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Sports Illustrated
Sports Illustrated
Karl Rasmussen

2025 NHL Free Agency Winners and Losers

Brad Marchand holds the Stanley Cup trophy while his Florida Panthers teammates celebrate. | Brian Babineau/NHLI via Getty Images

Ultimately, the NHL's 2025 free agency class was rather lackluster, with many teams having had been successful in re-signing some of their key players before they hit the open market. As a result, the free agency class lacked much star power, which was lessened further when the Toronto Maple Leafs and Vegas Golden Knights agreed to a sign-and-trade to keep Mitch Marner out of unrestricted free agency.

It's likely that the trade market will be the source of bigger blockbuster moves throughout the offseason, as teams have plenty of spending power at their disposal. Because the lackluster pool of free agents left much to be desired, there's a chance some big contracts could end up being moved via trade in the coming weeks as teams look to further fortify their roster and spend what money they have.

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