NHL
By Harman Dayal, Sean Gentille and James Mirtle
The NHL offseason is here. Let’s do some more math!
We’ve put together this list for the last several years around this time, as it’s a good cheat sheet to look at how active teams are going to be able to be on July 1.
Our methodology is as follows:
Take a team’s signed players, project what they’ll need to pay the restricted free agents who will make the lineup, subtract those going on long-term injured reserve, and you have a solid estimate of what they can spend in unrestricted free agency to fill out their rosters.
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This is not an exact science. Some teams may play hardball with their restricted free agents and give them all cheap one-year deals; other clubs may go long, long term, and that would cost more. We tried to be as reasonable as possible in coming up with projections, but we’re talking about 120-plus contract forecasts, calculated in a compressed window. They’re not all going to hit the mark.
But we’re trying to come as close as possible, with invaluable assists from PuckPedia, Evolving-Hockey and The Athletic’s staff of beat writers.
Remember that this isn’t a ranking of how strong these teams are, or are set up to become. We’re simply ranking how much cap space they likely will have to improve their rosters, beyond players who are already under team control.
By our accounting, nearly half of the teams have $15 million or more to spend after signing their RFAs, so this is likely going to be a wild offseason.
Current projected 2025-26 salaries: $58.4 million
RFAs estimate: $4.7 million
LTIR candidate: Logan Couture ($8 million)
Dead money deals: Martin Jones buyout ($1.66 million), Nikolai Knyzhov buyout ($466,000), Erik Karlsson retention ($1.5 million), Tomas Hertl retention ($1.387 million)
Notable unsigned UFAs: Jan Rutta, Alexandar Georgiev
Problem contracts: Marc-Eduoard Vlasic ($7 million), Barclay Goodrow ($3.64 million)
Projected cap space: $37.1 million
Analysis: When building their rosters, most teams strategize around how to stay under the cap ceiling. The Sharks, on the other hand, must create a plan to hit next season’s $70.6 million cap floor. We estimate that San Jose will be approximately $12.2 million short, even accounting for its RFA extensions.
That gives San Jose’s front office options — they can take on undesirable contracts for sweeteners (as they did with Jake Walman last summer) and/or they can attract free agents with contract offers in which they’re willing to overpay on AAV, so long as they’re shorter-term deals.
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Upgrading the blue line must be the Sharks’ top priority because they arguably don’t have a single true top-four-caliber defenseman on the roster right now.
Current projected 2025-26 salaries: $56.0 million
RFAs estimate: $5 million
LTIR candidates: None
Dead money deals: Alex Wennberg buyout ($891,667), Adam Boqvist buyout ($533,333)
Notable unsigned UFAs: Dante Fabbro, Ivan Provorov, James van Riemsdyk, Jack Johnson, Sean Kuraly, Christian Fischer, Luke Kunin
Problem contracts: Damon Severson ($6.25 million), Elvis Merzlikins ($5.4 million)
Projected cap space: $35.4 million
Analysis: The Blue Jackets, thanks to their surprising performance in 2024-25, an abundance of cap space and a desire to spend it, are one of the most interesting teams of the offseason.
Columbus, according to The Athletic’s Aaron Portzline, wants a top-six forward, a right-shot center and a right-shot (right-side) defenseman who can play in the top four. They’re also interested in overhauling their goaltending. Other than that …
Some of that cap space could go to Dante Fabbro, who looked good on Zach Werenski’s right side after Columbus plucked him off waivers. The same goes for Ivan Provorov. Both are in line for big paydays on the open market, though. What’s clear is that, whether through free agency or the trade market, Don Waddell is big-game hunting. If Columbus is to build on last season, he’ll have to land a target or two, and he has the necessary funds.
Current projected 2025-26 salaries: $67.9 million
RFAs estimate: $0
LTIR candidates: None
Dead money deals: None
Notable unsigned UFAs: Brent Burns, Dmitry Orlov, Jack Roslovic, Tyson Jost
Problem contracts: None
Projected cap space: $27.6 million
Analysis: The core of one of the Eastern Conference’s best teams is intact, but the Hurricanes still have some work to do. They’ll have an open slot on their top pair once Brent Burns hits the market, and they continue their pursuit of a high-end winger capable of helping them clear some postseason hurdles.
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The good news is that they have the money necessary to do both, thanks in part to Burns ($8 million AAV) and Dmitry Orlov ($7.75 million) coming off the books. Whether the Hurricanes replace them with in-house options or less expensive UFAs, there will be enough space available to make a splash.
The question is how they spend it. Is this Mitch Marner’s landing spot? If not, Nikolaj Ehlers would make plenty of sense. Either way, Carolina has plenty of cap space and clear motivation to spend it.
Current projected 2025-26 salaries: $76.2 million
RFAs estimate: $16.7 million
LTIR candidates: None
Dead money deal: Cam Fowler retention ($2.5 million)
Notable unsigned UFA: Robby Fabbri
Problem contracts: None
Projected cap space: $19.3 million
Analysis: The Ducks have already been one of the most active teams this offseason, and yet the fireworks may only be beginning in SoCal. GM Pat Verbeek has made it clear that he expects the Ducks to make the playoffs next season, a lofty goal that would require serious roster upgrades.
Anaheim has a mountain of cap space and trade chips it can wield to make aggressive moves, even after you factor in Mason McTavish and Lukas Dostal’s big RFA projections. And that isn’t even factoring in the possibility of a John Gibson trade, which seems likely given how weak the goaltending market is.
Only two Ducks forwards, Troy Terry and McTavish, crossed the 50-point mark this past season, and none hit 25 goals, so you’d imagine that adding a top-flight scoring winger or two will be a priority.
Current projected 2025-26 salaries: $77.1 million
RFAs estimate: $4.1 million
LTIR candidate: Shea Weber ($7.87 million)
Dead money deals: TJ Brodie buyout ($3.23 million), Seth Jones retention ($2.5 million)
Notable unsigned UFAs: None
Problem contracts: None
Projected cap space: $18.4 million
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Analysis: A few weeks ago, the Blackhawks were tracking as one of the low-key interesting teams of the offseason. They had money to spend, too many lineup holes to fill and a franchise player without much help.
Now, Scott Powers and Mark Lazerus are wondering if their big moves have already been made. Andre Burakovsky added talent to the mix and $5.5 million to the ledger. Ryan Donato, who popped last season as a goal scorer, isn’t hitting the open market, either. They’re good players, but not needle-movers. So much for all that Mitch Marner talk.
Still, without any major RFA concerns — Philipp Kurashev is a non-tender candidate — the Blackhawks have plenty of flexibility, should they wish to use it.
Current projected 2025-26 salaries: $77.3 million
RFAs estimate: $4 million
LTIR candidates: None
Dead money deals: Justin Abdelkader buyout ($1.06 million), Bonus overage ($871,150)
Notable unsigned UFAs: Patrick Kane, Jeff Petry, Alex Lyon
Problem contracts: Vladimir Tarasenko ($4.75 million), Justin Holl ($3.4 million)
Projected cap space: $18.2 million
Analysis: The Red Wings have close to a full roster signed, especially once their relatively inexpensive RFAs are accounted for. They can also create another $2.3 million or more in cap space if they decide to execute a buyout.
Bringing back Kane would eat into that room a little, but they have considerable space to be aggressive in free agency, which is a good thing given their needs. In an ideal world, they’d add a top-six forward and a top-four defenseman, but that may be challenging given the limited options out there.
This is a huge offseason for GM Steve Yzerman to fill some holes and finally get this group to the postseason for the first time in a decade.
Current projected 2025-26 salaries: $77.4 million
RFAs estimate: $875,000
LTIR candidates: None
Dead money deals: None
Notable unsigned UFAs: Sam Bennett, Aaron Ekblad, Brad Marchand, Nate Schmidt, Vitek Vanecek
Problem contracts: None
Projected cap space: $18.1 million
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Analysis: The defending champs have some tough decisions to make, but the fact that they don’t have any dead money or poor contracts certainly helps. In fact, they probably have the cleanest cap sheet in the league, which is part of why they’re the champs.
Bringing back Bennett would figure to cost at least $8 million, even on a hometown discount, which very likely doesn’t leave enough cash for Ekblad, Marchand and a second goaltender. Regardless, the Panthers look set to again dress a top team next season, even if it means digging for a couple of bargain buys with the limited cap space they have left after signing some of their big-name UFAs.
Current projected 2025-26 salaries: $77.5 million
RFAs estimate: $6.5 million
LTIR candidates: None
Dead money deal: Jack Johnson buyout ($916,667)
Notable unsigned UFAs: Matt Grzelcyk, Matt Nieto
Problem contracts: Erik Karlsson ($10 million cap hit), Kris Letang ($6.5 million), Ryan Graves ($4.5 million)
Projected cap space: $18 million
Analysis: For the first time in a long time, the cap’s upper limit isn’t a concern for the Penguins, who could create even more space ahead of July 1. Bryan Rust and Rickard Rakell, both productive wingers with relatively high price tags, are available for the right price, and not many other teams are so clearly in “sell mode.”
That doesn’t mean Pittsburgh isn’t interested in adding salary; it’s just more likely to come in the form of younger players, particularly via trade. They have two first-rounders, a second-rounder and three third-rounders in the 2026 draft alone.
Also, while defenseman Pierre-Olivier Joseph seems like a non-tender candidate, we included him in Pittsburgh’s overall RFA bill.
Current projected 2025-26 salaries: $77.5 million
RFAs estimate: $3.7 million
LTIR candidates: None
Dead money deals: Mike Richards buyout ($600,000), Bonus carryover overage ($212,000)
Notable unsigned UFAs: Vladislav Gavrikov, Andrei Kuzmenko, Tanner Jeannot, David Rittich
Problem contract: Drew Doughty ($11 million)
Projected cap space: $18 million
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Analysis: Among this year’s playoff teams, L.A. has some of the most cap flexibility. Incoming GM Ken Holland has nearly $20 million to go big-game hunting with, and the Kings have already been linked as a top contender in the Mitch Marner sweepstakes. Adding a top-six game-breaking winger — even if it’s not Marner — should be a priority for a team that had only two wingers hit the 50-point mark this season.
We’d imagine the Kings will also take a run at re-signing Vladislav Gavrikov, who was arguably the club’s best defenseman this year. If they strike out on him, they’ll presumably be in the market for a top-four replacement.
Current projected 2025-26 salaries: $77.7 million
RFAs estimate: $9.1 million
LTIR candidates: None
Dead money deals: Ryan Reaves buried ($200,000), Matt Benning buried ($100,000), Max Pacioretty bonus overage ($626,230)
Notable unsigned UFAs: Mitch Marner, John Tavares, Max Pacioretty, Steven Lorentz
Problem contracts: Morgan Rielly ($7.5 million), Max Domi ($3.75 million), David Kämpf ($2.4 million), Calle Järnkrok ($2.1 million)
Projected cap space: $17.8 million
Analysis: The Leafs have almost a full roster with their RFAs signed, but two huge holes up front with Marner and Tavares still up in the air.
Marner’s departure is basically a foregone conclusion, leaving a top-line RW spot alongside Auston Matthews to spend on. If Tavares doesn’t return, that would create a large void at center that they can’t really fill in free agency.
Moving out some of their bad money and getting aggressive up front feels like the right play, with building better scoring depth a necessary priority since Marner’s 102 points aren’t going to be replaced by one player. But it may take some patience and ingenuity for the right pieces to fall into place, given how thin free agency is.
Current projected 2025-26 salaries: $89.5 million
RFAs estimate: $2.69 million
LTIR candidate: Carey Price ($10.5 million)
Dead money deals: Bonus overage ($1.75 million)
Notable unsigned UFAs: Christian Dvorak, Joel Armia, David Savard
Problem contract: Patrik Laine ($8.7 million)
Projected cap space: $16.5 million
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Analysis: If the Habs place Price on LTIR (or find a way to move the final year of his contract), they have oodles of cap room to get aggressive.
They don’t have to — they essentially have a full roster under contract after getting RFAs signed and $6 million to invest in free agency without using LTIR — and there are downsides to using it, as evidenced by the bonus overage they’re carrying from last season, given the success of young players such as Lane Hutson.
Regardless, Montreal has a smart front office and loads of financial flexibility, so don’t be surprised if they pull off something unexpected. They need a center, but it’s a market where those are extremely difficult to come by. And they have enough young players coming that patience may end up being the best play. For now.
Current projected 2025-26 salaries: $79.9 million
RFAs estimate: $8.3 million
LTIR candidates: None
Dead money deal: Brandon Carlo retained salary ($615,000)
Notable unsigned UFAs: Henri Jokiharju, Parker Wotherspoon
Problem contracts: Casey Mittelstadt ($5.75 million), Joonas Korpisalo ($3 million)
Projected cap space: $15.6 million
Analysis: It’ll be fascinating to see what the Bruins do after an uncharacteristically brutal, 28th-place 2024-25 season.
The big selloff of Brad Marchand, Brandon Carlo and Charlie Coyle created some holes, to be sure, but when fully healthy, this won’t be a bottom-feeding team again. How do they deploy $16 million to fill out their forward group and back end? And will it make them competitive again, or merely get them into the mushy middle?
But with a bounce-back from Jeremy Swayman and a couple of smart additions, they could surprise.
Current projected 2025-26 salaries: $82.5 million
RFAs estimate: $2.75 million
LTIR candidates: None
Dead money deal: Oliver-Ekman Larsson buyout ($650,000)
Notable unsigned UFA: Nick Bjugstad
Problem contracts: None
Projected cap space: $13 million
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Analysis: Don’t sleep on the Mammoth this offseason. (Wait, that sounds weird.)
Even after acquiring and signing JJ Peterka on Wednesday night, Utah still has plenty of cap space and a lot of up-and-coming talent to build around. Utah was on the verge of making the playoffs in Year 1 in SLC, and they have a great chance to take a big step forward with another year of development from their young players and a big investment of talent using their remaining cap room.
Everyone around the league has been saying GM Bill Armstrong will be aggressive. We doubt he’s done, even after the big swing with Buffalo.
Current projected 2025-26 salaries: $82.6 million
RFAs estimate: $3.8 million
LTIR candidates: None
Dead money deals: Matt Duchene buyout ($5.56 million), Kyle Turris buyout ($2 million), Mattias Ekholm retention ($250,000)
Notable unsigned UFA: Jakub Vrana
Problem contracts: Steven Stamkos ($8 million), Brady Skjei ($7 million)
Projected cap space: $12.9 million
Analysis: The Predators have clear needs at basically every position after a brutal 2024-25 campaign. How aggressive they’ll be in attempting to get back to the playoffs will be interesting given how much they committed to older players in last year’s UFA class — and how that blew up in their face.
Their $13 million in cap space could go fairly far in terms of improving their offensive depth and adding another top-four defenseman, but they’ll likely have to be creative as free agency (if you haven’t heard) is a bit light on high-end talent.
But Nashville is always a place free agents want to go, which should help GM Barry Trotz if he opts to get aggressive again.
Current projected 2025-26 salaries: $82.8 million
RFAs estimate: $12.5 million
LTIR candidates: None
Dead money deal: Jacob Markstrom retention ($1.875 million)
Notable unsigned UFAs: Anthony Mantha, Dan Vladar, Joel Hanley
Problem contract: Jonathan Huberdeau ($10.5 million)
Projected cap space: $12.7 million
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Analysis: Calgary was surprisingly competitive this season. It’s probably too early in the club’s retool timeline for them to make aggressive moves, unless it’s for a player in his early to mid-20s who can grow with the core long-term, but GM Craig Conroy has the cap flexibility and assets (four first-round picks over the next two years) to take a big swing if he desires. The Flames might wind up with closer to $15 million in spending power once their RFAs are taken care of, especially since Evolving-Hockey’s projection for Morgan Frost’s next deal seemed too high.
That pool of cap room and trade ammo will only increase if the club trades Rasmus Andersson, who is entering the final year of his contract.
Re-signing Fabian Zetterlund gave the Senators some clarity. (Marc DesRosiers / Imagn Images)
Current projected 2025-26 salaries: $84.7 million
RFAs estimate: $0
LTIR candidates: None
Dead money deals: Joonas Korpisalo retention ($1 million), Colin White buyout ($875,000)
Notable unsigned UFAs: Claude Giroux, Adam Gaudette, Travis Hamonic, Anton Forsberg, Nick Cousins
Problem contracts: None
Projected cap space: $10.8 million
Analysis: After signing RFA Fabian Zetterlund last week, Ottawa has some decent flexibility, but a good chunk of that nearly $11 million remaining is earmarked for the likely return of Claude Giroux.
The remainder of their cap space is probably best served filling out their forward depth and potentially bringing in a backup goaltender to replace Anton Forsberg.
The question facing GM Steve Staios is whether that level of sameness is good enough, given that the Senators are looking to take another step after making the playoffs this season. This roster is young enough that they can expect some growth from within and some better health from veterans such as Linus Ullmark, Brady Tkachuk and David Perron.
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Current projected 2025-26 salaries: $84.8 million
RFAs estimate: $13.75 million
LTIR candidates: None
Dead money deal: Nate Schmidt buyout ($1.62 million)
Notable unsigned UFAs: Nikolaj Ehlers, Mason Appleton, Brandon Tanev
Problem contract: None
Projected cap space: $10.7 million
Analysis: After signing Jonathan Toews, the Jets still have plenty to spend — although it would be prudent to keep in mind the big bonuses ($2.7 million) he can hit simply by playing a lot of games next season and making the playoffs.
Winnipeg appears set on the back end, with eight NHL defenders under contract, but up front, there are some challenges with the pending departures of Nikolaj Ehlers and Mason Appleton, and the injury to captain Adam Lowry that will keep him out to start the season.
The Jets were one of the league’s highest-scoring teams last season and won’t want to jeopardize that, so finding a way to add another top-six piece with their cap space makes the most sense.
Current projected 2025-26 salaries: $85.4 million
RFAs estimate: $8.6 million
LTIR candidates: None
Dead money deals: None
Notable unsigned UFA: Michael Eyssimont
Problem contracts: Chandler Stephenson ($6.25 million), Philipp Grubauer ($5.9 million)
Projected cap space: $10.1 million
Analysis: The Kraken are a dark-horse team to watch this summer. GM Jason Botterill told reporters at the end of the season that the Kraken are “going to be aggressive again in free agency,” one year after they landed Brandon Montour and Chandler Stephenson.
Seattle owns extra first-round picks in 2026 and 2027 as a result of the Bjorkstrand trade, and extra second-round picks. President of hockey operations Ron Francis has said that Seattle will consider using some of that currency as trade capital.
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The Kraken already added Mason Marchment to bolster their winger group, and with their slick maneuver to dump Andre Burakovsky’s inefficient contract to Chicago, they still have the cap room to be in on any emerging opportunities. The biggest hurdle they could face is finding realistically available players who fit their need for elite, star talent.
Current projected 2025-26 salaries: $85.6 million
RFAs estimate: $5.9 million
LTIR candidates: None
Dead money deals: Bonus overage carryover ($1.1 million), Zach Parise buyout ($833,000), Ryan Suter buyout ($833,000)
Notable unsigned UFAs: Gustav Nyquist, Justin Brazeau, Jon Merrill
Problem contract: Yakov Trenin ($3.5 million)
Projected cap space: $9.9 million
Analysis: Minnesota’s offseason could go in very different directions depending on what the front office does with Marco Rossi. The Wild seem reluctant to commit a long-term, big-money contract to him. Minnesota will have closer to $15 million available to spend if it trades Rossi, plus whatever premium assets he would fetch in return.
Of course, trading Rossi would also create a hole at top-six center. Perhaps prized 21-year-old prospect Danila Yurov can fill that position immediately, but the club needs a short-term contingency plan in the very possible scenario that he needs more time before being ready for such a high-leverage role.
The brunt of the pain from the Zach Parise and Ryan Suter buyouts is mercifully over. GM Bill Guerin finally has the shackles off — let’s see what he does now that he has some legitimate flexibility to work with.
Current projected 2025-26 salaries: $86.35 million
RFAs estimate: $6 million
LTIR candidate: Ryan Ellis ($6.25 million)
Dead money deals: Kevin Hayes retention ($3.57 million), Cam Atkinson buyout ($1.76 million), Scott Laughton retention ($1.5 million)
Notable unsigned UFAs: None
Problem contract: Sean Couturier ($7.75 million)
Projected cap space: $9.15 million
Analysis: GM Danny Briere has already put in some work this summer, hammering out deals with key RFAs in center Noah Cates and winger Tyson Foerster, and then acquiring Trevor Zegras in a low-risk, high-reward trade with Anaheim.
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Briere’s main bit of remaining business is figuring out how to proceed with Cam York. By the end of the season, he was the Flyers’ best defenseman and he seems like a legit top-four piece. Things also got weird at the end under coach John Tortorella. Not coincidentally, Kevin Kurz reported on June 12 that long- and short-term deals are both in play for York. We have him signing a three-year bridge deal here worth $5 million annually.
We’re also not putting Ellis in an LTIR slot, though he’d certainly be eligible, as his career is functionally over. The Flyers left him on standard IR last season, as they didn’t need to use an LTIR exemption to exceed the cap, and they preferred to use Ellis’ status as a way of accruing daily cap space.
Current projected 2025-26 salaries: $93.5 million
RFAs estimate: $3 million
LTIR candidate: Torey Krug ($6.5 million)
Dead money deals: None
Notable unsigned UFAs: Radek Faksa, Ryan Suter
Problem contracts: None
Projected cap space: $8.5 million
Analysis: The Blues are in a solid situation. Doug Armstrong said on June 23 that they planned to again place Krug on LTIR, which would leave them with enough space to add a middle-six center and match any (reasonable) offer sheet that might come for backup goalie Joel Hofer.
If they’re going to level up in the Western Conference, handling both bits of business seems like it’ll be crucial. Brayden Schenn, currently the 2C behind Robert Thomas, works best a bit farther down the lineup, and Hofer (.904 save percentage last season) gives them a solid option behind Jordan Binnington.
The longer-term issue for Armstrong (and incoming GM Alex Steen) is that Philip Broberg and Dylan Holloway — added last season via offer sheet to immense success — are soon to be eligible for new deals. Top-four defensemen and quality top-six forwards don’t come cheap.
Current projected 2025-26 salaries: $88 million
RFAs estimate: $13.5 million
LTIR candidates: None
Dead money deal: Jeff Skinner buyout ($4.44 million)
Notable unsigned UFA: James Reimer
Problem contracts: Jordan Greenway ($4 million), Connor Clifton ($3.33 million), Mattias Samuelsson ($4.29 million), Sam Lafferty ($2 million)
Projected cap space: $7.5 million
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Analysis: Even after dealing Peterka, Buffalo still doesn’t have a ton of flexibility for a team that hasn’t made the playoffs for 14 years and finished 26th last season.
The combination of a big RFA contract due to Bowen Byram and all of the contract misses they’ve piled up isn’t a good one. The Sabres are going to need to continue to be active in the trade market in order to improve their roster this offseason.
But another swap that will give them more reinforcements is likely coming, with Byram at the top of the “likely to go” list.
Current projected 2025-26 salaries: $88.125 million
RFAs estimate: $2 million
LTIR candidate: Sonny Milano ($1.9 million AAV)
Dead money deals: None
Notable unsigned UFAs: Andrew Mangiapane, Anthony Beauvillier, Lars Eller, Taylor Raddysh
Problem contracts: None
Projected cap space: $7.375 million
Analysis: The Capitals enter the offseason with relatively minimal needs and enough money available to address them. Their RFA class (Alexander Alexeyev and Hendrix Lapierre) doesn’t pose any particular problem, either.
Washington’s lineup isn’t perfect. They could use another high-end piece and are certainly going to need a third-line center. The question is whether they will move Connor McMichael from his spot on Pierre-Luc Dubois’ wing to fill it, look to the UFA market, or again start the season with Lapierre in that role. In any case, they have enough money to figure it out.
Milano, meanwhile, had a setback in his injury recovery in the spring and seems to be a candidate to hit LTIR should the Caps need that space, but there’s too much uncertainty to assume that’s the route they’ll take.
Current projected 2025-26 salaries: $88.5 million
RFAs estimate: None
LTIR candidates: None
Dead money deals: Oliver Ekman-Larsson buyout ($4.76 million), Ilya Mikheyev retention ($712,000)
Notable unsigned UFAs: Brock Boeser, Pius Suter
Problem contracts: None
Projected cap space: $7 million
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Analysis: Jim Rutherford and Patrik Allvin are expected to go all in this summer to improve their roster in an effort to maximize their chances of keeping superstar captain Quinn Hughes, who has two years left on his deal, in Vancouver for the long term.
The Canucks are searching for multiple top-six forwards to bolster an anemic offensive group that is staring at Boeser’s likely departure in free agency. They’re down to approximately $7 million to spend after acquiring Evander Kane.
Vancouver is chasing a bona fide second-line center to play behind Elias Pettersson, but the organization may pivot to adding another winger if that proves too difficult. Vancouver’s front office will almost certainly shop the No.15 pick to accomplish that goal, though it may not be easy to land an ideal target because countless teams are searching for a top-six center, yet not many are realistically available on the market.
Current projected 2025-26 salaries: $89.6 million
RFAs estimate: $8.5 million
LTIR candidates: None
Dead money deals: None
Notable unsigned UFAs: Jake Allen, Brian Dumoulin, Curtis Lazar, Daniel Sprong
Problem contracts: Ondrej Palat ($6.0 million), Kurtis MacDermid ($1.15 million)
Projected cap space: $6.9 million
Analysis: The Devils have most of their lineup in place, though there are a couple of Hughes-family-centric asterisks in play. The first revolves around Jack’s health, given his season-ending shoulder injury.
The other: Luke, a huge part of their current and future defensive group, is a restricted free agent. Here, we’re projecting that he signs long-term for an AAV of approximately $7.5 million, which could be on the conservative side.
Either way, the Devils don’t have many open roster spots, and they won’t have tons of wiggle room once their RFAs are signed. They need better bottom-six center options, though, and plan not to send a qualifying offer to Cody Glass.
Current projected 2025-26 salaries: $79.3 million
RFAs estimate: $10.6 million
LTIR candidates: None
Dead money deals: Jack Campbell buyout ($2.3 million), Bonus carryover overage ($250,000)
Notable unsigned UFAs: Trent Frederic, Connor Brown, Corey Perry, John Klingberg, Jeff Skinner, Kasperi Kapanen
Problem contracts: Darnell Nurse ($9.25 million), Viktor Arvidsson ($4 million)
Projected cap space: $5.6 million
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Analysis: Trading Evander Kane is only the start of Edmonton’s effort to carve out sufficient cap space for upgrades this summer. The Oilers are projected to have only approximately $5.6 million in space after accounting for the massive contract extension that Evan Bouchard is expected to command. Viktor Arvidsson ($4 million) and Adam Henrique ($3 million) stand out as potential contracts to try offloading, though both of them have no-movement clauses.
If that extra space is created, the Oilers can consider re-signing some of their pending UFAs, such as Frederic, Perry and Brown, upgrading the goaltending and perhaps adding another top-six winger if there’s leftover room.
Current projected 2025-26 salaries: $91.7 million
RFAs estimate: $850,000
LTIR candidates: None
Dead money deal: Conor Sheary buried ($850,000)
Notable unsigned UFA: Nick Perbix
Problem contract: Conor Sheary ($2 million)
Projected cap space: $3.8 million
Analysis: The Lightning could simply run things back again, since they have basically their entire team signed and are under the cap. But after a disappointing first-round exit, you wonder if there’ll be changes as they attempt to catch up to their state rivals.
Any big move would require salary out, however. Tampa Bay does have some interesting young players coming, including potentially further progression from Conor Geekie, and can turn over some of their aging depth simply by letting UFAs such as Luke Glendening and Cam Atkinson walk.
Beefing up their depth feels like the right play if they can find the right trade or bargain UFA signings.
Current projected 2025-26 salaries: $92.1 million
RFAs estimate: $10.5 million
LTIR candidates: None
Dead money deals: None
Notable unsigned UFA: Calvin de Haan
Problem contract: Mika Zibanejad ($8.5 million AAV)
Projected cap space: $3.4 million
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Analysis: It’s fair to say that the Rangers’ offseason hinges on the route they choose with K’Andre Miller. Here, we have him signing a four-year contract worth $6 million, which is in line with Evolving-Hockey’s projections.
Of course, a trade that puts him elsewhere is clearly on the table. While Chris Drury’s appetite to change the look of his team is understandable, Miller is still New York’s best non-Adam Fox defenseman. If he’s moved, he’ll have to be replaced, and the Rangers will still have a messy blue line behind Fox and Replacement X, without all that much money to spend.
And we haven’t even gotten around to mentioning the situation at center. Zibanejad, if he’s not traded, seems likely to move to the wing full time, which would leave a major hole behind J.T. Miller and Vincent Trocheck.
Current projected 2025-26 salaries: $92.3 million
RFAs estimate: $4.4 million
LTIR candidate: Alex Pietrangelo ($8.8 million)
Dead money deals: None
Notable unsigned UFAs: Victor Olofsson, Brandon Saad
Problem contracts: None
Projected cap space: $3.2 million
Analysis: Vegas has one of the most fluid, fascinating cap situations in the league. Alex Pietrangelo’s playing future for next season is reportedly uncertain because of ongoing injuries — if he lands on LTIR, it would suddenly give the organization $12 million to play with.
Even if Vegas approaches this offseason with the assumption that Pietrangelo will be on the roster rather than LTIR, management has ways to manufacture more wiggle room, if necessary. Players such as Nicolas Hague, Nicolas Roy, William Karlsson and Ivan Barbashev could be cap casualties if the front office wants to open up room for a run at Marner, for example. All of those players would be fairly easy to find suitors for, if they desire.
In other words, no, the Golden Knights don’t have much cap flexibility on paper to take home-run swings right now, but they have various ways of changing that in a hurry.
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Current projected 2025-26 salaries: $93.5 million
RFAs estimate: None
LTIR candidates: None
Dead money deals: Ryan Suter buyout ($1.43 million), Bonus carryover overage ($368,000)
Notable unsigned UFAs: Mikael Granlund, Jamie Benn, Cody Ceci, Evgenii Dadonov, Colin Blackwell
Problem contracts: Tyler Seguin ($9.85 million), Matt Dumba ($3.75 million)
Projected cap space: $2 million
Analysis: The Stars are stuck in a cap bind, even after offloading Mason Marchment’s contract to Seattle. They only have approximately $2 million available, with only nine forwards under contract for next season. Jamie Benn could help the team by taking a massive discount, especially on a performance bonus-laden contract now that he’s hit the age of 35, but there’s still more that needs to be done.
Seguin isn’t a realistic candidate to be traded because of his full no-movement clause, but Matt Dumba and Ilya Lyubushkin could be cap casualties on defense. Dallas also has to keep an eye on next summer, when Thomas Harley and Jason Robertson will require significant raises. Barring a shocking Robertson trade, it’s very likely that the Stars will have to let some of their pending UFAs walk, such as Mikael Granlund.
Current projected 2025-26 salaries: $97.2 million
RFAs estimate: $2.9 million
LTIR candidates: None
Dead money deals: None
Notable unsigned UFAs: Jonathan Drouin, Ryan Lindgren, Joel Kiviranta, Erik Johnson
Problem contracts: None
Projected cap space: -$1.7 million
Analysis: Brock Nelson’s three-year, $7.5 million AAV extension ate up the overwhelming majority of Colorado’s cap space. The Avs currently have $1.2 million in cap space, and could end up over that amount in salary commitments if they sign RFA Sam Malinski to anything longer than a one-year deal.
Colorado only has 11 NHL forwards and five defensemen under contract right now, so it’s clear that GM Chris MacFarland will need to ship out a sizable deal or two to relieve the cap pressure. Ross Colton, Miles Wood and Charlie Coyle have been floated out as potential cap dumps management could explore.
Current projected 2025-26 salaries: $97.9 million
RFAs estimate: $24.2 million
LTIR candidates: None
Dead money deals: None
Notable unsigned UFAs: Tony DeAngelo, Hudson Fasching, Mike Reilly
Problem contract: Pierre Engvall ($3 million AAV)
Projected cap space: minus-2.4 million
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Analysis: Mathieu Darche’s first summer at the helm of the Islanders won’t be a particularly fun one. He has plenty of RFAs to worry about that, in all likelihood, will eat up the bulk of his salary-cap space.
Not all RFAs are signed, and not all of them are particularly crucial. Figuring out a deal with Noah Dobson, though, is vitally important to the organization, and it won’t come cheap. Evolving-Hockey projects a long-term deal with him to cost more than $10 million per season, and that doesn’t seem far off. Alexander Romanov is another pending RFA defenseman who won’t come particularly cheap.
If Darche figures out a workable solution with those two (and Romanov might be a trade candidate), everything else gets easier. A Jean-Gabriel Pageau trade remains a possibility, too.
(Top photo: Michael Reaves / Getty Images)
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