The offseason is when NHL GMs usually make their biggest, boldest moves. It’s a manager’s chance to finally weaponize cap flexibility and trade chips, dip into the free-agent market and engage in a flowing trade market to execute their blueprint.
We’ve reached the halfway point of the 2025-26 season, which is a sensible time to re-evaluate every club’s biggest offseason acquisitions (we won’t dig into midseason moves or every marginal depth addition). Half a season isn’t enough to make a final verdict for trades or signings, especially as players acclimate to new cities, teammates and coaches. Still, it’s enough of a sample to reflect on the early return on investment. We’ll start with Eastern Conference teams and go through the Western Conference later.
Let’s dive in.
Note: All stats from before Tuesday night’s NHL action.
Boston Bruins
Notable additions: Tanner Jeannot ($3.4 million x five years), Viktor Arvidsson (acquired in exchange for a 2027 fifth-round pick), Michael Eyssimont ($1.45 million x two years), Sean Kuraly ($1.85 million x two years)
Early return: Boston didn’t make any major splashes last summer, opting instead to tinker with its depth forwards.
The Jeannot signing was widely panned as an overpayment. It’s still hard to see that contract aging well, but Jeannot’s at least made a legitimate early impact. The bruising 28-year-old winger has been a versatile bottom-six contributor — his 15 points in 38 games are already the most he’s notched since his rookie campaign, he ranks 15th in the league in hits, and he’s been solid in a significant penalty-killing role.
Arvidsson has proven to be a decent buy-low pickup. He’s scored 17 points in 30 games, which is commendable considering nearly all of that production has been at even strength. Arvidsson’s two-way play-driving numbers are a little bit soft, and it’s clear he isn’t a proper top-six solution on a playoff-caliber team anymore, but he’s a serviceable middle-six stopgap.
I’ve always liked Eyssimont as a fast, pesky fourth liner. He and Kuraly, who’s on his second tour of duty with Boston, have been an effective duo, with the Bruins controlling nearly 55 percent of shots during their shifts together.
Buffalo Sabres
Notable additions: Michael Kesselring and Josh Doan (acquired in exchange for JJ Peterka), Alex Lyon ($1.5 million x two years), Conor Timmins (acquired in exchange for Connor Clifton and the No. 39 pick in 2025)
Early return: Doan’s dream fit in Buffalo has made the controversial Peterka trade age better than many expected.
The 23-year-old sophomore has flat-out been one of Buffalo’s best forwards. He’s on pace to score 25 goals and 55 points, and he’s very impactful beyond just his production. Doan uses his smarts, high energy and heavy frame to dominate puck battles, control the boards and break up plays in all three zones. He’s one of the team’s best two-way wingers, as the Sabres have owned 59 percent of expected goals during Doan’s five-on-five shifts.
Kesselring, on the other hand, has been tricky to evaluate. He’s a talented, slick-skating 6-foot-5 defender with substantial second-pair upside, but he’s been limited to just 16 games because of injuries. Kesselring’s impact has been muted when he has been healthy — he’s yet to register a point and has averaged just 15:14 per game — but it’s going to require a much larger sample size to judge him.
Lyon’s cheap signing from a dry goalie market last summer has been a lifesaver. The 33-year-old journeyman has become the club’s de facto starter, notching a .906 save percentage in 21 games.
Timmins has long been an analytical darling in a sheltered third-pair capacity. He was thrust into a bigger role than expected because of Kesselring’s injury, averaging over 19 minutes per game this season. Timmins started strong but eventually looked overmatched with this increased defensive workload, with the club surrendering 3.48 goals against per 60 and controlling only 44 percent of shot attempts during his five-on-five shifts this season. I would love to see what he can do in a more prescribed bottom-pair role once Kesselring returns, but we’ll have to wait for that, as Timmins recently broke his leg.
It took the Hurricanes some time to find Nikolaj Ehlers’ ideal lineup fit. (James Guillory / Imagn Images)
Carolina Hurricanes
Notable additions: Nikolaj Ehlers ($8.5 million x six years), K’Andre Miller (acquired in exchange for a conditional 2026 first-round pick, a 2026 second-round pick and Scott Morrow)
Early return: It took the Hurricanes some time to find Ehlers’ ideal lineup fit. He began the season on a line with Sebastian Aho and Seth Jarvis, but that combination didn’t really click, with their marquee signing registering just four points in his first 11 games. Since then, though, Ehlers has settled in and found his groove.
The dynamic, speedy Danish winger has scored 27 points in his last 31 games. He initially built chemistry with Logan Stankoven and Jackson Blake, but with Jarvis’ injury, he’s been bumped back up to the top line with Aho and Andrei Svechnikov, with this new-look trio clicking impressively.
Ehlers’ game-breaking puck-carrying ability has added an exciting new dimension to Carolina’s rush attack. He’s been a consistently dangerous play-driver (Carolina’s controlled 60 percent of scoring chances during his five-on-five shifts) and I’d argue his point production has actually undersold his impact on Carolina’s offense. Ehlers has collected a point on just 52 percent of the five-on-five goals he’s been on the ice for — he’s been snakebitten and has deserved to pick up a few more assists.
I’m also still a fan of Carolina’s expensive bet on Miller. Yes, he’s made occasional mistakes and has been narrowly outscored during his five-on-five minutes despite his strong underlying metrics, but context is important. Miller was supposed to lead Carolina’s second pair, but Jaccob Slavin’s injuries (he’s only played five games this season) have forced him to take on a larger top-pair role. That’s meant eating a career-high 22:35 per game and handling some of the toughest matchups of all NHL defensemen.
Miller has held his own in this daunting role, and I’d expect his performance to level up once Slavin’s return allows him to settle into the second-pair slot he was actually acquired to fill.
Columbus Blue Jackets
Notable additions: Charlie Coyle and Miles Wood (acquired in exchange for Gavin Brindley, a 2027 second-round pick and a 2025 third-round pick), Isac Lundestrom
Early return: Coyle has turned back the clock and emerged as the Blue Jackets’ best two-way forward this season.
The 33-year-old shutdown center has been tasked with exceptionally tough matchups (one of the top 20 NHL forwards in terms of quality of competition) and the sixth-most defensive zone starts among all NHL forwards. Coyle has crushed that daunting assignment, helping the Blue Jackets control 56 percent of expected goals and outscore opponents 26-17 during those minutes. He’s driving elite defensive results and leads all Blue Jackets forwards with 21 five-on-five points.
Wood, who was also part of the trade from Colorado, has been a solid bottom-six piece as well. He’s chipped in with eight goals in 32 games and has played his usual speedy, rambunctious style.
Overall, this trade with the Avs has panned out way better than expected.
Detroit Red Wings
Notable additions: John Gibson (acquired in exchange for a 2027 second-round pick, 2026 fourth-round pick and Petr Mrázek), Mason Appleton ($2.9 million x two years), James van Riemsdyk ($1 million x one year), Jacob Bernard-Docker ($875,000 x one year)
Early return: It’s incredible how quickly the narrative around a player can change. On Nov. 28, Gibson’s results were brutal across the board — he had won just four of his 12 starts, was sporting an ugly .865 save percentage, and his goals saved above expected rating ranked bottom-five among all NHL goalies. He was viewed as one of the league’s most disappointing acquisitions.
Since then, Gibson has flipped the script and bounced back as one of the sport’s hottest goalies. The 32-year-old veteran is 10-2-0 with a sparkling .926 save percentage (tied for third-best in the league) since Dec 1. Gibson’s performance through the first several weeks was so underwhelming that his full-season numbers (.896 save percentage) are pretty average despite his recent hot streak. But the critical point is that he’s clearly turned a corner.
Appleton has come as advertised as a hard-working, defensively reliable third-liner with limited offensive upside (11 points in 34 games). van Riemsdyk has been a bargain $1 million pick-up for the bottom six — he’s fourth on the Red Wings with 11 goals in 35 games.
Florida Panthers
Notable additions: Jeff Petry ($775,000 x one year, plus $250,000 in performance bonuses), Daniil Tarasov (acquired in exchange for a 2025 fifth-round pick)
Early return: The Panthers struck gold two summers in a row by buying low on out-of-favor veteran UFA defensemen with Oliver Ekman-Larsson in 2023-24 and Nate Schmidt last season. They were clearly hoping to hit another home run with Petry, but he hasn’t come close to being an OEL or Schmidt-level difference-maker.
Even if Petry maxes out his performance bonuses, he’s only going to cost $1.025 million against the cap, so you’d hardly consider this signing a mistake. However, Petry hasn’t had the dramatic bounce-back many other defenders have experienced in Florida’s system. Petry has scored just eight points in 39 games, averaging only 14:37 per game, and his underlying metrics are around break-even across the board in this sheltered role. He’s a serviceable bottom-pair option but doesn’t look capable of stepping into a bigger role, which means the Panthers could be in the market for another defenseman ahead of the trade deadline, especially with Seth Jones and Dmitry Kulikov’s injuries.
Tarasov, on the other hand, has been an excellent under-the-radar pickup. The 26-year-old Russian netminder has posted a sturdy .904 save percentage in 14 games, including last Sunday, when he stopped 27 of 28 shots to lead the Panthers to a critical victory against the league-best Colorado Avalanche. Tarasov represents a significant upgrade over Vitek Vanecek, whom the Panthers let walk in free agency last summer.
Montreal Canadiens
Notable additions: Noah Dobson (acquired in exchange for the No. 16 and 17 picks in 2025 and Emil Heineman), Zachary Bolduc (acquired in exchange for Logan Mailloux)
Early return: GM Kent Hughes must be pleased with both of the splashy acquisitions he made.
Dobson has lived up to the billing as a marquee, top-pair-caliber right-shot defenseman. He’s scored the sixth-most five-on-five points of all NHL defensemen and is on pace to eclipse the 50-point mark despite not receiving first-unit power-play time. Dobson has also been tasked with some of the most challenging defensive matchups in the league — he ranks top-five among all NHL defensemen in quality of competition. The Habs are about break-even at controlling shots and goals in those minutes, so you wouldn’t say he’s dominating those matchups per se, but he’s effectively held his own in very difficult usage.
Dobson’s evolution into a complete, well-rounded two-way defenseman in Montreal is notable, given that his defensive play was at times heavily criticized in New York.
Bolduc’s offensive production has slowed down after a hot start. He’s on pace for similar numbers to last year, when he flirted with 20 goals and was in the mid-30s point range. Would Montreal have liked to see Bolduc take another step and break out closer to the 25-goal range? Absolutely. However, he’s already established his floor as a credible middle-six winger, and as a 22-year-old sophomore, there’s still plenty of development runway left. I’m a big believer in Bolduc’s tools and potential, and most importantly, the Habs aren’t missing much with Mailloux, who has had a ton of growing pains in St. Louis.
New Jersey Devils
Notable additions: Connor Brown ($3 million x four years), Evgenii Dadonov ($1 million x one year)
Early return: Brown has been a strong fit for the Devils, contributing nine goals and 17 points in 35 games. He’s lived up to his end of the bargain as a speedy, buzzsaw third-liner who can play reliably at both ends of the rink and chip in with secondary offense.
Overall, though, New Jersey didn’t land enough difference-makers to fortify the club’s supporting cast. Dadonov has played just five games due to injury, and the club’s limited cap flexibility appears to have constrained its ability to take bigger swings. That’s left the Devils in a similar spot to last year: they lack secondary scoring (New Jersey ranks 28th in goals scored per game) and are particularly vulnerable whenever Jack Hughes gets injured.
New York Islanders
Notable additions: Emil Heineman (acquired as part of the Noah Dobson trade), Jonathan Drouin ($4 million x two years), David Rittich ($1 million x one year), Maxim Shabanov ($975,000 x one year)
Early return: Matthew Schaefer’s immediate stardom, a healthy Mathew Barzal, Vezina-caliber play from Ilya Sorokin and Bo Horvat’s career-best goal-scoring pace have been the main catalysts for New York’s surprise ascent as a playoff contender. However, a couple of GM Mathieu Darche’s offseason additions have also given the club a critical boost.
Heineman, who was an afterthought for many in the Dobson trade, has broken out as a complementary top-six contributor. The 24-year-old winger is second on the Isles with 13 goals and has been consistently noticeable with his speed, work rate and forechecking. He will be a fan favorite for a long time.
In an even bigger surprise, Rittich has been arguably the most valuable backup in the NHL. Rittich has pitched a stellar 11-5-2 record and .907 save percentage in 18 games behind a leaky Islanders defense. He’s saved 17.9 goals above expected, which ranks top-10 among all netminders. Sorokin’s mid-December injury could have derailed New York’s playoff chances, but Rittich’s excellent play has kept the club alive.
Beyond Heineman and Rittich, contributions from the newcomers have been more muted.
Drouin has mustered just three goals in 36 games. He’s producing 0.53 points per game, which seems respectable on the surface, but it’s a tad underwhelming when you consider he’s been stapled to one of Barzal or Horvat in the top six for the whole season. The good news is the Islanders didn’t commit excessively high AAV or term to his contract, but they’ll surely want more impactful play from him in the second half.
Shabanov, one of the top scorers in the KHL last season, was a no-brainer, low-risk acquisition. He’s chipped in with some handy bottom-six offense (14 points in 29 games), but his defensive metrics look rough, with New York controlling just 43 percent of expected goals during his five-on-five shifts.
New York Rangers
Notable additions: Vladislav Gavrikov ($7 million x seven years), Taylor Raddysh ($1.5 million x two years)
Early return: Gavrikov has been everything the Rangers could have asked for as a top-pair shutdown beast. He’s averaged nearly 24 minutes per night, has been a perfect partner for Adam Fox (the two have controlled 60 percent of scoring chances in their minutes together) and has fit seamlessly despite moving to a worse team and a less-established defensive environment than L.A. That last part is especially crucial because some high-profile free-agent defensemen, such as Brady Skjei, have struggled when moving to a less insulated environment.
The hulking Russian defender’s underlying metrics dipped significantly last month when Fox was injured (Rangers were outshot, outchanced and outscored 13-7 during his five-on-five shifts), but he deserves a lot of slack because of the outrageous workload he was handling (averaging 25:11 in those 14 games) and because his fill-in partner, Braden Schneider, isn’t a true top-four defender.
Unfortunately, the Rangers’ limited cap flexibility left them without an avenue to meaningfully boost their offense last summer. New York is clearly paying the price, ranking second-last in goals scored per game. The big swing GM Chris Drury made for J.T. Miller midway through last season isn’t working, as the latter has produced just 22 points in 35 games.
Ottawa Senators
Notable additions: Jordan Spence (acquired in exchange for a 2025 third-round pick and a 2026 sixth-round pick), Lars Eller ($1.25 million x one year)
Early return: Spence was one of my favorite under-the-radar acquisitions of the offseason. He’s delivered on that promise — the Senators have throttled opponents with a 62 percent share of scoring chances and a plus-nine goal differential during Spence’s five-on-five shifts. Spence’s mobility and play-driving are a critical development on the right side because Nick Jensen, the club’s second-pair RD last year, has seen his performance and ice time fall off a cliff.
I’m not convinced the Senators would trust Spence as a full-time second-pair option; he’s still mostly deployed against the other team’s bottom-six forwards despite an uptick in his ice time. He’s an excellent depth piece, though, and worth more than the meager draft capital the Senators surrendered to acquire him.
Eller, meanwhile, has been a serviceable bottom-six center when healthy. He’s limited offensively (six points in 28 games), but he’s won over 60 percent of his faceoffs and has been trustworthy defensively.
Dan Vladar has been one of the Flyers’ most important players this season. (Sarah Stier / Getty Images)
Philadelphia Flyers
Notable additions: Trevor Zegras (acquired in exchange for a 2025 second-round pick, 2026 fourth-round pick and Ryan Poehling), Dan Vladar ($3.35 million x two years), Christian Dvorak ($5.4 million x one year)
Early return: GM Danny Briere’s phenomenal offseason work is a huge reason why the Flyers are currently in a playoff spot.
Zegras, acquired for pennies on the dollar, leads the Flyers in scoring and is on pace for 80 points. Philadelphia first tried the 24-year-old at center but eventually moved him to the wing, presumably because of his struggles in the faceoff circle (just 39 percent of draws won) and because the wing is a less demanding defensive position.
During his last couple of years in Anaheim, Zegras’ offensive creativity was stifled by former Ducks head coach Greg Cronin (it’s no wonder nearly every young Ducks player has broken out this season after the coaching change). The fresh start in Philly has reinvigorated Zegras, who has been a consistent game-breaker with his slick playmaking. This is flat-out one of the best trades of the summer, especially considering how cheap the acquisition cost was.
Vladar has also been one of the Flyers’ most important players. The 28-year-old Czech netminder was widely viewed as an average NHL backup before this year, but has broken out as Philadelphia’s clear No.1 starter this season. Vladar owns a .910 save percentage in 24 games and ranks 14th among all goaltenders in goals saved above expected. Rick Tocchet’s teams have always been defensively tight and prioritized limiting opponents’ east-west passing movement, so the improved defensive environment unquestionably helps, but Vladar is still one of the league’s top surprises.
Dvorak has been a terrific pickup down the middle as well. He’s delivered strong two-way results and ranks third on the team with 25 points in 39 games. There is some risk associated with the five-year, $25.75 million extension he signed earlier this week, but even going back to his days in Arizona, he has always played his best hockey under Tocchet.
Pittsburgh Penguins
Notable additions: Justin Brazeau ($1.55 million x two years), Anthony Mantha ($2.5 million x one year), Parker Wotherspoon ($1 million x two years), Artūrs Šilovs (acquired in exchange for a 2027 fourth-round pick and Chase Stillman)
Early return: The Penguins have arguably yielded more bang-for-buck value from their bargain, no-name offseason acquisitions than any other team in the Eastern Conference.
Mantha, coming off a torn ACL that restricted him to just 13 games last season, has exceeded all expectations as a full-time top-six winger. The speedy 6-foot-5 forward is on pace for 28 goals and 58 points. Impressively, his production hasn’t slowed down one bit since he lost his center, Evgeni Malkin, who was off to a terrific start himself. Mantha has scored 13 points in 15 games since Malkin’s injury.
Brazeau’s offensive breakout has been an even bigger surprise. Mantha was once a high-pedigree young player and has flashed top-six potential at stages in his career, but Brazeau, an undrafted 27-year-old, had only scored 29 points in 95 career NHL games before this season. Brazeau, also playing on the second line with Mantha, has potted 12 goals and 20 points in 27 games. The giant, net-front scoring winger is riding an inflated 25 percent shooting clip, so we should expect his production to slow off in the second half, but he’s exceeded all expectations overall. The Penguins must be thankful to have him locked up for another year at a bargain $1.5 million AAV.
Before this season, Wotherspoon was a steady, well-respected No. 7 defenseman. I don’t think anybody expected that he’d be a capable full-time top-four option, and yet that’s exactly what he’s become for the Penguins. Wotherspoon’s breakout as a sturdy stay-at-home top-four presence has helped unlock the best version of Erik Karlsson the Penguins have ever had. Wotherspoon has averaged 20:39 per game and held up well from a two-way perspective, with Pittsburgh controlling 53.5 percent of scoring chances during his five-on-five shifts.
On top of these three impressive moves, the Penguins were also the only team that weaponized its excess cap space to acquire draft capital, as Kyle Dubas shrewdly picked up a pair of second-round picks to take on Matt Dumba and Connor Clifton’s contracts.
Šilovs was also a worthwhile gamble. He’s come back down to Earth since a hot October, and his .886 save percentage in 19 games isn’t anything to write home about, but he’s shown intriguing potential and you have to be careful not to overly scrutinize his numbers because the Penguins’ defensive environment has been sloppy at times.
Add the organization’s decision to sell high on Tristan Jarry midseason, and Dubas has been on a heater of excellent moves over the last several months.
Tampa Bay Lightning
Notable additions: Pontus Holmberg ($1.55 million x two years)
Early return: Holmberg has become one of the Lightning’s most unsung heroes.
Jon Cooper has used Holmberg on a checking line with Yanni Gourde, feeding them the most five-on-five defensive zone starts of all Lightning forwards and handing them tougher than league-average matchups. This usage alone speaks volumes about Cooper’s trust in Holmberg because it’s rare to see bottom-six lines deployed in such high-leverage spots.
Holmberg’s line forechecks hard, holds onto pucks and wins battles along the boards, and is extremely dependable at both ends of the rink. Tampa Bay has owned 57 percent of expected goals and surrendered just 1.55 goals against per 60 (the second-best rate among the team’s forwards) with Holmberg on the ice at five-on-five. Holmberg has also chipped in with 12 five-on-five points in 34 games, which is the sixth-best mark among Lightning forwards.
Toronto Maple Leafs
Notable additions: Nicolas Roy (acquired in exchange for Mitch Marner’s rights), Matias Maccelli (acquired for a 2027 third-round pick), Dakota Joshua (acquired in exchange for a 2028 fourth-round pick)
Early return: The Leafs committed a combined $9.675 million of cap space to a trio of forwards in Roy, Maccelli and Joshua. It’s impossible to replace a superstar of Mitch Marner’s caliber, but the hope was that Toronto could at least beef up its top-nine depth and ice a more balanced forward group.
That experiment has been a mixed bag, with the Leafs still desperately missing Marner’s game-breaking skill set.
Roy has been the most impactful of the club’s three new forwards. He’s heating up offensively after a slow start (11 points in his last 18 games) and his defensive reliability on top of that makes him a bona fide third-line center.
Maccelli has produced at a respectable clip (15 points in 30 games), but he hasn’t bounced back to being the 55-to-60-point pace winger he was during his first two NHL seasons. That’s disappointing because he represented the Leafs’ best chance at icing a Marner-lite type of playmaker in the top six this season. He’s performed better as of late with seven points in his last 10 games, so perhaps that’s something to build on.
Joshua’s impact has been closer to a fourth-line level. He’s offered heavy, physical play, but he had only mustered 10 points in 36 games before going down with a kidney injury. He’s signed through 2027-28 at a $3.25 million cap hit that looks increasingly overpriced for his marginal impact.
Troy Stecher has been a terrific waiver pick-up, but overall GM Brad Treliving has whiffed on quite a few moves over the last several months, especially with how poorly last year’s Brandon Carlo trade is panning out.
Washington Capitals
Notable additions: Justin Sourdif (acquired in exchange for a 2026 second-round pick and a 2027 sixth-round pick)
Early return: The Capitals are one of the best pro-scouting teams in the NHL — just look at how well the Logan Thompson, Jakob Chychrun and Pierre-Luc Dubois trades have aged — and Sourdif’s immediate impact is just the latest example.
The 23-year-old rookie was billed as a winger for most of his career, but has been a shockingly impressive middle-six center fill-in with Dubois’ injury. Sourdif’s pace, energy and defensive play have been top-notch, with the Capitals controlling 54 percent of scoring chances and outscoring teams 27-15 during his five-on-five shifts. His offense is also rapidly heating up as he scored a hat trick earlier this week and has notched 11 points in his last 10 games.
