The NHL is about to enter one of the most uncertain offseasons in recent memory.
On one hand, you have one of the worst unrestricted free-agent classes in league history. That could result in some desperate, regrettable contracts being handed out, but last year, most teams that were flush with cap space showed a surprising level of discipline and restraint. They weren’t spending money just for the sake of it, which meant there were barely any July 1 fireworks and several teams entered this past season with their ample cap space still intact.
Free agency looks awfully bleak for clubs targeting major upgrades this summer, which means the trade market is the primary way for teams to find external additions. This year’s trade market could be legitimately fascinating. Dylan Larkin and Darnell Nurse have already requested trades, and they may not be the only big names to follow the league’s new player empowerment trend.
However, if fewer big-name players than expected shake loose on the trade block, we could be looking at offseason market dynamics similar to last summer, in which the number of teams looking to upgrade for next season significantly outpaces the number of impact players available. And if that scenario unfolds, we’ll be left with several teams that strike out on their primary trade/free-agent targets and then are left unable to make major moves despite their aggressive intent.
With that in mind, let’s analyze some teams that could go wheeling and dealing this summer. This list will include franchises with clear incentives to make a buying move or two, cap flexibility, and ideally some meaningful trade chips to deploy if the right piece becomes available. We won’t be including teams like the Edmonton Oilers, Toronto Maple Leafs and Los Angeles Kings, who have the ambition to make a splash but lack ideal trade and cap resources.
Not every team on this list will achieve its offseason goals, and a few may change course and opt for a quieter summer if the right trade options don’t emerge, but these are clubs at least worth monitoring over the next month.
All contract and cap data courtesy PuckPedia and CapWages.
Montreal Canadiens
Montreal took impressive strides this past season but there’s clearly still room to upgrade as it pursues perennial Stanley Cup contention.
There’s a gaping hole at the second-line center position behind Nick Suzuki. The Canadiens filled the 2C role by committee this year, but with all due respect to Jake Evans, who’s a terrific depth contributor, it’s a clear weakness if you’re forced to lean on him as your 2C in the playoffs.
Adding a bona fide second-line center would take some of the pressure off Suzuki to do all the heavy lifting. Equally as importantly, it’d give budding star Ivan Demidov a running mate to help take his game to the next level.
If the Canadiens are uncertain how quickly David Reinbacher will become an impact contributor, they could also be in the market for another right-shot defenseman, as Noah Dobson and Alexandre Carrier are the only NHL right-handed defensemen they have under contract for next season.
The Canadiens enter the summer with roughly $11 million in projected cap room without any significant new contracts to sign for next season. That figure could climb to over $20 million in cap space by the time they presumably find trades for Brendan Gallagher ($6.5 million AAV, one year left) and Sam Montembeault ($3.15 million AAV, one year left). Zack Bolduc needs a new deal as an RFA and the organization has a decision to make on Kirby Dach’s RFA future as well, but neither one will break the bank.
Demidov will officially be extension-eligible on July 1, so signing him long-term is a critical piece of business this summer, but he has one year left on his entry-level contract, meaning any deal he signs won’t kick in until 2027-28, and by then, the Canadiens will have an extra $11 million coming off the books with Phillip Danault and Josh Anderson’s expiring contracts.
All of this is to say that the Canadiens boast meaningful cap flexibility in the short and long term. Couple that with Montreal owning all of its first- and second-round picks and a prospect pool that still ranks top-10 in the NHL, and you have a franchise that has the ammo to go big-game hunting if the right difference-maker becomes available on the trade market.
Columbus Blue Jackets
The Blue Jackets remind me a bit of the situation the Anaheim Ducks found themselves in at the end of last season. Columbus has some legitimate high-end talent (Zach Werenski, Adam Fantilli, Kirill Marchenko, Denton Mateychuk, Jet Greaves), but the six-year playoff drought is getting long, and there’s urgency for the franchise to take the next step and make the playoffs.
Last summer, the Ducks made a couple of splashes by trading for Chris Kreider and signing Mikael Granlund — they were the third-most-improved team in the NHL last offseason, according to colleague Dom Luszczyszyn’s model — which, combined with strong internal improvement and a coaching change, powered Anaheim back to the playoffs. That’s similar to the formula Columbus will be aiming for: A big acquisition or two and internal growth from youngsters. It’d be huge if Fantilli can take the leap to true stardom next year that Leo Carlsson did.
Werenski’s future is an enormous factor that should motivate the Blue Jackets to be active this offseason.
The 2026 Norris Trophy winner only has two years remaining on his contract before being eligible for unrestricted free agency. He’ll have a huge decision to make next summer, when he’s officially extension-eligible, on whether he wants to stay in Columbus long-term or not. Werenski enjoys playing in Columbus by all accounts, but prime-aged superstars’ top priority is winning and that will undoubtedly put pressure on the Blue Jackets to get over the playoff hump.
The Blue Jackets enter the offseason with $35 million in projected cap space and 15 NHL players under contract. A large chunk of that money will need to go to re-signing RFAs Fantilli, Greaves and Cole Sillinger but the club will still have ample cap room to play with, especially if they find a way to offload Elvis Merzlikins.
In terms of trade chips, Columbus isn’t exactly overflowing with prized assets, but there are legitimate pieces to dangle, as the organization’s prospect pool is roughly league-average and they own all of their first-round picks. The Blue Jackets look pretty set with their top-four blue line and Greaves is their clear-cut starter, so their top priority should be to land an impact top-six winger.
Minnesota Wild
Many teams have a desire to upgrade down the middle, but there’s arguably no contender more desperate for an impact top-six center than Minnesota.
The Wild were widely viewed by league executives as a dark-horse Stanley Cup contender heading into the playoffs, but they’re stuck in one of the toughest divisions in hockey, and their five-game loss to Colorado in Round 2 revealed that this is still an imperfect roster. With Joel Eriksson Ek injured, the club was rolling Ryan Hartman and Michael McCarron as their one-two punch at center for must-win games against the Avs, which simply isn’t going to cut it.
Couple that with the impetus to win now with Quinn Hughes in the fold, and there’s no way Bill Guerin, one of the boldest general managers in the NHL, is going to sit on his hands this summer.
The Wild may not have the proven centerpiece with star potential that’s required to win the Dylan Larkin sweepstakes, but they still have assets to make some upgrades. Danila Yurov is a promising 22-year-old center coming off a solid rookie year; Charlie Stramel, a first-round pick from 2023, is a 6-foot-3 pivot who finished a productive NCAA season; and the team still has its first-round picks in 2027 and 2028. All of those pieces could be dangled as trade chips.
Minnesota may need to create more cap room to make a splash — it currently has about $11 million in projected space, but with only 17 NHLers under contract. The good news is that there are straightforward ways to free up more cap room if necessary. The 15-team no trade clause on Hartman’s contract (one year remaining at $4 million) will shift to a 10-team list. Quality but pricey bottom-six forwards Yakov Trenin ($3.5 million AAV) and Nico Sturm ($2 million) don’t have any trade protection.
Seattle Kraken
Should the Kraken be aggressive buyers? It’s debatable. They’re not really close to contending and should probably stop making the kind of dicey win-now moves that have pushed them into mediocrity.
However, Kraken CEO Tod Leiweke promised fans a “prolific” offseason in April when former president of hockey operations Ron Francis exited. There’s almost certainly some organizational pressure to return to the playoffs and solidify a strong fanbase before the NBA expands back to Seattle. You also can’t ignore this team’s track record of aggression in recent summers: They made moves for Ryan Lindgren and Mason Marchment last year and signed Chandler Stephenson and Brandon Montour to big free-agency contracts in 2024.
Couple that with Seattle’s all-in pursuit of Artemi Panarin before his departure to Los Angeles and the acquisition of Bobby McMann at the deadline, and it’s obvious this franchise wants to take the next step.
The Kraken are armed with nearly $30 million in cap space and are loaded with trade chips. Seattle owns four first-round picks over the next two years, boasts the seventh-best prospect pool in the NHL and could leverage Shane Wright as an asset for the right offensive game-breaker. This franchise could desperately use some elite talent up front and has all the resources to make a bold pitch, but it’ll require the right target to shake loose and that star to want to play in Seattle.
Carolina Hurricanes
Carolina is uniquely positioned as one of the few already-established Cup contenders that still has an abundance of cap space and trade assets to improve its team.
The Hurricanes have approximately $12 million in cap space, with nearly their entire roster already under contract for next season — Alexander Nikishin (RFA) and Frederik Andersen are the only notable players who need new extensions. That flexibility could also improve if the club decides to ship out Jesperi Kotkaniemi and his $4.82 million cap hit, which is widely expected considering he’s been a healthy scratch for the entire playoffs. With how weak the center market is, the Canes will probably be able to find a taker for Kotkaniemi’s contract because of his age, position and draft pedigree.
Long-term, Carolina has tremendous cost certainty because Seth Jarvis, Sebastian Aho, Jaccob Slavin, Logan Stankoven, Jackson Blake, K’Andre Miller, Andrei Svechnikov and Sean Walker have tons of term left on team-friendly contracts.
In terms of trade chips, Carolina owns all of its first-round picks along with an extra one in 2028 from Dallas. Their prospect pool is also quite respectable for a contending team.
The Canes are in an enviable position where they don’t need to make moves because their roster doesn’t have a glaring hole, especially with Stankoven solving the previous second-line center weakness. However, they do have the opportunity to take a bold, aggressive swing if the right opportunity arises, which the club did with Nikolaj Ehlers and Miller last summer.
GM Eric Tulsky could opt to keep his powder dry for opportunities beyond this summer, but keep the Hurricanes in mind as a team with the resources to make noise.
San Jose Sharks
The Sharks aren’t going to make reckless, short-sighted moves just to expedite their rebuild. However, there should be smart ways to target meaningful upgrades that fit the team’s short- and long-term goals and timeline.
San Jose has tons of top-nine forward talent, but the blue line needs major work. Dmitry Orlov and Sam Dickinson are the only NHL defensemen under contract for next season. Shakir Mukhamadullin, a pending RFA, will likely be back, but the team needs to add at least one, and ideally multiple, top-four defensemen who can eat big minutes next season.
San Jose rolled out arguably the worst top four in the NHL this past season as Orlov, Mario Ferraro, John Klingberg and Timothy Liljegren (who’s now on the Capitals) led the Sharks’ back end in average ice time. For context, the Sharks had to use Vincent Desharnais on their top pair in some critical games with playoff implications down the stretch when Klingberg was injured. That kind of situation will be inexcusable moving forward.
Young defensemen with upside — such as Michael Kesselring, Simon Nemec, Olen Zellweger and Pavel Mintyukov — could be sensible targets. Kesselring in particular could be an awesome buy-low fit. San Jose’s decision with the No. 2 pick also looms large. If the Sharks take Ivar Stenberg, they’ll suddenly have an excess of talented wingers that they can dip into to acquire a top-flight defenseman.
The Sharks have over $40 million in projected cap room and will need to spend several million more just to hit the $76.9 million salary cap floor for next season.
Boston Bruins
The Bruins are stuck in somewhat of a bind.
On one hand, it’s nearly impossible to envision how they can realistically contend in the Atlantic Division when Montreal, Buffalo, Florida and Tampa Bay are all superior teams on paper, especially because it feels like Boston overachieved in the regular season just to reach 100 points. On the other hand, there’s pressure to capitalize on the primes of David Pastrnak, Jeremy Swayman and Charlie McAvoy, who are all in the 27-30 age bracket.
Boston has grown its stable of prospects and young players over the last couple of years with some savvy moves, but it’s not as if their under-23 talent pipeline is exceptional. This leaves the Bruins caught between the present and future.
President Cam Neely made it clear what direction the organization is prioritizing, though, telling local reporters that he’s “all about being aggressive if it’s going to help us today, tomorrow and the next day.”
The Bruins have trade assets — they own all of their first- and second-round picks moving forward and have future first-rounders from Florida and Toronto in their back pocket. Cap space won’t be an issue either, as Boston has over $15 million in projected room with most of its roster already signed. The wish list is also pretty straightforward: They need a true No. 1 center and could use another top-four right-shot defender on the second pair behind McAvoy.
Boston has the pieces and ambition to make a splash. We’ll just have to see whether the right target comes along.
New York Rangers
On the surface, the idea of the Rangers making a splash this offseason sounds a bit silly. This is an organization that should focus on stockpiling draft picks and prospects and on making moves that prioritize the team’s long-term future.
However, GM Chris Drury’s letter to fans in January stressed that the Rangers are targeting a quick turnaround rather than a full rebuild. Colleague Vince Mercogliano also recently reported many executives and agents believe “Drury would like to be active” and take a big swing this summer.
It’s doubtful this plan will work, especially based on Drury’s underwhelming track record, but the team’s closing contention window didn’t stop him from making a desperate move for J.T. Miller last year. The Rangers seem to think they can pull off a quick retool around Igor Shesterkin (30) and Adam Fox (28). The urgency to make moves this summer could be ratcheted up by Drury’s self-interest; there’s no guarantee he’ll keep his job if New York misses the playoffs for a third consecutive year next season.
The Rangers are projected to have nearly $30 million in cap space with nearly all of their players signed; Braden Schneider is the only notable skater who needs a new deal.
New York has legitimate trade chips it could use as well. Vincent Trocheck is widely expected to be dealt and should command a strong return. The Rangers could target young, NHL-ready contributors in that deal, or immediately use the futures acquired in a Trocheck move as trade pieces. Schneider could also be a coveted asset. On top of that, the club has 11 draft picks this year, including an extra first-rounder from the K’Andre Miller trade last summer.
Mercogliano and Peter Baugh highlighted younger players with untapped upside who could be targets, as well as intriguing buy-low/cap-dump targets the Rangers could consider. We’ll see if Drury can thread the needle by adding young, impact players without compromising the team’s long-term future, or whether they’ll make more questionable moves.
