For the second straight year, the Florida Panthers are Stanley Cup champions. Now that the on-ice battles are over and the 2024-25 season is officially complete, it’s time to turn our undivided attention to the off-season — and all of its storylines and intrigue.
While everyone will be studying Bill Zito’s team-building strategies in hopes of replicating it for themselves — and perhaps stealing a UFA or two out of Florida — there’s plenty more at play this summer.
The cap crunch is coming for some markets — we’re looking at you, Colorado, Dallas and Tampa Bay. Could offer sheets fly, too? At the same time, the league is about to enter a new chapter of cap growth — how will that affect this summer’s free agency?
Among those with cap space to play, which rebuilding clubs face the most pressure to leap into contention? And who might be making moves now to clear the way for next year’s star-studded crop of UFAs-in-waiting?
As we look ahead to what’s expected to be a busy summer across the league, we’re highlighting 12 people — players, GMs, owners and even a prospect — particularly well-positioned to shape the NHL off-season ahead.
Mitch Marner, Toronto Maple Leafs forward and top pending UFA
Is Toronto’s Core Four era over? As the clock ticks closer to July 1 and the start of Mitch Marner bidding season, it certainly looks that way. But how Marner navigates free agency will have ripple effects not just within Toronto — where fellow UFA John Tavares and top RFA Matthew Knies look to re-up — but across the entire league.
It’s not just about where Marner lands — Anaheim, L.A., and Vegas are considered among the top teams showing their interest in the West, while Carolina’s desire to land the skilled winger has also been well-documented. It’s also about when he makes his decision, and what that means for other UFA wingers and the teams chasing that position. Per Sportsnet’s Elliotte Friedman, via Sunday’s edition of 32 Thoughts: The Podcast, Marner’s process could include a series of July 1 meetings, and perhaps a trip or two to visit facilities after that. Intrigue around what kind of term he’s eying is also a story to watch, especially as we enter a new era of salary cap growth and increased player control.
“There was a rumour going around this week that a few teams heard, that Marner may not be looking to sign a seven-year deal in free agency,” said Friedman. “That he might look at a four-year deal and then go for another one — kind of the way that Matthews has done it throughout his career.”
Pat Verbeek, Anaheim Ducks general manager
The teardowns are over, the cap space is plentiful and the time has come for a handful of rebuilding teams to step into the ring and contend again. Count Chicago Blackhawks general manager Kyle Davidson, Montreal Canadiens GM Kent Hughes and Philadelphia Flyers boss Daniel Briere among those clubs that could make a splashy signing or two to elevate their respective clubs to contender status, but it’s Anaheim Ducks GM Pat Verbeek who appears to be setting the pace this summer.
Like his peers in Chicago, Montreal, and Philadelphia, he’ll have his hands full inking RFAs to new deals this summer, but he appears intent to bring in more outside help, too — already, he’s made a change behind the bench despite a marked improvement in the standings and traded for veteran Ranger Chris Kreider to complement his young core.
“He is running a team like a guy who needs to make the playoffs next year,” Friedman said. “He’s adding veterans, he’s adding Kreider, I think he’s gonna add more.”
Friedman said he believes “more” includes taking a swing at Marner — and maybe another Maple Leaf as well.
“I’ve actually wondered, if Toronto and Tavares don’t work this out — and there’s still time here — if Anaheim would be a team that would take a shot at Tavares, too,” Friedman said.
Kyle Davidson, Blackhawks general manager
Let’s zero in on Davidson a little more. We saw glimpses of Chicago’s future this spring through the GM’s forward-thinking deadline deals and the youth movement that surged on down the stretch. How Davidson navigates this summer should mark a major turning point. Signing former No. 1 pick Connor Bedard to a statement-making extension come July 1, when he officially enters his pending RFA year, would be a good place to kick off what should be a really busy summer.
Chicago has just four forwards under contract beyond 2025-26 — the longest contract on the books is Tyler Bertuzzi’s $5.5-million cap hit that expires in 2028 — and the blue line is much the same, with only Alex Vlasic (signed at $4.6 million a year through 2029-30) on the books long-term. With all that cap space, and all those RFA signings… could Davidson make a big swing for a veteran to help the young core?
Along with his plentiful cap space and long list of RFAs is a cupboard full of draft picks, including the third overall selection in an intriguing class this year. With a pair of first-round picks this year and next, plus five second-rounders between now and next year, Davidson could wield some power on the trade market. And in a summer that suggests offer sheets could be on the rise… well, things could get interesting in Chicago.
Mikko Rantanen, Dallas Stars forward
After winter brought two blockbuster trades and a shiny new eight-year contract in the span of six weeks, and spring saw him put on a show with post-season heroics in Dallas, Avalanche-turned-Hurricane-turned-Star Mikko Rantanen can relax this summer — but that doesn’t mean he isn’t still shaping the off-season ahead. There will be no shortage of GMs and agents eying the $12 million AAV Rantanen signed on for in Dallas and comparing the deal to their own negotiations as a star-studded group of forwards becomes extension-eligible. And then there’s the Rantanen Butterly Effect running from the Rockies to Raleigh and down to Dallas.
In Colorado, the Avalanche face a stiff cap crunch even after parting with Rantanen. Signing Brock Nelson eases the top-six void, but more help will be needed to replace Rantanen’s level of production. Can they afford to make another move?
The Hurricanes, meanwhile, made the most of their failed rental attempt when they flipped Rantanen to the Stars, but the bigger issue remains why the club that is unafraid to go after big trade targets can’t seem to keep its prizes. GM Eric Tulsky is armed with the kind of cap space usually reserved for rebuilding clubs — can he reverse the catch-and-release reputation and reel in a big fish in free agency?
And then there’s Dallas. The Stars won the Rantanen lottery, but it comes at the cost of a major cap crunch. Could a player like Jason Robertson be on the move as a result, or will GM Jim Nill target another strategy?
Bill Zito, Florida Panthers general manager
Take a look at the list of top 12 UFAs of this upcoming off-season, and you’ll see a trio of Florida Panthers among the biggest names. Sam Bennett, Aaron Ekblad and Brad Marchand, all of whom have upped their stock this spring en route to the franchise’s second consecutive championship, will all garner plenty of interest if they hit the open market on July 1.
That’s a big “if.” And it’s familiar conundrum for general manager Bill Zito, who balanced last year’s championship celebrations with crucial contract talks to keep leading scorer Sam Reinhart in-house but had to bid farewell to top defenceman Brandon Montour, a revived Oliver Ekman-Larsson and clutch backup Anthony Stolarz in the process due to cap constraints. Stanley Cups don’t come cheap, and Zito will be reminded of that again this summer.
So, how does he approach this year’s crop? Asking for about 31 friends, all of whom are surely looking at the Panthers’ unmatched success, the rising worth of their pending UFAs and their $19 million in cap space that can only be spread so far and thinking, “something’s gotta give… right?” No one raised his value quite like Bennett, who led all players in post-season goals (15) and was crowned the Conn Smythe winner Tuesday night for his efforts. Bennett is widely considered the priority signing to stay in the Sunshine State, but how Zito approaches his off-season will have a big impact on the kind of talent hitting free agency.
Brad Marchand, Panthers forward and pending UFA
So clutch has the former Bruins captain been this post-season with the Panthers, Marchand deserves his own entry on this list. At 37, the two-time champ hits unrestricted free agency for the first time in career, and while you won’t see many veteran players of his age in line for a raise, it’s easy to argue Marchand has far outplayed the $6.125 million AAV under which he skated this season.
Among the many takeaways from this year’s Cup Final series was the invaluable presence of veterans like Marchand in Florida and Corey Perry in Edmonton, both of whom played pivotal roles in their respective locker rooms and on the ice. Marchand and Perry each registered 10 playoff goals this spring, tying them for third most this post-season.
Will Marchand and Zito work out a strategy to stay? It’s hard to see the Panthers being able to outbid all others, but the Stanley Cup speaks volumes, and so does a legitimate shot at a three-peat. Should Marchand enter the open market, he’ll be widely coveted by both past rivals — you know the Toronto and Montreal rumours will swirl — and future contenders alike.
Ken Holland, Los Angeles Kings vice president & general manager
After their fourth straight first-round exit at the hands of the Edmonton Oilers, the Kings shook things up in the front office and tasked longtime NHL executive Ken Holland — the man who shaped those very Oilers — with getting them over the hump. Unlike some GM hirings, which can signal the start of a rebuild, Holland’s three-year contract as vice president and general manager comes with a ticking clock and a clear mission: Win, now. You can apply that same timer to the club’s aging core, led by centre and captain Anze Kopitar (a UFA following 2025-26) and Drew Doughty, who’s got two seasons left on his deal. There’s no time to waste.
So, how does Holland steer the ship from here? With rumours of Marner’s desire to head west, and Friedman’s suggestion the top UFA could be after a short-term deal… could Holland start his L.A. tenure by reeling in the biggest free agent available? That’d certainly make a splash in the Pacific.
Jim Rutherford, Vancouver Canucks president of hockey operations
When your season is defined by an irreparable rift between your top two forwards (amid steep statistical drop-offs for both), a series of injuries hindering your No. 1 goaltender and your best defenceman and an ongoing cycle of trade rumours rippling through the top half of your lineup… well, that’s a recipe for a busy off-season, to say the least. As Canucks president Jim Rutherford and general manager Patrick Allvin look to right the ship, the questions are plentiful:
Can Elias Pettersson bounce back? While a trade feels unlikely — that’s a transaction you cannot afford to lose — his name is out there, and there’s a little extra pressure at play considering the struggling star is just weeks away from having a no-movement clause kick in on his contract July 1.
How will Rutherford and Allvin fill the Miller-sized hole down the middle of the lineup? Has UFA Brock Boeser played his final game in Vancouver? Thatcher Demko is extension-eligible as of July 1, but will questions about his health hold up negotiations? And what does all this mean for Quinn Hughes’ future out west?
Evan Bouchard, Edmonton Oilers defenceman and pending RFA
How much is a No. 1 defenceman worth in the age of a rising salary cap? How about one that just finished the post-season tied for the second-most points and whose lethal shot from the point has its own name?
The Oilers, fresh off a second straight Cup Final heartbreak, are about to find out alongside the rest of us as they talk through an extension with top rearguard Evan Bouchard (of Bouch Bomb fame, of course) this summer.
Bouchard will be a restricted free agent come July 1, and that status couldn’t have come at a better time for the star blue liner — ditto for the NHL’s $7.5-million hike in the salary cap.
That rise surely feels like a gift to every squad, but especially to one that will boast the highest-paid player on July 1 when Leon Draisaitl’s $14-million AAV hits the books — not to mention his generational-talent teammate in Connor McDavid who will officially be extension-eligible this summer, and the kind of RFA blue liner that could set the market at his position.
Kirill Kaprizov, Minnesota Wild forward and 2026 UFA
Sure, McDavid is the biggest name on the impressive list of extension-eligible players entering UFA years July 1, and there will be no shortage of intrigue about how high No. 97 can raise the bar for star-studded salaries everywhere. But whether or not McDavid does, in fact, renew his claim to the title of highest-paid NHLer (and how big that number will be) will at least partially depend on how negotiations unfold in another hockey-crazed market.
Minnesota Wild owner Craig Leipold didn’t mince words when he declared his intent to lock up Kirill Kaprizov long-term, and there’s a belief an extension could make him the highest-paid player in the NHL when it happens. And while the Oilers will spare no expense to keep the best player in the game, Edmonton GM Stan Bowman has to balance the books with Bouchard and Draisaitl, too. The Wild, on the other hand, have much of their core locked up on team-friendly deals and are about to get out from under the dead cap money devoted to the buyouts of Ryan Suter and Zach Parise. Hand that $14.7 million over to Kaprizov, and you’ve got a good starting point in the bargaining process.
With the cap rising next year, then again and again in the seasons to follow, we’re entering a new and lucrative time for free agents. Just how high might this class of 2026 set the bar, and will Kaprizov find himself at the top (at least for a little while)?
Ryan & Ashley Smith, Utah Mammoth owners
After a warm welcome in Year 1 and some meaningful hockey down the stretch, the Utah Mammoth unveiled their new name earlier this spring and are poised to solidify their on-ice identity this summer with a big off-season to come.
It’s not easy shedding the chaotic reputation of the Arizona Coyotes, but the team in Utah is well-positioned to do just that in their first full off-season one state to the north. With an energetic young core on the brink of being playoff-ready and a healthy amount of cap space, Utah could be active on the open market.
Already, they’ve signed two of their top prospects, Daniil But and Dmitri Simashev, to entry-level deals, bringing up a pair of towering prospects with the kind of stature befitting the Mammoth brand. They had more than a little lottery luck on their side this spring, too, landing the third overall selection in next week’s draft. And with four second-round picks between this year and next and three third-rounders in that same timeframe, the built-up draft capital gives general manager Bill Armstrong room to play in a summer that many expect to see an offer sheet or two.
Whether Utah can steal an eligible RFA from a cap-crunched club, pull off a splashy trade, or entice a big-name free agent to the league’s newest market, making noise this summer with a big-name acquisition would send a loud message to all others that the Mammoth are serious about contending.
Gavin McKenna, top 2026 NHL prospect
We’re still a full year away from hearing a team declare Gavin McKenna as its top pick in the 2026 NHL draft, but that doesn’t mean the star winger from Whitehorse isn’t already well-positioned to shape the league’s off-season. With last fall’s announcement that CHL players will be eligible to join NCAA programs starting next season, this summer is slated to see plenty of talent — draft-eligible players like McKenna, those already in NHL systems, and players who went undrafted but now have a longer runway to get noticed — commit to the college circuit. At 17 years old and coming off a sensational year with the WHL’s Medicine Hat Tigers that saw him lead his team to the Memorial Cup tournament and earn CHL Player of the Year honours in the process, McKenna is the biggest name expected to make the jump. And it’s telling that the top prospect at his level is seeking a change at such a pivotal time leading up to his draft season.
How and where McKenna chooses to play his draft year will be interesting to watch, and it could have a ripple effect on how other top prospects — both drafted and soon-to-be — choose to steer their own development. It’s worth wondering if it could alter how organizations are working with the talent already in their systems, too.
