bonuses unlikely. A short-term second contract makes sense for both sides; if Nemec can lock down a regular role this season, it could land around the $2MM mark.
Signed Through 2025-26, Non-Entry-Level
F Paul Cotter ($775K, RFA)
F Evgenii Dadonov ($1MM, UFA)
G Nico Daws ($812.5K, RFA)
F Juho Lammikko ($800K, UFA)
G Jacob Markstrom ($4.125MM, UFA)*
*-Calgary is retaining an additional $1.875MM of Markstrom’s contract
Potential Bonuses
Dadonov: $2.25MM
Dadonov provided Dallas with some solid secondary scoring last season, notching 20 goals and 20 assists despite playing less than 14 minutes a night. However, given his age (36), his offers were bonus-laden. He can hit $1.25MM of those by simply reaching 50 games (250K for each ten) with some additional incentives unlockable by team playoff success. Given that Dadonov acknowledged his offers were similar to this one, it’s safe to say that this type of structure will likely be what he receives moving forward as well.
Lammikko spent the last three years in Switzerland but was brought back to North America with a one-way deal. He’s likely to battle for a spot on the fourth line and when you factor in his performance in his first stint in the NHL, there could be a bit of room to grow the contract but he’s likely to stay around the $1MM mark next time out. Cotter potted 16 goals last season despite being in the bottom six while being one of the more physical players in the league. That type of output will look good in an arbitration hearing and while they’re not direct comparables, it wouldn’t be shocking if his camp was eyeing the $3MM per season that Columbus gave to Mathieu Olivier a few months ago.
Markstrom had a solid first season in New Jersey, helping to stabilize a position that had its challenges before then. However, he’ll be 36 when his next deal kicks in. A three-year deal might be doable but it’d be surprising to see him land around the $8MM mark that some other proven starters have received. A small raise on his full cap hit could be doable though. Daws projects to be the third goalie but it would be surprising to see him get through waivers unclaimed so if the Devils don’t want to risk it, they’ll have to keep him up with the big club. If that happens and his playing time is limited, he might not be able to command much more than his $892.5K qualifying offer.
Signed Through 2026-27
D Brenden Dillon ($4MM, UFA)
F Cody Glass ($2.5MM, UFA)
F Nico Hischier ($7.25MM, UFA)
F/D Kurtis MacDermid ($1.15MM, UFA)
F Dawson Mercer ($4MM, RFA)
F Stefan Noesen ($2.75MM, UFA)
F Ondrej Palat ($6MM, UFA)
Hischier’s contract looked a little risky when it was first signed as he was coming off a 47-point sophomore season. While expectations were still high for the first-overall pick, this deal wouldn’t have aged well if the offense didn’t come around. But it did do just that as he has become one of the top defensive centers in the NHL while reaching the 60-point mark in four straight seasons. Since Hischier started in the NHL at 18, he’ll only be 28 when his next contract begins, meaning he’s a strong candidate for another max-term pact, seven years with New Jersey or six elsewhere. A sizable raise should be coming his way as he could push past the $9MM mark on his next contract.
Palat’s contract simply hasn’t worked out as planned. Signed to be a secondary scorer, he instead has seen his per-game output drop to the lowest rates of his career with a corresponding drop in ice time to under 14 minutes per game. Assuming that trend continues, he’s someone they might be looking to incentivize a team to take while a buyout could be on the table next summer as well. Palat still has some value but his market rate is less than half of what he’s making. It wasn’t that long ago that Mercer looked like a can’t-move core piece but his output has tailed off the last two seasons as well. After putting up 56 points in his sophomore year, he has only put up 33 and 36 since then. He’ll be owed a $4.25MM qualifying offer two years from now with arbitration rights but as things stand, he’d be hard-pressed to land any sort of notable raise.
Noesen parlayed a pair of quietly efficient seasons in Carolina into this deal, one that more than doubled his career earnings. The early return looks positive as he’s coming off a career year and played higher up the lineup than he did with the Hurricanes. If this continues, he could push more toward the $4MM range next time. New Jersey originally didn’t plan to re-sign Glass but assessed what the center market was going to look like and ultimately brought him back. He has shown flashes of top-six upside but has largely been a bottom-six option in his career, meaning that this is the price range he’ll continue to be in unless he can break through offensively. MacDermid has sparsely played in recent years and when he has suited up, playing time has been minimal. While they’d like to keep an enforcer around, he’s also a candidate to be waived if they need more money to re-sign a certain restricted free agent that we’ll get to shortly. Given his limited usage, he might be closer to the minimum salary on his next contract.
Dillon was his usual self in his first season with New Jersey. He was last in ATOI among full-time blueliners but still logged right around his career average in playing time. He killed penalties, blocked shots, and played with physicality and as we’ve seen in recent years, that profile is starting to cost more. However, Dillon will be turning 37 early in his next contract so he could be in a spot like Dadonov where he’ll have to go year-to-year moving forward.
Signed Through 2027-28
D Dougie Hamilton ($9MM, UFA)
D Jonas Siegenthaler ($3.4MM, UFA)
In his prime, Hamilton was a premier offensive defender. He’s not in his prime now but is still an above-average one, albeit one who has dealt with some injury issues the last couple of years. No longer a top-pairing player, his contract skews toward the above-market side and will likely remain there for the next three years. By the time he hits the open market again at 35, his price tag might be closer to half of this amount. Siegenthaler has been a reliable stay-at-home player in New Jersey but, like Hamilton, has had some injury issues. He’ll need to stay healthier moving forward if he wants to push past the $4MM mark on his next contract.
Summer Synopsis: Washington Capitals
Now more than a month into the new league year, 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. We begin with a look at Washington.
Although they were unable to secure the second Stanley Cup in franchise history, the 2024-25 campaign was a monumental one for the Washington Capitals. Thanks in part to a loaded defensive core and standout goaltending, the Capitals surprisingly finished as the top team in the Eastern Conference, one year after qualifying for the postseason due to a tiebreaker. Outside of their play on the ice, team icon Alex Ovechkin broke the all-time goal record, surpassing Wayne Gretzky against the New York Islanders on April 6th. Still, after an offseason of little changes, will the Capitals be able to repeat their dominance?
Draft
1-27 – F Lynden Lakovic, Moose Jaw (WHL)
2-37 – F Milton Gästrin, MoDO (Sweden U20)
3-96 – F Maxim Schäfer, Berlin (DEL)
5-155 – F Jackson Crowder, Chicago (USHL)
6-180 – D Aron Dahlqvist, Brynäs IF (Sweden U20)
Despite having fewer selections than normal and choosing toward the end of each round, given their finish in the standings, the Capitals did fairly well in the 2025 NHL Draft. Their success in the draft is weighed heavily by Lakovic, whom the team selected toward the end of the first round.
Lakovic was projected to be a mid-first-round talent, but fell approximately 10 spots to Washington. The Kelowna, British Columbia native recently completed his second season with the WHL’s Moose Jaw Warriors, scoring 27 goals and 58 points in 47 games with a -25 rating. He’s a big winger with a powerful shot and good puck-handling skills. He has some deficiencies to sort out on the defensive side of the puck, though much of that comes through on-ice maturity, especially for wingers.
Other than that, the pair of Gästrin and Schäfer could see NHL playing time at some point in the foreseeable future, but they aren’t expected to turn into much. The former is coming off a solid year with MoDo Hockey’s U20 team, scoring 18 goals and 42 points in 40 games with a +6 rating. Still, a more accurate projection will be available next offseason, once he’s completed his first year in the SHL.
Trade Acquisitions
D Declan Chisholm (from Minnesota)
Unlike last offseason, the Capitals made very few trades this offseason. The only trade they made was with the Minnesota Wild, acquiring Chisholm and a sixth-round pick in the 2025 NHL Draft for Priskie (who has since signed with the KHL’s Sibir Novosibirsk) and a 2025 fourth-round pick.
Chisholm won’t get much playing time with the Capitals, unless injuries start to mount, since he was largely acquired to replace Alexeyev, who signed with the Pittsburgh Penguins. Still, Chisholm is coming off the best season of his brief NHL career (for his standards), scoring two goals and 12 points in 66 games for the Wild last season with a -5 rating, while averaging approximately 17 minutes of ice time per game.
UFA Signings
D Louis Belpedio (two years, $1.55MM)*
F Anthony Beauvillier (two years, $5.5MM)^
F Graeme Clarke (one year, $775K)*
F Sheldon Rempal (one year, $775K)*
D Calle Rosen (one year, $775K)*
*-denotes two-way contract
^-denotes re-signing
Like their effort in the trade market, the Capitals also did very little on the free agent market. Their biggest free agent signing was a re-sign, as they brought back Beauvillier on a two-year deal after a solid performance after the trade deadline. Washington acquired Beauvillier from the Penguins for a 2025 second-round pick, and he rewarded them with two goals and five points in 18 games down the stretch. He was a bigger factor in the postseason, scoring two goals and six points in 10 games.
In a less headline-worthy deal, the Capitals brought former Vegas Golden Knight winger, Rempal, back to North America on a two-way contract. Rempal was never a notable player during his time in Nevada, but he could prove to be a quality depth option in Washington. He had an impressive year with the KHL’s Salavat Yulaev Ufa, scoring 31 goals and totaling 61 points in 68 games, along with a +7 rating. He also added eight goals and 21 points in 19 postseason contests.
Even though they didn’t win the sweepstakes, it’s important to note that the Capitals were among the finalists for Nikolaj Ehlers‘ services before he ultimately signed with the Carolina Hurricanes. If Washington were willing to procure a player of Ehlers’ talent, it could be something to watch out for during the 2025-26 season. Although it’s unlikely the Capitals deal from their depth of impressive young talent on the roster, they could go big-game hunting toward the deadline season if they’re in a position to make the postseason.
RFA Re-Signings
D Martin Fehervary (seven years, $42MM)
F Hendrix Lapierre (one year, $850K)
*-denotes two-way contract
Much like they did with the rest of their defensive core throughout the regular season, the Capitals extended Fehervary on a long-term contract. He had the best season of his career last year, despite having the lowest ATOI of his career since the 2019-20 season. Fehervary scored five goals and 25 points in 81 games with a +18 rating, averaging 19 minutes of ice time per game. He finished with the second-most blocked shots, third-most hits, and finished third among defensemen (with 65 or more games played) in on-ice save percentage at even strength (90.3%).
The team also re-signed Lapierre, who they are hoping can finally break out this upcoming season. After scoring eight goals and 22 points in 51 games for the Capitals during the 2023-24 campaign, Lapierre had a significant drop-off last season, only tallying eight assists in 27 games. It was apparent that Washington lost all confidence in Lapierre’s game last season, and he’ll need a big rebound season if he hopes to have any staying power within the organization.
Departures
D Alexander Alexeyev (Pittsburgh, one year, $775K)
F Nicklas Backstrom (Brynäs IF, SHL)
D Ethan Bear (NY Islanders, one year, $775K)*
F Lars Eller (Ottawa, one year, $1.25MM)
F Alex Limoges (Dinamo Minsk, KHL)
F Andrew Mangiapane (Edmonton, two years, $7.2MM)
F T.J. Oshie (Retired)
F Luke Philp (Färjestad BK, SHL)
D Chase Priskie (traded to Minnesota)
F Taylor Raddysh (NY Rangers, two years, $3MM)
F Michael Sgarbossa (HC Lugano, NL)
G Hunter Shepard (Ottawa, one year, $775K)*
*-denotes two-way contract
Outside of Mangiapane, the Capitals didn’t lose too much this offseason. The team’s recent departures mostly include depth players who had little impact during their dominant run in the Eastern Conference last season.
Even Mangiapane, who largely played in the bottom-six for Washington last season, finished 10th on the team in scoring with 14 goals and 28 points in 81 games. Thankfully, the Capitals already have an in-house replacement for Mangiapane in the 2023 eighth-overall pick, Ryan Leonard. Leonard only scored one goal and one assist through 17 combined regular-season and playoff games for the Capitals last season. Still, he should prove far better in 2025-26 with more comfort around an NHL organization.
Should Washington run into any hiccups through their bottom-six to start the 2025-26 campaign, each of the players lost should be fairly replaceable on the trade market, without having to give up an arm and a leg. Given the lack of roster turnover this offseason, the Capitals are bringing back a very similar team to the one that dominated the Eastern Conference last season.
Salary Cap Outlook
According to PuckPedia, the Capitals will have $4.125MM in cap space to work with to start the 2025-26 campaign. Outside of a decision on defenseman John Carlson‘s future and a potential long-term commitment to Connor McMichael, Washington doesn’t have any longer-term issues to worry about thanks to their extension efforts throughout the 2024-25 season.
After next season, the Capitals should have plenty of cap space to re-sign Carlson and McMichael, while also having the ability to procure any top names on the free agent market. Still, there could be a significant cultural change to worry about, especially if Ovechkin chooses to retire from the NHL.
Key Questions
Will Ovechkin Stay? Outside of officially becoming the game’s top goal-scorer, the 2024-25 campaign proved how much Ovechkin has left in the tank. Even at 39 years old, Ovechkin scored 44 goals and 73 points in 65 games, tying for third in the league in goal-scoring. Assuming that his goal-scoring ability finally starts to deteriorate next season, would there be any hesitation from the Capitals to re-sign the greatest player in franchise history if he can only score 20 goals? The answer is no. Ultimately, the decision will come down to Ovechkin’s desires. Outside of another Stanley Cup ring, there’s nothing he has left to accomplish in the NHL, and with his contract expiring after next season, he may want to return to Russia to wrap up his professional playing career, similar to other Russian icons like Pavel Datsyuk and Sergei Fedorov.
Will The Goaltending Hold Up? One of the key factors in Washington’s success last year was its goaltending, particularly Logan Thompson. Thompson finished the season with a 31-6-6 record in 42 starts with a .910 SV%, 2.49 GAA, and 12.4 Goals Saved Above Average. Despite having some solid years with the Golden Knights, it was the first time Thompson had received votes for the Vezina Trophy, placing fourth. Still, given his previous play in Vegas, there’s no reason to believe that Thompson will have any serious setbacks next season. Unfortunately, there are some injury concerns with Thompson, who lost significant playing time from 2022 to 2024 due to varying ailments. With only one quality season under his belt, is it safe for the Capitals to rely on Charlie Lindgren to keep the team’s head above water should Thompson have another serious injury?
Was Last Year A Fluke? There’s no questioning that outside the Capitals organization, few expected the year they had. Washington had not finished with more than 100 points since the 2018-19 campaign, a year after they won their first Stanley Cup championship. Given that Washington had a 20-point fall in the standings between the 2021-22 and 2022-23 campaign, is that something to be expected next season? The Capitals were bounced easily in the second round of the 2025 Stanley Cup playoffs by the Carolina Hurricanes, and the Hurricanes will again be fierce competition next season. Thankfully, outside of the Hurricanes and a healthy New Jersey Devils team, the Capitals have little to deal with in the Metropolitan Division. They should face some healthy competition from the Columbus Blue Jackets and New York Rangers, but there’s little reason the Capitals can’t have a similar performance next season.
Photos courtesy of Peter Casey (Fehervary) and Charles LeClaire (Ovechkin)-Imagn Images.
Salary Cap Deep Dive: Columbus Blue Jackets
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 Metropolitan Division, next up are the Blue Jackets.
Columbus Blue Jackets
Current Cap Hit: $79,157,499 (below the $95.5MM Upper Limit)
Entry-Level Contracts
F Adam Fantilli (one year, $950K)
D Denton Mateychuk (two years, $886.7K)
Potential Bonuses
Fantilli: $3.2MM
Mateychuk: $750K
Total: $3.95MM
Fantilli was drafted with the hope that he could become a legitimate number one center. He appears to be on his way to getting there after being moved back down the middle full-time last season while building off his rookie season nicely. The $1MM in ‘A’ bonuses could very well be hit if he progresses as expected in 2025-26, putting him in a good spot to bypass a bridge contract if that’s a route GM Don Waddell wants to go. A long-term agreement could run past the $9MM per season mark.
Mateychuk was a midseason recall and quickly earned the confidence of head coach Dean Evason. He was a very productive blueliner in AHL Cleveland before the promotion but hasn’t had a big chance to showcase that part of his game yet. If he gets that chance this year, he could have a chance to earn some of his three ‘A’ bonuses but if he remains in more of a fourth or fifth role, that will be tricky. As things stand, Mateychuk appears likelier to land a bridge agreement on his next contract but if he locks down a more prominent spot on the depth chart by 2027, that could change.
Signed Through 2025-26, Non-Entry-Level
F Zach Aston-Reese ($775K, UFA)
F Yegor Chinakhov ($2.1MM, RFA)
F Charlie Coyle ($5.25MM, UFA)
G Jet Greaves ($8.125K, RFA)
D Erik Gudbranson ($MM, UFA)
F Boone Jenner ($3.75MM, UFA)
F Cole Sillinger ($2.25MM, RFA)
Coyle was acquired from Colorado this offseason to give the Blue Jackets some extra depth down the middle. He’s coming off a quiet year that saw him record just 35 points but he’s only a year removed from a 60-point campaign. Assuming he’s able to get back to at least the 40-point range, Coyle should be able to hit the UFA market next summer with a shot at matching his current price tag on a three or four-year agreement. Jenner has been a very effective two-way center when healthy. However, he has missed significant time in five straight seasons which will affect his next contract. When he’s healthy and in form, he’s a big center who is above average on faceoffs and scores more than 20 goals a season. That player would normally get $6MM or more on the open market. But with the injuries, his market value might dip closer to $5MM or so.
Sillinger just turned 22 and already has four NHL seasons under his belt and has taken some gradual strides offensively but isn’t quite proven as a second-line middleman just yet. Notably, he’ll only be two years away from UFA eligibility next summer while also having arbitration rights. If the sides can’t agree on a long-term pact, a one-year second bridge contract could run the team around $3.5MM while a medium-term agreement might land closer to $5MM per season. On the other hand, if he takes a jump forward and Waddell is ready to lock him up long-term, the price tag could push past the $6MM mark. It’s not often someone this age is in this contractual spot since few 18-year-olds play in the NHL right away and with his development so far, there’s a wide range of outcomes.
Chinakhov has been in the media a lot lately with his trade request being made public in recent weeks. He’s only one year removed from putting up 16 goals in 53 games but injuries and a long stretch as a healthy scratch limited him to just seven in 30 outings last season. If he gets back to his 2023-24 form, he’d be in line for a short-term deal that pushes past $3MM per season but if he’s used as he was down the stretch, he could conceivably enter non-tender territory next summer as well. Aston-Reese was an training camp waiver claim from Vegas last fall and earned this one-year extension soon after. As a fourth liner who typically plays limited minutes, he’s likely to stay at or near the minimum salary moving forward.
Gudbranson’s contract came as somewhat of a surprise three years ago given that he was more of a fourth or fifth defenseman at the time. It actually has held up a bit better than expected although last season was largely a write-off due to injuries. In a perfect world, he should be more of a third-pairing player by the time his next contract begins so at least a small dip should be expected. That said, right-shot defenders often get paid more than expected so perhaps he surprises again.
Greaves needs to get into at least seven NHL games this season with at least 30 minutes played per game to actually remain a restricted free agent. If not, he’d become a Group VI UFA. Considering that he projects to be part of the goaltending tandem next season, it’s safe to say that he’ll easily get there, barring injury. He was a big part of their late-season push but still has just 21 NHL games under his belt right now. A solid showing this season could move him closer to the $2MM mark while if he takes over as the starter moving forward, it wouldn’t be shocking to see him more than double that on a deal that buys out a couple of UFA seasons.
Signed Through 2026-27
D Jake Christiansen ($975K, UFA)
F Kent Johnson ($1.8MM, RFA)
F Isac Lundestrom ($1.3MM, UFA)
F Kirill Marchenko ($3.85MM, RFA)
G Elvis Merzlikins ($5.2MM, UFA)
F Dmitri Voronkov ($4.175MM, RFA)
Voronkov received his bridge deal just last month on the heels of a solid second NHL season that saw him record 24 goals and 23 assists. The short-term contract made sense for both sides to better assess if he can become even more impactful offensively before locking in a long-term agreement. Assuming he stays on this trajectory, it wouldn’t be surprising to see his next contract surpass the $6MM threshold. Marchenko appears to be well on his way to an even bigger raise on his next deal. He very quietly put up 31 goals and 74 points last season, legitimate top-line numbers for a middle-six price tag. He has surpassed the 20-goal plateau in each of his three NHL seasons and at the rate salaries are set to increase, he could plausibly double his current price tag two on his next contract.
Johnson received a bridge deal last summer on the heels of a tough season. That contract already looks like a big bargain as he locked down a full-time spot in the top six and had more points than his previous two seasons combined. At this rate, he could get into the $6MM or $7MM range as well with arbitration rights when his deal is up. Lundestrom comes over from Anaheim after the Ducks elected to non-tender him. He has been more of a depth player in recent years, unable to live up to his first-round billing. The fact he can kill penalties gives him some utility but he’ll need to be a lot more impactful if he wants to get past the $2MM threshold on his next deal.
Christiansen was a full-timer on the NHL roster for just the first time last season which didn’t give him much leverage in contract talks. He also averaged just 12:32 per game in 2024-25 which was one of the lower marks for a regular. If he can work his way up to 15 or 16 minutes a night, he could push closer to $1.5MM on his next deal. It also wouldn’t be overly shocking if he was on waivers at some point on this deal if he’s pushed out of a roster spot.
While Merzlikins showed promise early in his career, he simply hasn’t been able to play at the level of an NHL starting goalie with much consistency. Frankly, his performance has been that of a backup at best more often than not. At this point, landing a deal paying half of what he’s getting now could be a challenge barring him turning things around over the next couple of seasons.
Signed Through 2027-28
D Zach Werenski ($9.583MM, UFA)
Werenski’s contract raised some eyebrows at the time it was signed but after they lost Seth Jones to Chicago, they weren’t in a spot where they could risk losing their top defender. After injuries wrecked the first year of the agreement, he has played at a true number one level, an all-situations player who logs heavy minutes and puts up plenty of offense. He led the Blue Jackets in scoring last season, averaging just over a point per game while finishing second in Norris Trophy voting. Given the inflationary trend of the market (particularly on the back end), Werenski appears to be on his way to landing another raise three years from now on another long-term agreement.
Summer Synopsis: Winnipeg Jets
Now more than a month into the new league year, 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. We begin with a look at Winnipeg.
Expectations weren’t particularly high for the Jets heading into last season on the heels of a coaching change and the roster from an ugly first-round exit largely remaining intact. But Winnipeg was a big surprise, winning the Presidents’ Trophy for the team with the most points during the regular season while making it to the second round in the playoffs. There have been more changes roster-wise this time around but the core largely remains intact, meaning expectations will be higher than they were at this point a year ago despite being in a tough Central Division.
Draft
1-28 – D Sascha Boumedienne, Boston University (Hockey East)
3-92 – F Owen Martin, Spokane (WHL)
5-156 – F Viktor Klingsell, Skelleftea (Sweden U20)
6-188 – D Edison Engle, Dubuque (USHL)
7-220 – F Jacob Cloutier, Saginaw (OHL)
Boumedienne entered last season as one of the more intriguing blueliners in that he was already getting exposed to college hockey, playing at Boston University. While he held down a regular role, it wasn’t a particularly prominent one which caused him to slide down some rankings. While his output was rather low, he was behind some key offensive defenders so the hope is that over time, Boumedienne will be able to grow that part of his game, helping pave the way for him to become a second-pairing blueliner down the road. While the Jets have strong defensive depth today, their prospect cupboard at that position is a little thinner so he should fill that gap nicely.
Martin, a Manitoba native, dealt with a fractured foot that cost him a couple of months last season but he was still a productive player with Spokane with 34 points in 39 regular season games, giving his draft stock a boost in the process. More of a two-way player, Martin is probably four seasons away from being NHL-ready.
The other three players have similar timelines as well. Klingsell was productive in Skelleftea’s junior system but still has to work his way up to the pro ranks over there, a process that will take some time. Engle is expected to move to the OHL next season as a one-and-done player, beginning his college tenure in 2026-27, meaning Winnipeg could hold his rights for up to five seasons. As for Cloutier, he played his first full OHL campaign last season and fared pretty well with 47 points in 67 games. They’ll only have two years to sign him as things stand as the changes to draft rights only change in the next CBA.
Trade Acquisitions
While the Jets had a fair amount of roster turnover this offseason, none of it has come from the trade front so far.
UFA Signings
D Kale Clague (one year, $775K)*
F Walker Duehr (one year, $775K)*
F Phillip Di Giuseppe (one year, $775K)*
F Samuel Fagemo (one year, $775K)*
D Haydn Fleury (two years, $1.8MM)^
F Cole Koepke (one year, $1MM)
F Gustav Nyquist (one year, $3.2MM)
F Tanner Pearson (one year, $1MM)
G Isaac Poulter (one year, $775K)*
F Mason Shaw (one year, $775K)*^
F Jonathan Toews (one year, $2MM plus $5MM in performance incentives)
*-denotes two-way contract
^-denotes re-signing
Toews was the headliner from this group, agreeing to terms a week and a half before free agency started. He didn’t play at all last season as he recovered from Chronic Inflammatory Response Syndrome so there are some questions about his ability to last the season and if he can fill the second-line center vacancy that has been somewhat of a revolving door in recent years. The bonuses are tied to games played (and some playoff success) which isn’t a shock and hedges their bets in case he’s unable to make it through an 82-game campaign unscathed. Toews had 31 points in 53 games in 2022-23, his last NHL season. If he can produce around that point-per-game rate, he’ll be able to play a key role for them.
Nyquist is coming off a down year, notching just 28 points after putting up a career-high 75 in 2023-24. Still, he’s a middle-six winger who can help deepen the attack while also potentially slotting in on the penalty kill. For one year, it’s a reasonable move, especially if they think his offense will bounce back this season.
Pearson needed a training camp PTO to eventually land a deal with Vegas and became a valuable fourth liner while Koepke was a regular for the first time last year in Boston, adding some physicality to their fourth line. Both players are likely to play similar roles on a new-look fourth line for Winnipeg next season. The remainder of their signings are of the depth variety though a handful of their two-way forwards could plausibly see time with Winnipeg at some point in 2025-26.
RFA Re-Signings
F Morgan Barron (two years, $3.7MM)
D Tyrel Bauer (one year, $775K)*
F Parker Ford (two years, $1.6MM)*
D Isaak Phillips (two years, $1.6MM)*
D Dylan Samberg (three years, $17.25MM)
F Gabriel Vilardi (six years, $45MM)
*-denotes two-way contract
Vilardi was the big ticket for GM Kevin Cheveldayoff to deal with this summer. The centerpiece of the return for Pierre-Luc Dubois last summer, Vilardi had his best season by a significant margin, tallying 27 goals and 34 assists in 71 games during the regular season, setting personal bests across the board including in games played. Two years away from UFA eligibility, the question was would both sides commit to a long-term deal and clearly, they were comfortable doing so. This deal ensures that a key cog of Winnipeg’s forward group is sticking around for the long haul; it’s particularly notable after another key cog departed on the open market last month.
There was quite a gap to bridge in the arbitration filings between Samberg and the team but they settled on this contract, a deal that buys Winnipeg an extra two years of club control. He’s coming off a breakout year, one that saw him move from being a depth defender to a key part of their top four and their top shutdown option. It’s not always easy to find the proper market value for that type of player but the Jets are banking on Samberg staying at this level moving forward.
Barron is likely to be the lone holdover from the fourth line, a role he has filled for the last couple of seasons after being deployed on the third line a bit more often in 2022-23. A natural center, he has primarily played on the wing since becoming a regular with Winnipeg but it wouldn’t be surprising to see him shift over since last year’s fourth line center isn’t with them for the upcoming season.
Departures
F Mason Appleton (Detroit, two years, $5.8MM)
D Dylan Coghlan (Vegas, one year, $775K)
G Chris Driedger (Chelyabinsk, KHL)
F Nikolaj Ehlers (Carolina, six years, $51MM)
F Axel Jonsson-Fjallby (Brynas, SHL)
F Rasmus Kupari (Lugano, NL)
F Simon Lundmark (Tampa Bay, two years, $1.55MM)*
F Brandon Tanev (Utah, three years, $7.5MM)
F Dominic Toninato (Chicago, two years, $1.7MM)*
*-denotes two-way contract
Ehlers is the obvious headliner from the group. He had suggested in the past that he felt that he should be getting more ice time given his success when healthy so it wasn’t a shock that he tested the open market although he may have a similar role with Carolina than he had in Winnipeg. When healthy, Ehlers has been a consistent 20-plus goal-scorer and while the Jets added some forward depth, none of their acquisitions are likely to reach that mark, creating a void that’s going to need to be filled by committee.
Appleton wasn’t able to replicate his breakout 36-point effort from 2023-24 despite being a middle-six regular for most of the year. While the two aren’t necessarily the same player stylistically, Nyquist is likely to take his spot on the roster. Tanev was a trade deadline acquisition with an eye on adding some grit to the fourth line. He was decent in that role down the stretch but moved on in free agency with Koepke effectively being his replacement.
Kupari opted to sign overseas in early June, a move that came as some surprise. But clearly, he was looking to play somewhere where he could have more of an offensive opportunity and he’ll get that in Switzerland. He received a two-year deal, one that walks him right to UFA eligibility although Winnipeg issued a qualifying offer to retain his rights in the short term. Jonsson-Fjallby and Toninato didn’t see much NHL action last season but have been among the regular recalls in recent years. Players like Duehr and Di Giuseppe figure to take those spots on the depth chart.
Salary Cap Outlook
By structuring Toews’ contract with $5MM of bonuses and not adding any big-ticket contracts in free agency, Winnipeg is in pretty good shape to start the season with a little over $3.8MM in cap space, per PuckPedia. A good chunk of that money could ultimately be used to pay for some of the bonuses that Toews reaches but if the Jets are in contention heading toward the trade deadline, they could instead spend their cap room on win-now help, pushing some of the bonuses onto their 2026-27 cap in the process. Cheveldayoff has left himself some decent wiggle room heading into the season.
Key Questions
Will Connor Be Extended? Two years ago, Connor Hellebuyck and Mark Scheifele signed long-term extensions entering the final year of their deals, keeping Winnipeg in a spot to be competitive at a minimum for the long haul. Last year, Ehlers clearly didn’t do the same. What will happen to this year’s core player on an expiring deal, Kyle Connor? He has notched at least 30 goals in four straight years and is coming off a season that saw him score 41 goals and 56 assists for a career-best 97 points. A legitimate top-line scorer, Connor appears to be well on his way toward landing a contract with at least a double-digit AAV. The Jets have the cap space to give him that type of deal but will they be able to get it done?
Will Winnipeg Move Some Defensive Surplus? With Fleury re-signing just before free agency, Winnipeg fits itself with nine defensemen on one-way contracts. Considering it’s unlikely they’ll carry just 12 forwards and nine defenders, something has to give. Ville Heinola, their former top prospect, hasn’t played much between injuries and being a waiver-blocked healthy scratch last season but they might get a bit of interest in his services. Logan Stanley once had a trade request in play and after five seasons with the Jets, he still hasn’t progressed past being a low-minute third-pairing piece when he’s in the lineup. But, at six-foot-seven, someone would take a flyer on him. If Fleury is eyed as the ideal seventh option, both Heinola and Stanley are on the outside looking in. Will they find a trade for one or try to sneak one through waivers?
Can Perfetti Take The Next Step? Winnipeg has taken the slow and steady route with Cole Perfetti. The 10th overall pick in 2020 has seen his playing time managed carefully to the point where he only nudged past the 15-minute mark for the first time last season, a year that saw him reach 50 points. With Ehlers gone and their newcomers being more secondary options, it feels like Perfetti should have a chance to secure a bit more playing time. If he has success in that role, he’d go a long way toward helping replace the offense Ehlers brought to the table while positioning himself nicely for a trip through restricted free agency next summer when he’ll have salary arbitration rights for the first time.
Photos courtesy of Jamie Sabau (Toews) and Terrence Lee (Vilardi and Connor)-Imagn Images.
Is Kirill Kaprizov Worth A Record-Setting Contract?
All signs point to the Minnesota Wild signing All-Star winger Kirill Kaprizov to a massive extension this summer. Recent reports suggest that the Wild will likely sign Kaprizov to an eight-year, $120MM contract. This deal would surpass Leon Draisaitl‘s contract for the league’s highest average annual value (AAV). Still, it would fall $4MM short of Alex Ovechkin‘s record for the largest contract ever signed in the NHL. This raises the question: Is Kaprizov worth such a significant investment?
Unfortunately, Kaprizov is coming off the worst season of his career thanks to injuries. He finished the campaign with 41 games played in the regular season, and another six in the 2025 Stanley Cup playoffs. Although he missed half the season, he scored 25 goals in 56 games, finishing third on the team in scoring and 16th in Hart Memorial Trophy voting.
Finishing that high in team-scoring for a playoff team while losing half the year to injuries is a testament to Kaprizov’s value. Since joining Minnesota for the 2020-21 NHL season, he’s scored 185 goals and 386 points in 319 games, far and away the highest on the team over that stretch.
Kaprizov’s contract demands ultimately come down to one equation. Assuming he’s signed to the $15MM figure, Minnesota must ask if he’s worth 14.4% of their cap for the 2026-27 season, and even less throughout the subsequent years.
It’s a fairly easy equation to sort through. Over the past five years, Kaprizov has been directly involved in 386 goals scored by the Wild. To understand his impact, we can analyze his point contribution to the total number of goals the entire team has scored during that period.
Since Kaprizov began his career, Minnesota has scored 1,197 goals. Factoring in Kaprizov’s contributions, it’s easy to ascertain he’s been involved in 32.2% of the Wild’s goals, despite missing many games due to injuries.
Given that he’s accounted for one-third of the team’s offense since coming into the league, it seems like an easy investment to make for the Wild. Unfortunately, his injuries are cause for concern, and they could become an issue throughout negotiations when agreeing to a final dollar amount.
Regardless, the good news is that Minnesota appears to realize exactly what they have in Kaprizov. Their only pathway to contention runs through him, and they’re seemingly ready to recognize him financially for that.
His hypothetical $15MM AAV won’t last long as the league’s highest, with Connor McDavid prepared to earn more on his next contract with the Edmonton Oilers, or elsewhere. Still, although it’s not commonplace to make wingers some of the league’s highest-paid, Kaprizov is worth every penny.
Photo courtesy of Nick Wosika-Imagn Images.


