The NHL offseason is officially underway, with a flurry of trades shaking things up since the Florida Panthers lifted the Stanley Cup for the second consecutive year. Significant moves include Chris Kreider`s transfer to the Anaheim Ducks, Trevor Zegras joining the Philadelphia Flyers, and Noah Dobson being traded to the Montreal Canadiens.
This page provides analysis and grades for all the major trades completed this offseason, presented with the most recent deals first.
June 27: Coyle to the Blue Jackets
Seeking to free up salary cap space, the Colorado Avalanche made a move by trading Charlie Coyle and Miles Wood to the Columbus Blue Jackets.
In return, the Blue Jackets sent prospect forward Gavin Brindley, a 2025 third-round draft pick, and a conditional 2027 second-round pick to Colorado.
Here`s a look at the implications for both teams.
Colorado Avalanche Grade: B+
The Avalanche addressed their second-line center position by signing Brock Nelson, acquired at the trade deadline, to a three-year contract extension valued at $7.5 million annually. However, this left the team with only $1.2 million in cap space entering Friday, according to PuckPedia. With six unrestricted free agents, including key defenseman Ryan Lindgren, the team was compelled to make changes.
Coyle was a likely trade candidate. His addition at the deadline provided the Avalanche with one of the league`s best top-nine center groups, complementing Nathan MacKinnon and Nelson. But facing a cap crunch, paying a third-line center $5.25 million annually became questionable, especially with potentially more cost-effective options available.
Wood was another player potentially on the move, with four years remaining on his contract at $2.5 million AAV. Injuries and inconsistency resulted in him scoring only 13 goals over two seasons with the Avalanche, the same total he achieved in his final full season with New Jersey.
These moves mean the Avalanche must now focus on strengthening their bottom-six forward group, potentially re-signing Lindgren, and pursuing other free agency targets.
Brindley could contribute to the team`s forward depth in the future. The 20-year-old was considered one of the top prospects in the Blue Jackets` strong farm system. A 2023 second-round pick, Brindley posted six goals and 17 points in 52 AHL games in his first professional season. Before that, he was a standout at Michigan, scoring 25 goals and 53 points as a sophomore in 2023-24.
Columbus Blue Jackets Grade: B+
The Blue Jackets currently possess significant cap flexibility, allowing them to selectively pursue deals that align with their strategy, particularly when working with cap-constrained teams like the Avalanche.
While Coyle and Wood were depth luxuries in Colorado, they will significantly enhance Columbus`s bottom-six forward group, enabling the front office to prioritize other areas in free agency.
Before Friday, the Blue Jackets had six unrestricted free agent forwards and restricted free agent Dmitri Voronkov. Adding Coyle provides a solid third-line center option alongside Sean Monahan and Adam Fantilli on the top two lines. Wood adds a winger who can play on the fourth line or potentially higher. The Jackets now have 13 forwards under contract or team control (as RFAs).
They also boast over $30 million in cap space, with some potentially allocated to extensions for defensemen Dante Fabbro and Ivan Provorov.
Brindley was a promising prospect, but the Blue Jackets still have a wealth of forward talent in their system, including Cayden Lindstrom, Jordan Dumais, and Luca Del Bel Belluz.
June 27: Dobson to the Canadiens
Defenseman Noah Dobson was the central figure in a trade Friday between the Montreal Canadiens and New York Islanders, a deal indicative of both franchises` differing trajectories.
Montreal acquired Dobson after he signed an eight-year contract extension with the Islanders worth $9.5 million annually. New York received forward Emil Heineman and both of Montreal`s first-round picks in 2025, selections No. 16 and No. 17.
Here`s an evaluation of the trade from each team`s perspective and its implications moving forward.
Montreal Canadiens Grade: A
When an opportunity arises to acquire a 25-year-old, right-handed, top-pairing, puck-moving defenseman capable of playing in all situations – and standing 6-foot-4 – a general manager should seize it.
This kind of acquisition comes with a significant cost, which is why Canadiens GM Kent Hughes` decision is particularly impactful. It signals a clear direction for his team.
Specifically, Montreal is demonstrating seriousness about making their 2025 playoff appearance a regular occurrence and aiming for a Stanley Cup win in the near future.
Future. That`s the key word for the Canadiens in this trade. Holding two first-round picks offers benefits. Rebuilding teams use them to build towards a stronger future, while playoff contenders or borderline teams use them as assets to acquire players who can improve the team immediately.
Hughes chose the latter path with this deal, providing Montreal with what appears to be one of the most exciting young defensive corps in the NHL.
Dobson, who has scored 10 or more goals in four consecutive seasons, joins a young group of Canadiens defensemen that includes reigning Calder Trophy winner Lane Hutson, Kaiden Guhle, and Jayden Struble. The team also has recent first-round picks Logan Mailloux and David Reinbacher in their prospect system.
That`s six defensemen all under the age of 25. Four were first-round selections, with the others being second-rounders (including Hutson). This is a desirable situation, potentially leading to significant collective achievement over time.
However, Hughes now faces a more immediate challenge: having Dobson under contract puts the Canadiens $3.394 million over the salary cap (per PuckPedia), with seven defensemen under contract or team control for 2025-26.
Hughes will need to decide which defenseman to move to create cap space while maintaining a group capable of making the planned playoff push. Veteran Mike Matheson has one year left on his contract at $4.88 million before becoming a UFA, while Alexandre Carrier has two years remaining at $3.75 million annually before hitting the open market.
Resolving the cap situation sooner rather than later will provide the Canadiens with more financial flexibility for potential further moves. They also need to sign restricted free agents Struble and Jakub Dobes to new deals.
New York Islanders Grade: A
New Islanders GM Mathieu Darche spent six seasons in the Tampa Bay Lightning`s front office, gaining valuable insights into organizational building. One key lesson is the importance of building a long-term winner through the draft.
General managers leading lottery teams must be honest and realistic about their franchise`s direction. This makes every move the Islanders make in Darche`s first offseason particularly critical.
This doesn`t mean Dobson couldn`t have been part of the Islanders` long-term future. But sometimes, identifying a player`s highest potential value for the franchise means recognizing that value is best realized through a return like the one Darche secured here.
What Darche acquired in exchange for a top-pairing defenseman in Dobson has the potential to significantly shape the Islanders for the next decade, if not longer.
Holding the No. 1 pick was already a starting point for that future – and they are likely to draft talented defenseman Matthew Schaefer with that selection. By adding two more first-round picks, Darche now has even more strategic options.
Darche and his staff might choose to keep both picks acquired from the Canadiens and draft three players. This would significantly bolster a system that, despite including 2024 first-rounder Cole Eiserman, is in clear need of talent infusion. This need is partly due to the Islanders not having a first-round pick in four draft classes since 2018 (2020, 2021, 2022, 2023).
Alternatively, Darche could look to package one or both of those picks in another trade, aiming to make a move that he and his staff believe will set the team up for even greater long-term success.
While the focus is on the future, the present situation after Dobson`s departure is also relevant. The Islanders now have five defensemen under contract and seven under team control, including pending RFAs Scott Perunovich and Alexander Romanov. Tony DeAngelo and Mike Reilly are UFAs from the 2024-25 roster.
The Islanders have $20.934 million in cap space (per PuckPedia), which can be used to address their defensive needs and any other priorities this summer. This includes re-signing Heineman, an RFA who scored 10 goals and 18 points in 62 games in his first full NHL season.
June 26: Peterka to the Mammoth
Two key storylines this NHL offseason were whether the Utah Mammoth could add at least one top-six forward and if the Buffalo Sabres would trade restricted free agent JJ Peterka.
These narratives converged on Wednesday night or early Thursday, as the Mammoth acquired Peterka from the Sabres. In return, Buffalo received forward Josh Doan and defenseman Michael Kesselring.
Let`s analyze how both front offices performed in this exchange and what it means for each franchise moving forward.
Utah Mammoth Grade: A+
In 2024-25, the Utah Hockey Club ranked among the top 10 in shot share, shots per 60 minutes, and scoring chances per 60, yet finished 16th in goals per game. This disconnect highlighted a clear need for more scoring, and with $20.357 million in salary cap space, finding a solution was a priority.
The latest significant move by Mammoth GM Bill Armstrong addresses this need by landing Peterka in a trade and immediately signing him to a five-year extension worth $7.7 million annually.
Since Ryan and Ashley Smith purchased the franchise and relocated it to Salt Lake City, the Mammoth have taken a strategic yet aggressive approach. This began last year with the acquisition of a legitimate No. 1 defenseman in Mikhail Sergachev and John Marino as part of a plan to overhaul their blue line.
Acquiring Peterka represents another significant swing. The Mammoth gain a 23-year-old proven goal scorer who not only fulfills their need for more offense but also aligns with their long-term vision. After scoring 28 goals and a then-career-high 50 points in 2023-24, Peterka followed up with 27 goals and 68 points in 77 games in his final season with Buffalo.
Trades often create more options, and Peterka provides the Mammoth with several. They now have a formidable top-six winger group featuring Clayton Keller, Dylan Guenther, and Nick Schmaltz. This quartet of 20-goal scorers can play alongside centers Logan Cooley and Barrett Hayton, who also surpassed the 20-goal mark last season, anchoring the top two lines.
Leveraging one of the NHL`s strongest farm systems, the Mammoth were able to acquire Peterka without parting with any of their top prospects. They still retain Matias Maccelli – who could potentially be traded in another deal – and maintain $14.982 million in cap space, per PuckPedia.
Nick Bjugstad and Michael Carcone are their most notable unrestricted free agents, while Jack McBain is their lone restricted free agent. After potentially drafting a difference-maker at No. 4 overall on Friday – or using that pick to acquire another NHL-ready player – the majority of their remaining cap space can be utilized to be active in free agency starting July 1.
Buffalo Sabres Grade: B-
The return Sabres GM Kevyn Adams received for JJ Peterka can best be described as complicated.
Typically, a 23-year-old top-six forward still under team control would command a certain price. In some ways, the Sabres achieved this by acquiring two NHL players in Doan and Kesselring. However, there`s a case to be made that the return wasn`t sufficient.
Missing the playoffs for 14 consecutive seasons places the Sabres between trying to end the drought and keeping an eye on the future for potential strategy shifts. Although the Sabres have a strong farm system, the Peterka trade presented an opportunity to add more, either through draft capital or prospects.
This is especially true considering Peterka`s importance to the Sabres; he was second on the team in points, third in goals, third in power-play points, and third in ice time among forwards with over 70 games played.
It`s not as if Adams got nothing. Doan could potentially establish himself as a top-nine forward. Joining the Sabres offers Doan a chance to find the consistency that eluded him in Utah; he split last season between 28 AHL games and 51 NHL games.
Kesselring provides the Sabres with a third right-shot defenseman. He recorded over 20 points and played over 70 games in consecutive seasons. He ranked sixth among Mammoth defensemen in average ice time; like Doan, he could see a larger role in Buffalo.
Doan and Kesselring add depth to the Sabres. They also come with a combined cap hit of $2.325 million, with one year remaining on their contracts before restricted free agency. The Sabres now have $20.881 million in cap space, according to PuckPedia.
Yet, the question remains: Was a bottom-six/middle-six forward and a middle-pairing (at best) defenseman an adequate return for a top-six forward? Or should Adams have secured more for a player who directly addresses one of the Mammoth`s biggest needs, leaving the Sabres with a significant hole to fill?
June 23: Zegras to the Flyers
After much speculation, the rumor became reality Monday when the Anaheim Ducks traded forward Trevor Zegras to the Philadelphia Flyers.
The Ducks moved Zegras, long rumored as a trade target, to the Flyers in exchange for forward Ryan Poehling, a 2025 second-round pick (originally Columbus`s) and a 2026 fourth-round pick.
What does this mean for both teams, and how did their front offices fare?
Philadelphia Flyers Grade: B+
`Potential` is the word that will likely be used most frequently to describe this trade.
It starts with Zegras adding another top-nine center to the Flyers` roster alongside Sean Couturier and Noah Cates, with the possibility that Zegras could develop into their top-line center.
Zegras is a two-time 20-goal scorer who also posted consecutive 60-point seasons. This could provide the Flyers, who finished 24th in goals per game, with another offensive threat capable of scoring and creating opportunities for his teammates.
At 24, he also potentially fits within the Flyers` long-term plans. Philadelphia was the youngest team in the NHL in 2024-25, with an average age of 26.09 years, according to Elite Prospects.
Again, the key word here is potentially.
Injuries and inconsistent performance over the past two seasons raised questions about whether Zegras could return to the form that saw him post consecutive 60-point seasons in 2021-22 and 2022-23. Furthermore, it led to doubts about whether he could replicate or surpass those totals while remaining with the Ducks.
Surrounding Zegras with wingers like Tyson Foerster, Travis Konecny, Matvei Michkov, and/or Owen Tippett could help him rebound. At one point, Zegras was considered a rising star and a potential future face of the NHL, even featured as the cover athlete for NHL 23.
An additional incentive is that Zegras is entering the final season of a three-year contract worth $5.75 million annually. He will remain under team control as a restricted free agent for the next two seasons before becoming an unrestricted free agent at the end of the 2027-28 campaign.
Even after taking on Zegras` salary, the Flyers will still have $15.141 million in cap space, according to PuckPedia.
Anaheim Ducks Grade: A-
For all the questions surrounding the Ducks` decision to hold onto Zegras, a significant one loomed:
Is it wise to pay a third-line center over $5 million annually when cheaper alternatives exist and other roster needs require addressing?
Leo Carlsson, the No. 2 overall pick from 2023, demonstrated his capability as a full-time, top-line center. He scored 20 goals and 45 points last season, offering the Ducks a capable two-way center in a 6-3, 205-pound frame.
Following him is Mason McTavish, the No. 3 pick in 2021, who scored 22 goals and a career-high 52 points playing a second-line center role.
McTavish led the Ducks in goals last season and finished second in points. Carlsson was third in points. This level of production from their top two centers made Zegras expendable for Anaheim.
Then there are the financial considerations. Anaheim is projected to have over $36 million in cap space this season, which is substantial. However, GM Pat Verbeek must navigate future cap challenges carefully. Lukas Dostal, Drew Helleson, and McTavish are restricted free agents needing new contracts this offseason. These deals will impact the funds available for unrestricted free agency starting July 1.
Looking ahead to the *next* offseason made this trade more appealing. Zegras was part of a six-player RFA class that includes Carlsson, Cutter Gauthier, Pavel Mintyukov, Jackson LaCombe, and Olen Zellweger, while Jacob Trouba will be a UFA. That core RFA group and Trouba remain, and their decisions will still need to be made. But instead of worrying about Zegras` potential salary, the Ducks may have a lower price point with Poehling, a 26-year-old who scored 12 goals and 31 points in 2024-25. He has one year left on his $1.9 million contract before becoming a UFA next summer.
June 12: Kreider to the Ducks
Could this mark the beginning of something more significant?
That question applies to both the Anaheim Ducks and the New York Rangers following the first major trade of the offseason. On Thursday, the Rangers sent Chris Kreider and a 2025 fourth-round pick (originally Anaheim`s, re-acquired in a December 2024 trade for Jacob Trouba) to the Ducks. In return, New York received center prospect Carey Terrance and a 2025 third-round pick (originally Toronto`s, acquired in a February 2024 trade for Ilya Lyubushkin).
Here`s a summary of what this deal signifies for both franchises and how they evaluated the exchange.
New York Rangers Grade: B+
The Rangers needed to create salary cap space. There were questions about Chris Kreider`s production. There was also the possibility of finding his replacement elsewhere.
Collectively, these factors significantly influenced the Rangers` decision to move on from Kreider.
Kreider had scored 20 or more goals for the seventh straight season and the 10th time in his career. This consistency was a hallmark, but his contract became a factor suggesting a potential move out of New York.
Kreider turned 34 in late April, at the end of a season where he scored 22 goals, a decline from his performance over the previous three years. In those three seasons, he scored 36 or more goals and averaged 69 points per campaign. This past season, he finished with 30 points in 68 games, averaging 0.44 points per game.
With two years remaining on his contract at $6.5 million annually, it became a numbers game for the Rangers.
Star goaltender Igor Shesterkin signed a new contract beginning in 2025-26 that increases his annual salary from $5.67 million to $11.50 million. Additionally, in-season trades by Rangers GM Chris Drury to acquire Will Borgen and J.T. Miller added an extra $12.1 million annually; Borgen signed a five-year extension worth $4.1 million annually, and Miller is entering the second year of a seven-year deal paying him $8 million annually.
This situation left the Rangers needing to find solutions for a seven-player restricted free agent class led by K`Andre Miller, Zac Jones, Matthew Robertson, and Will Cuylle.
Replacing Kreider`s offensive contribution remains a question.
This highlights the importance of signing Boston College star winger Gabe Perreault in the spring. Perreault offers the Rangers a potential top-six option on a team-friendly deal, while enabling them to create the necessary cap space to address their RFA class and pursue other offseason goals.
After shedding Kreider`s contract, the Rangers now have $14.922 million in cap space, per PuckPedia. This provides the front office with greater financial flexibility than before the trade, suggesting they may not be finished making moves.
Adding Terrance, who signed with the Ducks in April, brings a center prospect to a system that needed depth down the middle. Their strongest center prospect, Noah Laba, signed after three seasons at Colorado College, while Dylan Roobroeck`s first full professional season included 20 goals in the AHL.
Terrance, a 2023 second-round pick, recorded his third consecutive 20-goal season for the OHL`s Erie Otters, finishing with 39 points in 45 games overall. He also represented Team USA at the IIHF World Junior Championships, scoring two goals in seven games before an injury.
Anaheim Ducks Grade: B+
Rebuilds aim to lead to a better position, and each team takes a unique path to that desired destination. The Kreider trade signals the Ducks` continued commitment to an approach that has served them well so far, with the belief that it could lead to a playoff appearance or at least a wild-card push in 2025-26.
Beyond drafting and developing talent, the Ducks have actively sought to surround their young core with respected veterans. This group includes Radko Gudas, Alex Killorn, Frank Vatrano, and Kreider`s former Rangers teammate Jacob Trouba.
What does this mean for the Ducks` top-nine winger setup? Kreider joins a group featuring Sam Colangelo, Cutter Gauthier, Troy Terry, Killorn, and Vatrano. This not only provides the Ducks with goal scorers but players capable of scoring in various ways.
What makes the Ducks fascinating – or perhaps daunting for opponents – is their cap situation. Ducks GM Pat Verbeek just took on a forward with a $6.5 million cap hit, and PuckPedia still projects them to have over $32.188 million in available space.
This level of flexibility could make Anaheim a significant player in free agency starting July 1.
Naturally, Verbeek must act responsibly. Lukas Dostal, Drew Helleson, and Mason McTavish, core pieces of the young team, are pending RFAs who require new contracts. Looking ahead, the next offseason presents a large RFA class including Leo Carlsson, Jackson LaCombe, Pavel Mintyukov, Trevor Zegras, Olen Zellweger, and Gauthier, all needing new deals simultaneously.
Possessing so much young talent on entry-level contracts creates significant financial flexibility. This is why they could acquire Kreider for the cost of a draft pick and a prospect like Terrance, who was expendable due to their center depth in the NHL and prospects like Lucas Pettersson, their 2024 second-round pick.
Since their rebuild began, the Ducks franchise has been focused on making progress by all necessary means. They have developed one of the NHL`s most promising farm systems and cultivated high expectations for their prospects. All the while, they`ve shown an understanding of when to make impactful moves like the one that brought them Kreider.
What happens now?
Finishing with 80 points for the first time since the 2018-19 season puts them at a critical juncture. This is partly why they moved on from head coach Greg Cronin after two seasons and hired Joel Quenneville, believing they can advance further.
This ambition is necessary to compete in the challenging Western Conference. Alongside established contenders like the Edmonton Oilers, Dallas Stars, Vegas Golden Knights, and Colorado Avalanche, other teams have carved their paths forward.
The Seattle Kraken did it in their second season (2022-23). A year later, the Vancouver Canucks achieved it in Rick Tocchet`s first full season (2023-24). This past season saw the St. Louis Blues return to the playoffs, while the Calgary Flames and Utah Hockey Club contended into the later stages of the regular season.
Anaheim finished 16 points out of the final Western Conference wild-card spot. However, the gradual improvement shown by the Ducks – coupled with their execution of two significant offseason moves and the belief they can do more – suggests they could soon be knocking on the door to the postseason, or even breaking through it.
Duncan Priestley