Ultimately, the NHL's 2025 free agency class was rather lackluster, with many teams having had been successful in re-signing some of their key players before they hit the open market. As a result, the free agency class lacked much star power, which was lessened further when the Toronto Maple Leafs and Vegas Golden Knights agreed to a sign-and-trade to keep Mitch Marner out of unrestricted free agency.
It's likely that the trade market will be the source of bigger blockbuster moves throughout the offseason, as teams have plenty of spending power at their disposal. Because the lackluster pool of free agents left much to be desired, there's a chance some big contracts could end up being moved via trade in the coming weeks as teams look to further fortify their roster and spend what money they have.
Still, there were some big moves made already after free agency opened on July 1, and many teams took advantage of some quality players hitting the open market. We're going to take a look at teams that made good deals, those who did not, and those who stayed too patient and failed to make a significant splash whatsoever.
These are the winners and losers of 2025 NHL free agency.
NHL Free Agency Winners
Florida Panthers
The Florida Panthers got the bulk of their business done before free agency officially opened, and in doing so they not only kept together some key pieces from their championship-winning core, they also prevented other teams from even getting a chance to speak to some prime free agent targets.
Sam Bennett, Aaron Ekblad and Brad Marchand were all slated to hit the open market, where they'd have been highly coveted free agents especially in a weaker class. Instead, all three returned to Florida on long-term deals, opting to run it back in Sunrise, Fla. in hopes of winning more championships.
It's hard to argue any team had a better offseason than the Panthers, who focused on retention of key players rather than thee addition of new ones.
Carolina Hurricanes
Marner opting to join the Vegas Golden Knights resulted in Carolina looking elsewhere this offseason. And quite often, they were successful wherever they looked. Nikolaj Ehlers was widely regarded as the next best option on the market after the Marner trade. He also had plenty of leverage with a lack of standout free agents competing with him. While he could likely have driven his price up and gotten teams into a bidding war, Ehlers ended up signing a six-year, $51 million deal ($8.5M AAV) with the Hurricanes.
Additionally, Carolina traded for restricted free agent K'Andre Miller from the New York Rangers and signed him to a long-term extension. He's young and has plenty of upside, and will also help in their immediate pursuit of a Cup.
Great business from the Canes.
Vegas Golden Knights
Mitch Marner is a Golden Knight. Vegas got the deal done, and they were able to sign Marner to a relatively inexpensive contract extension, when considering some of the gargantuan figures that were rumored to be in play for the 28-year-old in free agency.
Marner heads to Vegas on an eight-year, $96 million deal with an average annual value of $12 million. Needless to say, he's an amazing addition to a franchise that's been contending for practically its entire existence. Marner was indisputably the top player available this summer and the Golden Knights avoided a bidding war by bringing him aboard in a sign-and-trade before the market opened.
NHL Free Agency Losers
Los Angeles Kings
The Kings struck out on many of the top free agents this offseason, and they didn't provide much optimism with the additions they were able to make. Corey Perry enjoyed a solid playoff run with the Edmonton Oilers, but he's set to embark on his age-40 season and may not have too much left in the tank.
They gave a rather significant four-year, $18 million deal to veteran defenseman Cody Ceci while also bringing Brian Dumoulin to the team, but it's been a rather lackluster offseason for a team that was hoping to make a big splash. None of these additions seem like ones that will be the difference between a first-round playoff exit and reaching the second round for the first time in over a decade.
Toronto Maple Leafs
Parting ways with Marner is a significant but not unexpected blow for the Maple Leafs. Thus far, they've done little to make up for his loss in production, though they managed to retain some important pieces such as Matthew Knies, John Taveras and Max Pacioretty.
They traded for Matias Maccelli, who is a solid addition, and got Nicolas Roy from the Golden Knights as part of the Marner deal, but there's still plenty of work to be done for Toronto if they want to take a step forward in 2025-26, instead of back.
The lackluster free agency market didn't leave the Maple Leafs with too many options (if any at all) to replace Marner, so they'll need to work the trade market if they want to land a significant addition heading into next season.
Columbus Blue Jackets
The Blue Jackets were unsuccessful in their pursuit to upgrade their top six forwards, and instead walked out of free agency with three bottom six skaters, who will effectively replace veterans who left for free agency. The additions of Charlie Coyle, Miles Wood and Isac Lundestrom don't move the needle much for a team hoping to get back to the playoffs.
Additionally, Columbus paid a pretty penny to retain Ivan Provorov, handing the defenseman a seven-year, $59.5 million deal ($8.5M AAV). The team hasn't made any real improvements despite having made some moves, and they'll need to get active in the trade market if they're hoping to make the necessary upgrades for a playoff run.
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This article was originally published on www.si.com as 2025 NHL Free Agency Winners and Losers.
