The very end of the NHL season is always a flurry.

Just 10 days after the Florida Panthers won the Stanley Cup, the NHL Draft took place across two days, where a new generation of players were welcomed into the league. Just three days after that event concluded, free agency opened up and while most of the biggest names had already re-signed before the market opened, a number of players still changed addresses.

A few short days after that, the market had thinned, the chatter had dissipated, and the NHL shifted into cottage season as the summer takes hold over the league.

Still ahead this summer are arbitrations hearings from July 20 to Aug. 4, and trade talks will inevitably continue as those who lost out in free agency seek other ways to improve their rosters. It won’t be long until training camps open in September, but for now, this is the quiet part of the NHL’s calendar.

So, with that, we’ll take a look at where all of the 32 teams stand, what the buzz is around them, and what to keep an eye on over the next two months. We’ll look at what each team has added and lost, what their GM has recently said, and included a comment from Elliotte Friedman in the season-ending edition of the 32 Thoughts: The Podcast.

Notable acquisitions: Chris Kreider, Mikael Granlund, Ryan Poehling, Petr Mrazek
Notable departures: Trevor Zegras, John Gibson, Isac Lundestrom
Cap space remaining: $28.988 million

From the 32 Thoughts Podcast: “(Mason) McTavish, (Lukas) Dostal, they still gotta get contracts done with those guys. Verbeek, he’s careful right? I don’t think he wants to hand anybody money too quickly. He’s like if you want the money you’re going to have to earn it. So I think if there’s long-term extensions here they’re at numbers very favourable to the Ducks, to the point I’d be surprised.”

What to watch for this summer: Missing the playoffs by 16 points in 2024-25 was still a big step up for the Ducks. How urgently do they need to finish that push and claim at least a wild card spot? The biggest pieces of in-house business still to do are the extensions to No. 1 goalie Dostal and 22-year-old McTavish after his best offensive season yet. Will GM Pat Verbeek feel the need to make any further trades after already moving out long-time Ducks Gibson and Zegras? He has three young left-shot defencemen between breakout sensation Jackson LaCombe, and 21-year-olds Olen Zellweger and Pavel Mintyukov. Indications are that Verbeek has rebuffed trade inquiries from other teams thus far. But with so much cap space still left to use, we should be on the lookout for more action from the Ducks.

Notable acquisitions: Sean Kuraly, Tanner Jeannot, Viktor Arvidsson, Mikey Eyssimont, Jordan Harris, Matej Blumel
Notable departures: Cole Koepke
Cap space remaining: $2.081 million

From the 32 Thoughts Podcast: “Boston’s going to have some cap flexibility and I think they want that. Boston is one of those teams, and they’re not the only one, that if some of these guys who are supposed to be free agents next year (make it to market), whether they get one or not, I think they want the opportunity to be in position to take a shot at some of those guys. So if you notice, they didn’t really do much to hamstring themselves in the future.”

What the GM has said: “At times last year, even when we had our group, we were an easy out, and I can’t stand for that. So we are going to reestablish that.” – Don Sweeney.

What to watch for this summer: With a little cap space left, a full roster signed and no impactful RFAs to worry about in negotiations, the biggest business the Bruins get up to this summer may already have been done. There is some question and concern over how the Bruins will generate offence past David Pastrnak and Morgan Geekie next season, but after selling off several pieces at last season’s deadline and finishing at the bottom of the Atlantic, the Bruins are taking some time to readjust.

It appears their first step this summer was to get more belligerent and on that, mission accomplished. But if that’s the most Boston does this off-season, how does everyone feel about them competing for the playoffs again? Much rides on Pastrnak’s production, Charlie McAvoy’s return to health, and Jeremy Swayman starting next season on time and in peak form after a contract negotiation that dragged into training camp in 2024.

Notable acquisitions: Sam Lafferty, Josh Doan, Michael Kesselring, Conor Timmins, Alex Lyon, Justin Danforth, Zac Jones
Notable departures: JJ Peterka, Jacob Bernard-Docker, James Reimer
Cap space remaining: $13.604 million

From the 32 Thoughts Podcast: “Peterka asked out. He wanted out. With Byram, I’m under the impression that he would play there next year. He’s not against playing there next year. For Byram it’s about the contract. He wants, like any player does, a big deal.”

What the GM has said: “We believe Bo’s an excellent hockey player that can help our team win. I’ve maintained the same position that if there’s a deal out there that makes sense for us that we think is going to improve our roster, we’re open to it. But if there’s not, we’re not in a situation where we’re looking to move him out or looking to move him for futures. We want to help our team win hockey games and he does that.” – Kevyn Adams.

What to watch for this summer: There is a lot more uncertainty here than a team with a 14-year playoff drought would like. They already had to trade out one of their top young scorers because he didn’t want to be there anymore, and now 23-year-old defender Bowen Byram is an RFA who could receive an offer sheet. If he doesn’t, team-elected salary arbitration is on the way in late July or early August, which could open the door for Byram to accept a two-year ruling and walk himself right to unrestricted free agency. Either way, it’s unclear if Byram will still be with the team come fall and a trade could be on the table. Meanwhile, hometown hero Alex Tuch will be entering the final season of his contract, seeking a large number. He, too, will be a 2025-26 trade candidate until an extension comes.

Notable acquisitions: Ivan Prosvetov
Notable departures: Kevin Rooney, Dan Vladar, Anthony Mantha
Cap space remaining: $15.412 million

From the 32 Thoughts Podcast: “I wouldn’t be surprised if they’re poking around a guy like Byram. I heard they were around a lot of the ‘D’ that hit the market, but they had a limit and I think they were smart about that. I think they had something going with the Kings. I don’t think Conroy is afraid to do something big, but I think he’s got goals and he’s gotta hit those goals before he does it.”

What the GM has said: “There’s going to be a time when we are going to go out and identify guys and get guys because we’re right there, but to do it right now just for the sake of doing it because today’s free agency just doesn’t make sense. It’s not part of the plan. You’d rather see a young guy get an opportunity in a spot than a veteran guy that maybe has played 8-10 years in the league and he’s a good player, but where’s the upside going to be? I’d rather see our young guys get an opportunity.” – Craig Conroy

What to watch for this summer: For the biggest potential piece of news, look no further than Rasmus Andersson. Heading into the final year of his contract, it’s highly unlikely the defenceman will still be a Flame past the 2025-26 trade deadline so we’ll be on trade watch with him until then. Nothing happened at the draft and the Flames may hold on to Andersson into training camp or the regular season if they think they’re maximizing the return, but we shouldn’t rule out a summer move. Aside from that, it’s a quiet summer for Calgary as they continue to navigate their rebuild. Connor Zary is the most important contract still to be resolved as the RFA works out an extension with the team. Some are wondering if a Nazem Kadri trade could also go down but, for now at least, that appears unlikely.

Notable acquisitions: Nikolaj Ehlers, K’Andre Miller, Cayden Primeau
Notable departures: Scott Morrow, Spencer Martin, Jack Roslovic, Dmitri Orlov, Brent Burns, Jesper Fast
Cap space remaining: $10.644 million

From the 32 Thoughts Podcast: “I still think 2C is Carolina’s big question. If Claude Giroux hit free agency — and I didn’t think he was going to leave — but if he hit free agency I could have seen the Hurricanes taking a big run at him.”

What the GM has said: “We as an organization are always trying to look ahead. This summer, we came into it with a lot of cap space and watched free agency approach and saw everybody re-sign with their own teams and the opportunity to find players to use that cap space on dwindled. We also had a lot of picks and prospects so we pivoted to another strategy to acquire players. That’s how the K’Andre deal got done. We’re always trying to look ahead and give ourselves options and make sure we have the ability to keep adding to the team. Our goal is to keep getting better and better and raise the bar.” – Eric Tulsky.

What to watch for this summer: With big contracts handed out to Nikolaj Ehlers, K’Andre Miller and Logan Stankoven, the Hurricanes have already used up a huge chunk of their available cap space, so the biggest moves are probably complete. However, ideally they’d still be able to find a centreman to play behind Sebastian Aho and ahead of Jordan Staal. The problem is, most of the rest of the NHL is also looking to fill that 2C role. The Canes have used up most of their 2026 draft capital, though do still have their own first-round pick. But there are no important RFAs to re-sign and one look at their depth chart indicates a team that is more or less ready for those training camp roster spot battles.

Notable acquisitions: Andre Burakovsky, Joe Veleno, Dominic Toninato
Notable departures: Sam Lafferty, Pat Maroon, Philipp Kurashev, Alec Martinez, TJ Brodie
Cap space remaining: $22.312 million

From the 32 Thoughts Podcast: “They weren’t exactly thrilled with how things went last year with some of their vets and I think they just decided we’re not doing that again, so I’m not surprised they were pretty quiet. The true success of the organization this year is going to be who takes steps?”

What to watch for this summer: As the Blackhawks attempt to push things forward, it hasn’t been the most active summer market yet as trades have dried up and free agency arrived after most players re-signed with their teams. GM Kyle Davidson has perhaps found modest improvement but, for now, this team is really still all about one player’s development. Keep your eyes on Connor Bedard in the summer because his preparation for the next season is what’s most important in Chicago right now. The team needs a big breakout season from him and Bedard is committed to achieving that. The Hawks may be lucky and find someone on the summer trade market who’s more impactful than any of their additions to date, but the conditions haven’t been ripe enough to take a marked step forward.

Notable acquisitions: Brent Burns, Gavin Brindley
Notable departures: Erik Johnson, Tucker Poolman, Jimmy Vesey, Joel Kiviranta, Miles Wood, Charlie Coyle, Jonathan Drouin, Ryan Lindgren
Cap space remaining: $4.123 million

From the 32 Thoughts Podcast: “I would expect the Avalanche are going to keep looking. They have some flexibility. They’ve been in a difficult cap situation for a lot of the past couple years while Landeskog was battling his injury and recovery and Nichushkin was having his concerns. They had no flexibility. So I don’t think that the Avalanche are disappointed with the fact they finally have salary cap flexibility and I think they’ll save that to see when they find the optimum place to use it.”

What to watch for this summer: Colorado did so much work on its roster during last season that there wasn’t a ton more they could adjust this summer. Cap space was opened up, however, and we should look to see how and when the Avs can use it up. One specific player situation to watch is Martin Necas, who was just under a point-per-game after being acquired by the Avalanche. He will be entering the final season of his contract before becoming eligible for unrestricted free agency, so how will the team approach him? Colorado is a contender with eyes on the Stanley Cup, so simply selling him off isn’t ideal, but would they keep him all season without an extension and risk losing Necas for nothing next summer? Does Necas want to stay, and what’s his AAV ask in a rising salary cap?

Notable acquisitions: Charlie Coyle, Miles Wood, Isac Lundestrom
Notable departures: Gavin Brindley, Christian Fischer, Kevin Labanc, Luke Kunin, Jack Johnson, James van Riemsdyk, Justin Danforth, Sean Kuraly, Jordan Harris
Cap space remaining: $16.342 million

From the 32 Thoughts Podcast: “They made a big run at (Noah) Dobson. I don’t know about structure of the contract, but I do believe in overall money Columbus offered more. With Provorov, if you would have told us two weeks before free agency that Columbus was going to sign Provorov to that deal I don’t think anyone would have believed it. It’s clear to me Waddell, Provorov and his representatives had conversations a few months ago and Waddell always knew what it was going to take and he just waited until he absolutely had to do it. He looked at Dobson, didn’t get him. He looked at other opportunities and didn’t get it. And all of a sudden he circled back and said OK I’m in now.”

What the GM has said: “We’d like to sign what we say a 2-3 kind of guy (goalie), but what we’d really like to do is find someone who doesn’t need waivers, so potentially we have to trade for that. There are options there.” – Don Waddell.

What to watch for this summer: The Blue Jackets were one of Elliotte Friedman’s teams to watch heading into the draft and free agency, in terms of how active they could get and that they could take a big swing. During his July 1 media availability, GM Don Waddell did say he was in on a lot of things that didn’t work out, so it seems the team was trying to make some significant moves already. Could that still happen over the summer months? Meantime, the Blue Jackets have to decide if they’re comfortable moving into the next season with a goalie tandem of Elvis Merzlikins and Jett Greaves. They also have to negotiate a contract extension with Adam Fantilli, though he has one season left on his ELC, so that may not be resolved by training camp.

Notable acquisitions: Radek Faksa
Notable departures: Brendan Smith, Egvenii Dadonov, Cody Ceci, Mason Marchment, Mikael Granlund, Matt Dumba
Cap space remaining: $1.955 million

From the 32 Thoughts Podcast: “I just think it comes down to the number. I think Dallas has an area they don’t want to go over and the question is does (Jason) Robertson want to go over that? I can’t imagine they want to go over Rantanen, which is $12 (million AAV).”

What the GM has said: “A lot of our work was done back in February and I kinda knew that, and now we’re just trying to add the pieces around that. And we’re looking for some internal growth also.” – Jim Nill.

What to watch for this summer: There are two big contract negotiations ongoing in Dallas, both on players signed for one more season who will be RFAs in 2026. Jason Robertson is the biggest name and most urgent, given he’s two years away from being UFA eligible. The one-time 40-goal scorer who got back to 25 goals in 2024-25 has been mentioned in the trade rumour mill and will likely remain there all summer. Thomas Harley is the other contract situation to watch. He’s further away from being a UFA, but the 23-year-old had a breakout season in which he represented Canada at the 4 Nations. Both players are in line for hefty raises.

Notable acquisitions: John Gibson, Mason Appleton, James van Riemsdyk, Jacob Bernard-Docker
Notable departures: Petr Mrazek, Craig Smith, Alex Lyon, Jeff Petry, Vladimir Tarasenko
Cap space remaining: $12.086 million

From the 32 Thoughts Podcast: “The thing about Yzerman is he believes in himself. Even if nobody else believes in what he’s doing he thinks he’s doing the right thing, and that is drafting and developing their guys. So unless he can hit a big home run, and this year would have been a guy like Ehlers, he’s not going to do that anymore with four- and five-year terms. Yzerman is betting his reputation on when all these kids we’ve drafted and developed are ready, they’re going to be players.”

What the GM has said: “We’ve got 12 (forwards) signed right now, our debate is do we sign another one to have that 13th forward, or do we leave that spot open and see if something comes up over the summer, or leave it open and let (a prospect) earn that spot?” – Steve Yzerman.

What to watch for this summer: It seems the Wings wanted to be in on a lot of the bigger players who were in line to hit the free-agent market, but those hopes were dashed when the vast majority re-signed with the teams they were with. The Wings wanted to make a pitch to Nikolaj Ehlers who did make it to market, but he didn’t entertain a move to Michigan. And so Yzerman’s team is in a tough spot after they fell back in the standings in 2024-25. The build-up isn’t so direct and they’re relying on recent drafts paying off some time in the near future. Every year now Yzerman’s plan is being put under the microscope and in some corners, doubt is seeping in that it will work out. Right now, Yzerman’s biggest move was to acquire another goalie — after his big trade deadline move was to acquire a netminder.

Notable acquisitions: Andrew Mangiapane, Curtis Lazar, Isaac Howard
Notable departures: Viktor Arvidsson, Jeff Skinner, Corey Perry, John Klingberg, Evander Kane
Cap space remaining: $175,834

From the 32 Thoughts Podcast: “I’m curious about the right side next to Draisaitl, right now maybe Podkolzin, we’ll see who gets the opportunity to go play there. I think they tried a few things on the open market, but were limited in what they could do.”

What the GM has said: “I would expect (a top-six winger) probably to come from within. We’ve got a number of guys that played in that role last year. Both Kapanen and Podkolzin did for stretches. I expect Matt Savoie to be on our team and to play a role. We got David Tomasek who’s played a lot of wing as well as some centre. We’ve got internal candidates that I think deserve the opportunity to show us what they can do. If we’re looking for anything else it might be a body more for the bottom six.” – Stan Bowman.

What to watch for this summer: There’s plenty to keep in mind this summer for a team that doesn’t have much cap space and wasn’t all that busy in the early off-season. First and foremost is Connor McDavid eligible to re-sign now. Other big players have not re-signed in similar circumstances until August or September, so there is no panic at the moment, but every regular season day that passes without an agreement will lead to more anxiety. Past that, there is some question if the Oilers will change up their look in goal, whether that means shipping out Stuart Skinner for a replacement, or perhaps more likely, moving Calvin Pickard to give Skinner a more established backup.

Notable acquisitions: Jeff Petry, Daniil Tarasov
Notable departures: Nate Schimdt, Nico Sturm, Kaapo Kahkonen, Vitek Vanecek
Cap space remaining: -$3.725 million

From the 32 Thoughts Podcast: “There’s a lot of assumption that Evan Rodrigues is gonna get dealt, I was told not to assume anything. They’ve got to figure out what Tkachuk’s surgical plan is, or recovery plan is, and guys always get hurt. And Rodrigues is a really popular player there. I could see the Panthers waiting to see this play out.”

What to watch for this summer: The Panthers’ work is largely done, with a huge core of players signed for multiple seasons. The No. 1 question the Panthers will have to find an answer to is: how are they going to get under the salary cap? Evan Rodrigues’ name has come up in trade rumours because his $3 million AAV would get them under in one move, but with the uncertainty around Matthew Tkachuk’s injury, Florida may use LTIR to get there. It should also be noted that Sergei Bobrovsky will be entering the final season of his $10-million AAV contract in 2025-26, so he’s eligible to extend at any time, but turns 37 years old in September.

Notable acquisitions: Corey Perry, Cody Ceci, Brian Dumoulin, Anton Forsberg, Joel Armia
Notable departures: Vladislav Gavrikov, David Rittich, Trevor Lewis, Tanner Jeannot, Jordan Spence
Cap space remaining: $6.768 million

From the 32 Thoughts Podcast: “To me, it’s exactly the same thing (Ken Holland) did in Edmonton: brought in veterans and tried to improve the team around the edges. Where did LA lose last year to Edmonton? They didn’t get the puck out in Game 4, that hurt them, but also as the series went on the fourth line was hammered by Edmonton, third defence pair was hammered by Edmonton. Gavrikov and those guys were exhausted by the end of that series and Edmonton ran circles around them. Whether you agree or not with Holland’s plan this is what I think he was trying to do is say OK I’m going to make my third pair Ceci and Dumoulin, I’m going to put Perry and Armia on the fourth line and that will strengthen it.”

What the GM has said: “Brandt Clarke was the eighth pick in the draft, he needs to play. There’s a lot of hope and belief he’s really going to develop into an important player on this team. We’re in a window right now where, in my opinion, the team can compete with the best in the NHL and it’s hard to have too many young defencemen when you’re trying to compete with the best teams. Ultimately I didn’t see us having Brandt Clarke and Jordan Spence in the 2-3 hole on the right side. I believe there’s room for one, ultimately we made a decision on Brandt Clarke and give Jordan Spence an opportunity to go elsewhere and further his career.” – Ken Holland.

What to watch for this summer: It looks like the heavy lifting of Los Angeles’ off-season is over and the reaction from fans has been mixed, even leaning negative. Are the Kings any better suited to knock off the likes of Edmonton or Vegas in the playoffs? The bigger questions facing the Kings now are more about next off-season: Anze Kopitar and Adrian Kempe are heading into the final year of their contracts. Kopitar is nearing the end of his career, but 28-year-old Kempe is in his prime and led the Kings with 35 goals and 78 points last season, so will be looking for a big payday. When will that get sorted, and how high will his AAV go?

Notable acquisitions: Cal Petersen, Declan Chisholm, Vladimir Tarasenko, Nico Sturm, Nicolas Aube-Kubel
Notable departures: Marc-Andre Fleury, Frederick Gaudreau, Gustav Nyquist, Justin Brazeau
Cap space remaining: $10.186 million

From the 32 Thoughts Podcast: On Kaprizov, Bill Guerin has always maintained a confidence and I wouldn’t expect anything else, he’s always confident. I’m really curious to see when this gets done what the number is going to be. Earlier this year there were people who felt Kaprizov would go for the biggest number in the league, even potentially more than McDavid.”

What the GM has said: “You never think certain level players are gonna move, but in the past we’ve seen it. Rantanen last year, Tkachuk a couple years ago, Jack Eichel, Mark Stone, big players end up moving. It’s just a matter of being able to be involved in that stuff. I don’t know if we’ll end up getting one or doing something, but we want to and we’ve just got to be patient and make sure we do the right thing.” – Bill Guerin.

What to watch for this summer: Two big forwards are in focus here. Every day that passes without a Kirill Kaprizov extension will bring uncertainty and anxiety that the Wild may have to consider a future without their ace forward, who is one year away from becoming a UFA. The team, all the way up to the owner, has said they’re willing to pay him more than anyone else, so we could be waiting on a record contract. More immediately, however, is the situation with Marco Rossi. An RFA right now who does not have arbitration rights, Rossi is eligible for an offer sheet and a tantalizing target for a very long list of rival teams that need a centre. Rossi will turn just 24 in September and coming off a breakout season, but Guerin noted that he would match any offer sheet. So what will be the conclusion here? Rossi was demoted to the fourth line come playoff time, so will he want to sign a long-term deal? Is short term on the table? Or will this end in a trade?

Notable acquisitions: Zack Bolduc, Noah Dobson, Kaapo Kahkonen
Notable departures: Emil Heineman, David Savard, Cayden Primeau, Logan Mailloux, Joel Armia, Christian Dvorak, Michael Pezzetta
Cap space remaining: $5.081 million

From the 32 Thoughts Podcast: “I still think they’re trying to figure out how long term it’s gonna look around Demidov and that’s a thing they’d like to do. Kent Hughes is the kind of guy who’s never done. If something pops out he’ll do it. We’ll see.”

What to watch for this summer: The Canadiens have already moved rather boldly this off-season in acquiring Bolduc and Dobson via the trade market, and if there’s anything to watch the rest of the summer it’s if the always-aggressive Kent Hughes has more excitement up his sleeve. It’s no secret the Canadiens would like to add another top-six forward — ideally a centre — but it’s easier said than done. But few teams are as prepared to make another blockbuster as Montreal, who are still stocked full of prospects and draft picks. There will be important contracts to resolve, not least of which is Lane Hutson ahead of the last year of his ELC, but that could easily carry on into next season.

Notable acquisitions: Nicolas Hague, Nick Perbix, Erik Haula
Notable departures: Colton Sissons, Jakub Vrana
Cap space remaining: $10.116 million

From the 32 Thoughts Podcast: “They still have a lot of righty shots up front. They’re still going to have to make everyone happy up there. There’s the questions at centre. They’ve still got some holes they’ve got to fix here, but it looks like they’re honest about what some of the problems were and now they’re trying to fix them.”

What the GM has said: “We got some good young forwards it’s time for them to play. You want to see a (Joakim) Kemell, you want to see a (Reid) Schaefer, Brady Martin, Matthew Wood you got a peek at last year. We need spots for those guys. We need to build a new core and that’s tremendously exciting for us as an organization and I think in the draft and in the free agent period we adjust those needs. We have to fix the defence, have to leave room for our young forwards so they can play and thrive.” – Barry Trotz.

What to watch for this summer: Like most teams in the league, the Predators would ideally still like to find a centre — think youngish — but it’s more likely that the heaviest lifting is done and that the Predators will allow some of the players in the system to make a case for promotion at training camp. After “winning” the 2024 off-season and falling flat during the season, the way forward in Nashville has more to do with figuring out how to play more effectively on the ice. After wanting to be more offensive, it seems the team is making a turn back to a greater focus on refining the defensive side. That’ll be up to returning head coach Andrew Brunette once camp rolls around.

Notable acquisitions: Evgenii Dadonov, Connor Brown
Notable departures: Brian Dumoulin, Curtis Lazar, Erik Haula, Nathan Bastian
Cap space remaining: $6.906 million

From the 32 Thoughts Podcast: “I’m curious to see what happens (with Dougie Hamilton). They paid him his bonus on July 1. I don’t have a great feel for it in terms of percentage chances anything occurs with him, but I know his name was kind of out there a little bit and I heard they’ve been talking to a couple teams. So we’ll see where that goes.”

What the GM has said: “The one thing we were looking for is 5-on-5 play. When you look at the goal totals of Brown and Dadonov, the majority of their goals came 5-on-5. Not sure we’ve found the answer to the question, is it shooting percentage in the playoffs, is it getting on a hot streak, is it the amount of chances you get eventually goals will fall in. We just felt like we definitely added to what we felt we needed to add to in that depth.” – Tom Fitzgerald.

What to watch for this summer: At post-July 1 media availability, and on more than one occasion, GM Tom Fitzgerald said his No. 1 priority the rest of the summer was to re-sign Luke Hughes, a defenceman RFA who is not eligible for an offer sheet. Past that bit of business, the Devils are always looking for ways to add more scoring and one way that could possibly achieved is in a potential Dougie Hamilton trade. We’ll see if Fitzgerald has a big move like that in him over the summer months, but it’s one to monitor in New Jersey.

Notable acquisitions: Jonathan Drouin, Emil Heineman, David Rittich, Ethan Bear, Maxim Shabanov
Notable departures: Noah Dobson, Matt Martin, Mike Reilly
Cap space remaining: $3.875 million

From the 32 Thoughts Podcast: “I heard the Islanders really wanted Heineman and the reason was if you look at their history they had that identity line. (Matt) Martin’s gone, (Cal) Clutterbuck’s gone, those are both great players and huge parts of that team who are now retired. They still have Cizikas. And I think they felt that Heineman could bring them a little of that and they thought that was important for them. Darche clearly had a plan: short term, good fits.”

What to watch for this summer: Not on the list of acquisitions because he’s not an NHL player yet, Matthew Schaefer is New York’s most-notable new arrival. Out since December and with only 17 games played in his draft year, it’s unclear if Schaefer will be NHL ready immediately, but he’s effectively the Noah Dobson replacement. Overall, the Isles have found some goals in their off-season acquisitions and following an inspiring draft (three first-round picks total) new GM Mathieu Darche is already putting his stamp on the team. With the biggest moves probably done, the bigger questions around the Isles will present themselves in training camp: will Semyon Varlamov be able to come back? Will Matt Barzal get another look at centre?

Notable acquisitions: Vladislav Gavrikov, Scott Morrow, Taylor Raddysh
Notable departures: Chris Kreider, Calvin De Haan, K’Andre Miller, Zac Jones
Cap space remaining: $777,976

From the 32 Thoughts Podcast: “The biggest win for Drury and the Rangers was that there was no drama. After a season of drama there was none of that. For example, Kreider thanked the team on the way out, it was clear the two sides worked together to get him to a place he wanted to go. No noise. It’s very clear they’re working with Zibanejad. Sullivan goes to meet him, they’re trying to find a way to make it work. No noise.”

What to watch for this summer: As the Rangers have made abrupt changes to their core, we should keep an eye on Mika Zibanejad over the summer. Will he waive his no-movement clause for a trade, or will he and new coach Mike Sullivan get to a good place where the centre returns? Zibanejad still has five years left on his deal. A new contract also looms for Artemi Panarin, eligible for an extension, though that may not be resolved during the off-season. Really, we should be watching for any further drama that kicks up because the team has been trying to calm the waters after a couple of tumultuous seasons.

Notable acquisitions: Lars Eller, Arthur Kaliyev, Jordan Spence
Notable departures: Travis Hamonic, Anton Forsberg
Cap space remaining: $4.294 million

From the 32 Thoughts Podcast: “Staios tried to hit a lot of singles. You’ve got your core there, they’ve gone to the playoffs. Those are your drivers, let them drive.”

What the GM has said: “We’re focused on what we’re doing here and we don’t get distracted by what other teams are doing. We feel like we have a good plan in place for this group. We’re mindful of this group and their growth and development. They are taking hold of it. Managers are there to support it and to add where you need to add. The emphasis is on this group. Making additions is strategic to this group; I don’t think they need so much as the support around them to continue to grow and develop together.” – Steve Staios.

What to watch for this summer: It’s been a largely uneventful start to the summer for the Senators and there’s not much reason to believe it will get much more exciting or unpredictable from here. After bigger changes last summer, Ottawa got back into the playoffs and showed well — now it’s about building on that. The core is in place, Claude Giroux re-signed, and mid-season acquisition Fabian Zetterlund signed a three-year deal. Ottawa is looking to return more or less the same and build on this past season’s success.

Notable acquisitions: Trevor Zegras, Christian Dvorak, Dan Vladar, Noah Juulsen, Dennis Gilbert
Notable departures: Jakob Pelletier, Ryan Poehling
Cap space remaining: $370,238

From the 32 Thoughts Podcast: “They got an unfortunate curveball thrown at them with Tyson Foerster’s injury. That’s a big one. They signed him to an extension, they’re obviously happy they did, and now you look at him — he’s very high on your left side and now you’re not sure. That’s something Briere has to deal with that he wasn’t expecting so, no, I don’t think he’s going to be able to relax, he’s going to have to see what else is potentially out there.”

What the GM has said: “We’re excited because we made the team a little better and that’s the goal, we wanted to give the players something to chew on, to be excited that we’re more competitive. Now it’s up to the players to take the next step. I said it from Day 1, we didn’t have enough cap space to go after the big fish, but it’s small steps that are not hurting us for the future, keeps flexibility for the future. But at the same time show the fans and players on the team that we’re taking a step forwards.” – Daniel Briere.

What to watch for this summer: As Briere talked about, this summer was about making smaller upgrades to the roster and gradually trying to push things forward rather than taking a big swing. However, the Trevor Zegras trade brings a high upside player into the mix who, if he reaches his full potential, could be a game-changer for the organization. Over the rest of the off-season, we should be on the lookout for injury updates on Tyson Foerster and Rasmus Ristolainen — two players who could miss camp or the start of the season. The Foerster injury was especially surprising and may keep Briere on the lookout for another forward to help.

Notable acquisitions: Anthony Mantha, Caleb Jones, Justin Brazeau, Matt Dumba, Arturs Silovs
Notable departures: Alex Nedeljkovic, Matt Grzelcyk, Pierre-Olivier Joseph
Cap space remaining: $12.066 million

From the 32 Thoughts Podcast: “We’re watching now for Rakell and Rust. I’ve heard Rakell would prefer to stay in Pittsburgh it’s just not his call. Ultimately Dubas will make that decision. Rust has a lot of loyalty to the Penguins, I’ve heard there’s a ton of interest in him. Again, it’s up to: does Dubas get his price?”

What to watch for this summer: The only truly “rebuilding” team in the league that would still be content with a move down the standings next season, Pittsburgh remains at an interesting crossroads. The Sidney Crosby trade rumours are bound to continue popping up until his contract ends after the 2026-27 season, though we don’t expect that sort of move this summer. Instead, the Penguins could explore trading the likes of Erik Karlsson, Bryan Rust or Rickard Rakell. Karlsson was paid a hefty signing bonus on July 1, which means he’s owed less money in the final two years of his contract than his current AAV. Plus, the addition of Matt Dumba means there are three veteran right-shot blueliners here now between Dumba, Karlsson and Kris Letang. That’s a lot for a rebuilding squad. Rust is a beloved player on the roster, but coveted around the league and with three years of term left on his contract. Rakell, also with three years remaining, led the Pens with 35 goals last season.

Notable acquisitions: Dmitry Orlov, John Klingberg, Alex Nedeljkovic, Nick Leddy, Adam Gaudette, Philipp Kurashev, Jeff Skinner, Ryan Reaves
Notable departures: Noah Gregor, Klim Kostin, Nikolai Kovalenko, Alexandar Georgiev, Jan Rutta, Henry Thrun
Cap space remaining: $20.540 million

From the 32 Thoughts Podcast: “They got a lot of D now. Whether it’s (Henry) Thrun or (Jack) Thompson or (Timothy) Liljegren or (Mario) Ferraro, something’s going to have to give here. I can’t see them trading (Shakir) Mukhamadullin, I think he stays, but if they want to add another forward I could see them saying look we got a lot of defencemen here and we need to find a spot for one of them because a couple guys aren’t going to play. They just have too many bodies.”

What the GM has said: “We’ll keep our eyes open, I think. We could probably use a top-nine winger if something like that becomes available, but if not then we’re more than happy to let it play out, see what happens the rest of the summer, and see where the kids are when camp starts.” – Mike Grier.

What to watch for this summer: The biggest new pickup for the sharks was Michael Misa with the second-overall draft pick, and we’ll find out this summer if he’ll be given a crack to make the roster, return to junior or, perhaps, go the NCAA route for a season. The Sharks had eight defencemen signed for at least $1 million against the cap and none were exempt from waivers, so that’s why they moved Henry Thrun to Toronto. The Sharks have a promising future, but while the team is fun to watch, success is probably still at least a year (if not more) away.

Notable acquisitions: Mason Marchment, Ryan Lindgren, Matt Murray, Frederick Gaudreau
Notable departures: Andre Burakovsky, Mikey Eyssimont
Cap space remaining: $11.174 million

From the 32 Thoughts Podcast: “Seattle to me is trying to create an identify for themselves. Mason Marchment, everybody knows Mason Marchment. They added (Ryan) Lindgren, it makes me wonder a little bit about Oleksiak’s future. He’s got one year left and now Lindgren’s signed for four and Oleksiak I know there was a lot of interest in him at the deadline last year. That’s one question I have after this. But in a league that needs meanness and values meanness, they’ve added some.”

What the GM has said: “You always want to do more business, but no, we’re happy with what we’ve done with the roster. We’ve talked about adding more size, more physicality and more compete, but to me there’s competition and that’s what we really want.” – Jason Botterill.

What to watch for this summer: After more, bigger moves last summer, it seems the Kraken are more or less done re-shaping the roster this off-season, though there is some question if Jamie Oleksiak — one season away from being UFA eligible — could still find himself on the trade block. He was on Nick Kypreos’ trade board through most of the regular season. The next step for the Kraken is to really get to training camp and see how the battles play out.

Notable acquisitions: Pius Suter, Nick Bjugstad, Logan Mailloux
Notable departures: Ryan Suter, Zack Bolduc, Nick Leddy, Radek Faksa
Cap space remaining: $625,150

From the 32 Thoughts Podcast: “(Brayden) Schenn now goes from a full no-move clause to a partial and the last couple years some teams, especially Canadian ones like Toronto and Ottawa have poked around him a bit. I’m sure that their no-trade list will handle some of this, but at least now he doesn’t have the full protection anymore.”

What to watch for this summer: Jordan Kyrou trade rumours abound, with Montreal, Seattle and more connected to him at different points already this off-season. As the free agent pool has now dried up, if the trade market does become more active then the dynamic 36-goal scorer is someone to watch there. Likewise, Brayden Schenn’s name was connected to several teams leading up to the trade deadline before the Blues got hot and surged into a playoff spot. With Suter coming in, the Blues have a little more depth down the middle now and could revisit the market on Schenn.

Notable acquisitions: Pontus Holmberg, Jakob Pelletier, Sam O’Reilly
Notable departures: Nick Perbix, Luke Glendening, Cam Atkinson
Cap space remaining: $1.18 million

From the 32 Thoughts Podcast: “I heard they wanted to try to get in on Ehlers, but there was just no way that was going to be able to happen. So I wasn’t surprised the obvious moves were around the edges.”

What the GM has said: “We have a really good roster, a really strong roster. We’re always on the lookout to make it stronger, whether we’re able to do that in trade in the coming days or in free agency, I don’t know, but right now I want to manage expectations. I don’t expect anything to be honest, certainly nothing major.” – Julien BriseBois.

What to watch for this summer: As the GM said, the Lightning aren’t looking like a team primed to make noise the rest of the summer. They were far more active last off-season in signing UFA Jake Guentzel, and then made some big moves on the in-season trade market with Oliver Bjorkstrand and Yanni Gourde. All of those players are still under contract for 2025-26, so the Lightning have laid a new foundation around their previous core to move forward with, and try to get back to a higher tier of Stanley Cup contender after failing to get past the first round three years in a row.

Notable acquisitions: Matias Maccelli, Nicolas Roy, Michael Pezzetta, Henry Thrun
Notable departures: Mitch Marner, Pontus Holmberg, Matt Murray, Max Pacioretty, Jani Hakanpaa, Ryan Reaves
Cap space remaining: $5.33 million

From the 32 Thoughts Podcast: “I think one of the reasons the Leafs didn’t get (Andrew) Mangiapane was because they indicated we have to move some bodies out and Mangiapane didn’t want to wait. So far, it looks like (Jack) Roslovic is waiting. I assume one of them is (David) Kampf. Another one could potentially be (Calle) Jarnkrok.

“I’ve wondered if they could try to move a D for a forward. That was rumoured with Peterka when they were weighing in to that situation. Obviously that didn’t happen, but it’s something I think they’ve looked at. So there’s a lot of different options the Leafs have there, but I think they’re going to try to move some guys out.”

What the GM has said: “This is a project that you work on the team throughout the course of the summer so we’ll jump back up there today and each day going forward, continue to look at it whether that be the trade route, continue to look at the available free agent list. What we’re trying not to do is if we’ve got a box there that we call a top-six box, we’re trying to give ourselves as much flexibility rather than spending and not addressing that need and having some flexibility if an opportunity comes up down the road whether that be trade or otherwise and that’s probably the path we’re looking more closely at.” – Brad Treliving.

What to watch for this summer: Morgan Rielly and Brandon Carlo are trade candidates on the back end, while David Kampf, Nick Robertson and Calle Jarnkrok are a few forwards to watch on that front. Either way, the sense is Toronto will attempt to be somewhat active in the trade market to fine-tune the roster from here. There will be no directly replacing Mitch Marner, but the Leafs could use another top-six scoring forward and since the UFA pool is so bare, trading is the most likely path. How the Leafs adjust the depth chart from here is something to watch until training camp opens in the fall.

Notable acquisitions: JJ Peterka, Brandon Tanev, Nate Schmidt, Vitek Vanecek, Scott Perunovich
Notable departures: Matias Maccelli, Robert Bortuzzo, Nick Bjugstad, Josh Doan, Michael Kesselring
Cap space remaining: $6.675 million

From the 32 Thoughts Podcast: “I still think they need some meat up there. They’re still slightly meatless. (Brandon) Tanev helps, but I would like to see a little bit more.”

What to watch for this summer: Adding size is the name of the game for Utah and though we’ve seen them execute that plan already early this off-season, we should look out for more all summer long. The Mammoth have drafted plenty of size (and made a plethora of picks overall) going back to when they were thew Coyotes and are now seeking to bridge the three-or-so year gap between now and when most of those players should be ready to contribute. If we’re looking for a possible trade candidate here, it’s Nick Schmaltz, in the last year of his contract with a 10-team no-trade list.

Notable acquisitions: Evander Kane, Pierre-Olivier Joseph
Notable departures: Pius Suter, Noah Juulsen
Cap space remaining: $795,000

From the 32 Thoughts Podcast: “Right now, if you did their depth chart you wouldn’t have (Arshdeep) Bains in it particularly because of the numbers, like I think (Aatu) Raty looks like he’s going to have a shot to make this team next year. Bains I think will too, but you look at the numbers and he wouldn’t be in there. Someone said to me: don’t count out more moves and him getting a better shot at making that roster. There have been reports about (Teddy) Blueger and (Dakota) Joshua, I don’t think the Canucks are done tinkering with this yet.”

What to watch for this summer: The Canucks chose to bet on more or less the same group of players returning and that they are closer to the team that took Edmonton to Game 7 in the second round of the 2024 Stanley Cup Playoffs than the one that finished outside the playoffs in 2025. There may be further moves on this roster, mostly around the edges to make room for a few more players from the Calder Cup-winning AHL roster to engage in roster spot battles in training camp.

Notable acquisitions: Mitch Marner, Jeremy Lauzon, Colton Sissons
Notable departures: Nicolas Roy, Victor Olofsson, Tanner Pearson, Ilya Samsonov, Nic Hague
Cap space remaining: -$7.638 million (will be $1.16 million after Alex Pietrangelo goes on LTIR)

From the 32 Thoughts Podcast: “I believe Vegas is a smart enough front office that they have already begun to tackle how this will look with Eichel. Eichel can be extended now, it’s going to be a big number. I assume it will be over Marner unless he decides to come in at the same one.”

What the GM has said: “I’m satisfied with where we are. We’ll see. I had felt we wanted to carry seven defencemen as opposed to eight. I think that cap-wise, lineup-wise it was better.” – Kelly McCrimmon

What to watch for this summer: The biggest subtraction to Vegas’ roster is actually Alex Pietrangelo, who isn’t likely to play an NHL game again and will spend his last two years under contract with the team on LTIR. Without him, Zach Whitecloud and Kaedan Korczak are the only two right-shot blueliners on the team. This is likely to just open up more opportunity for Korczak to play and for Ben Hutton to move up the depth chart, but we can never count Vegas out on making a move in the trade market. We should also keep an eye on their situation in net, where Akira Schmid is the current back up; might the Golden Knights explore more depth there? But the biggest question is around Jack Eichel, who can sign an extension at any time. Will he go higher than Marner’s $12-million cap hit and if so, by how much?

Notable acquisitions: Declan Chisholm, Justin Sourdif
Notable departures: Andrew Mangiapane, Lars Eller, Taylor Raddysh
Cap space remaining: $4.125 million

From the 32 Thoughts Podcast: “There wasn’t a lot they had to do. They did a lot of work last year, they had a great season, they’re a heck of a team.”

What the GM has said: “We’ll explore the trade market, see what’s out there. We’ve sent a lot of picks out the last few weeks so we’re going to have to be prudent with how we do it, but I think there could potentially be some interesting names out there. I’ve seen some of the media reports thinking this could be a very busy off-season trade-wise. I’m not exactly sure the basis for that. I think a lot of teams are in a decent spot cap-wise, but we’ll see what happens.” – Craig Patrick.

What to watch for this summer: The Caps were very busy a year ago rebuilding their roster on the fly and after a successful 2024-25 season finish atop the Metropolitan Division, this off-season isn’t setting up to be such a flurry for Washington. We know they made a pitch to get UFA Nikolaj Ehlers, which indicates the Capitals are still in the market for a top-six scoring winger, so if the trade market does get active this summer, look out for GM Craig Patrick to be poking around.

Notable acquisitions: Jonathan Toews, Gustav Nyquist, Cole Koepke, Tanner Pearson, Luke Schenn
Notable departures: Nikolaj Ehlers, Mason Appleton, Brandon Tanev
Cap space remaining: $19.898 million

From the 32 Thoughts Podcast: “For me, this year their key was the start of the season, they led wire-to-wire. I think next year is going to be a bigger challenge just because of Lowry not being there (injured to start season) and the loss of Ehlers, so how they start next year is going to be really interesting to me.”

What the GM has said: “It is important to be ready to pivot for anything. There’s lots of teams with cap space, lots of teams looking to add. It’s an interesting time in the game knowing what the cap supposedly is supposed to be for the next two years, that’s something we’ve never known before so we’re all trying to feel our way to understand what that means moving forward.” – Kevin Cheveldayoff.

What to watch for this summer: Yes, the Jets have nearly $20 million in cap space still available after losing Ehlers to Carolina in free agency, but that’s deceiving. For the rest of this summer — and on into the season — the Jets have some huge questions around some important contract situations with the team. The RFAs of the utmost importance are Gabe Vilardi and Dylan Samberg, who are both on track for the arbitration process unless a deal can be made first. And then there are the two pending UFAs who can also sign at any time — Kyle Connor and Adam Lowry. Connor led the Jets with 41 goals last season, while Lowry is their captain — a do-everything player, and a key part of the lineup down the middle. Lowry will also miss the start of the 2024-25 season due to hip surgery. The RFAs will get done, but will they be new long-term deals, or one-year arbitration rulings that bring them a step closer to UFA? Will either Lowry or Connor stay on track to hit UFA in 2026 and, if so, will either become a trade candidate, or will Winnipeg be content to risk losing another key player for nothing?