We won’t sugarcoat it, folks.
The NHL’s 2026 free-agent class has taken a beating since training camp opened.
Consider the long list of star talents who had the option of going to the highest bidder on Canada Day but instead elected to re-up with their current team. Connor McDavid, Kirill Kaprizov, Jack Eichel, Kyle Connor and Martin Necas all extended their stays. Same goes for reliable veteran defencemen like Mattias Ekholm and Cam Fowler. Starting goalies Filip Gustavsson, Anthony Stolarz and Jacob Markstrom all chose not to stray from their creases, too.
Yet, even with most of the best players off the board, a bunch of established and emerging talent is still trending toward joblessness on July 1. Stanley Cup champions, team captains, starting goalies, top-four blue liners and game-breaking scorers may all be available to eager GMs.
And with the salary cap projected to rise by at least another $8.5 million — to $104 million in 2026-27 — those spendthrift general managers should have even more budget to splash the pot on the next all-star to tread in open waters.
Here’s a rundown and ranking of hockey’s best impending unrestricted free agents, plus the latest buzz circulating about their future.
Happy contract year, fellas.
Make ’em pay.
1. Adrian Kempe
Age on July 1: 29
Position: Right wing
2025-26 salary cap hit: $5.5 million
The latest: With Anze Kopitar retiring and GM Ken Holland in no mind to rebuild, Kempe should be considered the most likely and most important player to re-sign on this list.
The Los Angeles Kings winger has already linked three consecutive campaigns in which he potted 35 goals or more, and the team depends on his production.
Dennis Bernstein of The Fourth Period reported that the Kings could’ve locked up Kempe for $10 million per year over the summer but offered less than $9 million.
Now, the market has shifted in the player’s favour.
Despite ample comparables for an extension — Necas’s eight years at $11.5 million per being the most recent — Kempe’s agent, J.P. Barry and the Kings remain at a standstill, even despite multiple reports that both sides have a desire to extend the relationship.
Kempe is captain material. His number begins with an 11, and Holland doesn’t have many other big contracts to take care of in the immediate future.
Common sense, one assumes, will prevail.
Still, we would’ve written the same thing about the Kings’ best UFA of 2025, Vladislav Gavrikov, who ended up leaving for New York after earnest negotiations lost traction.
Holland should learn from recent history. The price of goals is only going up; it’s futile to fight inflation.
“I’d like to sign him to an extension. I believe he wants to stay,” Holland said. “Certainly, I want to get him signed to a long-term deal. He’s a real important part of the team.”
On Nov. 10, TFP’s David Pagnotta reported that talks had resumed.
Age on July 1: 34
Position: Left wing
2025-26 salary cap hit: $11.6 million
The latest: Despite his advanced age and declining stats, the super-skilled Russian has no interest in taking a pay cut.
The four-time all-star has the New York Rangers against the ropes here.
GM Chris Drury has already been turning over the roster and has no interest in keeping Panarin’s paycheques status quo into his late 30s. (If Drury was willing to cut ties with Mr. Ranger Chris Kreider, Panarin can’t be viewed as a must-retain.)
As a result, the sides have hit a snag that, presumably, will only be smoothed by how the team fares between now and the trade deadline.
If the Blueshirts find themselves in the playoff mix, Drury may simply keep Panarin as an “own rental.” If not, it would not be surprising to see the executive ask Panarin to waive his no-move clause and move to a contender.
The Carolina Hurricanes and Minnesota Wild are two teams would be keen, according to Nick Kypreos.
Whether it’s trade value or UFA value, though, Panarin’s sluggish scoring out the gate hasn’t helped matters.
“It’s not an easy time, but I can’t be frustrated,” Panarin told The Athletic. “I’ve been in a similar situation – never like this – but it’s the same tools, right? I’ve gotten past this thing by just keep working and trying to be mentally in the right spot.”
Age on July 1: 29
Position: Defence
2025-26 salary cap hit: $4.55 million
The latest: Generally considered the most likely notable pending free agent who will be dealt before deadline, Andersson hasn’t totally closed the door on a Calgary extension — but the Flames’ early struggles only increase the odds he’ll be moved.
Talented, minute-munching, edgy right-shot defencemen with leadership skills are too rare in this league, so Andersson’s trade value is high, and even higher if an extension with his next team could be ironed out prior to a move.
All reports point to Noah Hanifin’s landing spot, the Vegas Golden Knights, as the prime destination. Makes sense, considering the tax advantages and righty Alex Pietrangelo’s health concerns. But the Knights are challenged by cap space.
The pressure falls on Flames GM Craig Conroy here to work with a trade partner and maximize his return on an asset who only has a six-team no-trade list and whose modest $4.5-million cap hit would be welcome almost anywhere.
4. Alex Tuch
Age on July 1: 30
Position: Right wing
2025-26 salary cap hit: $4.75 million
The latest: The Buffalo Sabres find themselves in a fascinating predicament with one of Western New York’s own.
By waiting to commit to his hometown squad, the heart-on-sleeve Tuch has done himself a great service financially, as several clubs are seeking dependable scorers capable of 36 goals and 70-plus points.
The Sabres have cap space and can ill afford to let more talent walk out the door — not to mention Tuch’s intangible value to the dressing room, culture and community. (He’s also held as an example that the Eichel trade wasn’t entirely a waste.)
And yet, Tuch’s best seasons are possibly in the rearview and his next deal is going to be a whopper — and, possibly, an overpay.
The player’s asking price should begin with eight digits. The Sabres aren’t willing to go that far yet. Talks have broken off for now, but there is mutual interest on a long-term commitment.
“We’re just gonna put this on the backburner for a little bit,” agent Brian Bartlett told The Fourth Period on Oct. 16. “Doesn’t mean that we’re closing the door to signing. Doesn’t mean anything. Just means that for the time period, he’s gotta try to help the Buffalo Sabres win games.”
Another wrinkle here is that Buffalo, like Winnipeg, has been reluctant to incentivize players with juicy signing bonuses. If they want to keep the player, the Sabres may have to bend that policy. The Jets did for Connor.
5. Mike Matheson
Age on July 1: 32
Position: Defence
2025-26 salary cap hit: $4.875 million
The latest: Yes, the busy, durable Montreal Canadiens defenceman hit a career-high 62 points as recently as 2023-24. And, yes, that was before phenom Lane Hutson came along and took his power-play gig.
But Matheson is still very much an integral piece to a blueline that has turned a corner, and he wants to sign the next big extension in his home province.
“We have no control over that,” Matheson’s agent, Philippe Lecavalier, told La Presse’s Richard Labbe of his client’s offensive usage, which can bolster negotiating power.
“Mike has control over what he can control, whether he would like to be able to stay in Montreal — and the answer is yes. He also controls his performances, how he is able to play with his team. He is a guy who takes extremely good care of himself. He monitors his diet very closely, his workouts, everything he has to do.”
Matheson leads all Canadiens in ice time, and the club is poised for another postseason berth. The fit is a nice one, so it makes sense that the Habs want to keep it rolling.
“Mike has been a really good player for us since we got him — he’s been a big part of our turnaround in a lot of ways. He’s an example of what we want,” club president Jeff Gorton said Oct. 15. “He’s done everything we’ve asked. We’ve asked him to be the first power-play, he did that well. We asked him to be a shutdown guy, he does that well. He kills penalties. Everything we’ve ever asked this guy, he’s done.
“We really appreciate Mike Matheson. Where he fits in? We’ll see. But we can certainly understand he’s had a great start to the season, and we’re excited to see what he adds to our defence.”
Matheson told The Athletic’s Arpon Basu on Oct. 28 that there’s no point talking about his next deal: “We’re not talking, there’s no news. I’d rather just focus on the games we have coming up… It’s just a distraction.”
6. John Carlson
Age on July 1: 36
Position: Defence
2025-26 salary cap hit: $8 million
The latest: We’re wading into tricky territory here, because there is a chance some of the aging but effective stars on the back half of this list could opt for retirement instead of another contract.
“No, that’s not a thought,” said John Carlson, who is still logging excellent, top-pair minutes for the Washington Capitals.
Difficult to imagine the Cup champ and one of the best D-men of his era in any other jersey, but the Capitals are in no rush to re-sign Carlson yet.
Feels like how negotiations played out with career-long Dallas Star Jamie Benn last season.
“Just kind of let the season play out and see how things go,” general manager Chris Patrick said on Day 1 of training camp. “John’s been a huge part of this organization. He’s on the Mount Rushmore of great Caps, and we’re going to see where things go with him.”
Carlson acknowledged that “anybody would probably love security” from guaranteed employment in 2026-27, he understands the business. He also went the distance in his previous contract, which ended in 2017-18.
“I’ve always been pretty good at focusing on what I can control,” Carlson said.
As difficult as it is to imagine Carlson switching sweaters — he holds a 10-team no-trade list — his situation still demands monitoring.
Age on July 1: 30
Position: Centre / Left wing
2025-26 salary cap hit: $5.85 million
The latest: No pending UFA upped his stock — and, probably, his bottom line — as swiftly as this Utah Mammoth forward did in the first month of the season.
Jumping to a better-than-point-per-game start, Schmaltz has been an integral piece to the franchise’s most threatening top six in years.
Now that young teammates Logan Cooley, J.J. Peterka and Dylan Guenther are all locked up on what will presumably become team-friendly rates, attention shifts to Schmaltz’s next contract, which should be the biggest of his life.
Negotiations have been quiet, and there was even a report that Utah entertained the idea of trading Schmaltz over the summer. Has his early-season performance changed minds?
“I try not to think about it too much,” Schmaltz told The Athletic’s Pierre LeBrun of free agency. “But obviously it’s on your mind at some point. You just let the agent (Kurt Overhardt) do his thing. Just play hard every night and everything should take care of itself. That’s where I’m at.”
Performance matters.
“I do think there’s been a lot of clarity and transparency about where we’re at now. I think it’s in a good spot, and I’ll tell you why: He’s leading the team in points, and we’re winning. We’ve been clear with our message,” GM Bill Armstrong said.
“The big theme this year for him is that he’s got to get us into the playoffs and help us win in the playoffs.”
Schmaltz holds a 10-team no-trade list. But considering the Mammoth’s strong start and mission to crack the postseason, that’s trending toward a moot point.
8. Adam Lowry
Age on July 1: 33
Position: Centre
2025-26 salary cap hit: $3.25 million
The latest: The Winnipeg Jets and Lowry are motivated to finalize an extension in-season and mutual interest is strong to not let the captain drift into free agency.
One of the best shutdown centres in the game, the savvy Lowry finished top-10 in Selke Trophy voting in 2023-24 and 2024-25. Sure, he has never put up more than 36 points in a single season — and will be hard pressed to do so this year after missing October due to injury.
But in league short on defensive centremen and do-anything leaders, a guy like Lowry would be highly coveted if, somehow, talks between he and GM Kevin Cheveldayoff fall apart.
A longish deal with an AAV over $4 million might get this done, while saving enough money to hand impending RFA Cole Perfetti an extension.
Age on July 1: 39
Position: Centre
2025-26 salary cap hit: $6.1 million
The latest: Watched Malkin play hockey lately?
The man looks as engaged in Year 20 as he was in his prime. And if the Pittsburgh Penguins have any hope of quenching their playoff drought and stunning the hockey world, they’re going to need him.
Heck, if things go that well, Malkin will need a new deal.
“It depends on how the season is going,” Malkin told reporters at camp. “If we play great, and I play great, and I feel confident and show my game — why not one more year? The season is huge for me, my team, myself.
“I’m still hungry.”
GM Kyle Dubas is in an interesting spot with vets like Malkin, and the two men spoke about the player’s expiring deal over the summer.
“I get it. It’s the last year of his contract, and it’s been a topic of discussion. We’ll meet at the Olympic break this year and see where Geno’s at,” Dubas said.
Let’s see where the Penguins are at, too.
Count the Florida Panthers, Tampa Bay Lightning and Montreal Canadiens among lurking teams if Malkin dares waive his no-move clause and help Dubas recruit assets for the new wave.
But, as is the case with Sidney Crosby, there is a romanticism of only wearing one sweater for such a storied career.
“If this is my last year, I’ve had 20 years,” Malkin said. “I’m glad to be a Penguin, win three Stanley Cups here.”
10. Jaden Schwartz
Age on July 1: 34
Position: Left wing
2025-26 salary cap hit: $5.5 million
The latest: Schwartz’s full no-move clause was downgraded to a 16-team no-trade list now that his five-year contract is winding down.
The Seattle Kraken forward still has plenty of pop in his game and is one of the most dependable scorers on a roster desperate to return to the post-season.
GM Jason Botterill has the benefit of competing in the Western Conference’s weaker Pacific Division, but he’ll be in a tricky position come deadline.
Schwartz is just one of his important contributors on an expiring contract. Jordan Eberle, Mason Marchment, Eeli Tolvanen and Jamie Oleksiak are all trending toward UFA status as well.
Botterill’s preference is to win with the guys he has. But a stumble could swiftly turn Seattle into one of the NHL’s most attractive sellers for rental pieces. And that includes Schwartz.
File this one under wait-and-see.
11. Stuart Skinner
Age on July 1: 27
Position: Goaltender
2025-26 salary cap hit: $2.5 million
The latest: The 2026 UFA goaltending market is like Charlie Bucket’s Grandpa Joe: thin and old.
The best option under age 30, far and away, is Skinner, whose inconsistencies have been well documented.
Still, workhorse goalies with a career save percentage safely above league average and back-to-back Cup Final appearances are hard to find.
Much like the Oilers, Skinner got off to a rough start. But the Edmonton native is on pace for a fourth consecutive season of 50-plus appearances and already has 103 games of playoff experience under his belt.
Understandably, GM Stan Bowman isn’t rushing to re-sign. But if the Oilers feel it’s time for a change, Skinner will have no problem finding employment elsewhere.
There is simply not enough supply for the demand for saves.
12. Alex Ovechkin
Age on July 1: 40
Position: Left wing
2025-26 salary cap hit: $9.5 million
The latest: The lone member of the 900 Goal Club may be playing out his final season in the NHL and — having now fulfilled his duties and crushed his records — could well take his talents to Moscow.
But we’d be remiss not to include the game’s greatest goal scorer on the list, just in case he wants to re-up in D.C. and keep the ticker going to 1,000.
Ovechkin is a little banged up and his early-season production has dipped compared to 2024-25’s chase year.
Those who follow the Caps daily, like Tarik El-Bashir, believe that the 40-year-old Ovechkin will reassess his situation around the Olympic break: How’s the body feel? How many goals have gone in? Are the Capitals positioned for another run?
Ovechkin himself says he’s not thinking about his future yet and that there is no rush to talk contract with management: “We’ll see what’s going to happen…. I don’t know if this is going to the last. We’ll see.”
More notable UFAs in 2025: Mason Marchment, Victor Olofsson, Anthony Mantha, Jordan Eberle, Sergei Bobrovsky, Boone Jenner, Eeli Tolvanen, Patrick Kane, Patrik Laine, Anders Lee, Oliver Bjorkstrand, Jean-Gabriel Pageau, Claude Giroux, Mats Zuccarello, Jamie Benn, Reilly Smith, Corey Perry, Bobby McMann, Charlie Coyle, Michael Bunting, Ilya Mikheyev, Kiefer Sherwood, Ryan McDonagh, Cam Talbot, Frederik Andersen, Evander Kane, Brent Burns, Jacob Trouba, Erik Haula, Marcus Johansson, Alexander Wennberg
All salary info via the fine folks at PuckPedia.com.
