Salary Cap Deep Dive: Dallas Stars
Navigating the salary cap is one of the most important tasks for a front office. Teams that can avoid total cap chaos by walking the tightrope of inking players to deals that match their value (or compensate for future value without breaking the bank) remain successful. Those who don’t often see struggles and front office changes.
PHR will look at every NHL team and give a thorough look at their cap situation for the 2025-26 season. This will focus more on players who are regulars on the roster versus those who may find themselves shuttling between the AHL and NHL. All cap figures are courtesy of PuckPedia. We’re currently covering the Central Division, next up are the Stars.
Dallas Stars
Current Cap Hit: $95,094,916 (below the $95.5MM Upper Limit)
Entry-Level Contracts
D Lian Bichsel (two years, $918K)
Potential Bonuses
Bichsel: $500K
Bichsel split time between Dallas and AHL Texas last season before being a regular for them in the playoffs, albeit with limited playing time. He should crack the roster on a full-time basis this year but still in a third-pairing role, which doesn’t bode well for reaching his bonuses. Given their longer-term cap situation which we’ll get into as we go along, it would be surprising if his next deal isn’t a short-term bridge contract, likely around the $2MM range.
Signed Through 2025-26, Non-Entry-Level
F Nathan Bastian ($775K, UFA)
F Jamie Benn ($1MM, UFA)
F Mavrik Bourque ($950K, RFA)
D Thomas Harley ($4MM, RFA)
D Nils Lundkvist ($1.25MM, UFA)
D Alexander Petrovic ($775K, UFA)
F Jason Robertson ($7.75MM, RFA)
Potential Bonuses
Benn: $3MM
Robertson’s situation has garnered plenty of attention with his name coming up in trade speculation. He’s averaging over a point per game for his career and has notched at least 79 points in four straight seasons. That’s top-line numbers and he’ll be looking for top-line money next summer which should push his cap charge well past the $10MM mark. Notably, his qualifying offer is $9.3MM with salary arbitration rights. Benn re-signed this bonus-laden deal to allow Dallas to keep cap-compliant this season, one that is team-friendly even with the bonuses. $2MM of that is games-played based while the other $1MM is based on team playoff success. If he wants to remain with the Stars beyond this season, it’s probably going to be on a similarly structured agreement.
Bourque was a speculative offer sheet candidate this summer but agreed to this deal before the draft to take that off the table. Had he tested restricted free agency, he’d have landed more than this but the one-year term sets him up for arbitration eligibility and a shot to triple this or more next summer if all goes well. Bastian was a recent signing from the Devils and has been a physical fourth liner throughout his career but his offensive production has largely been limited. That should keep him around the minimum salary barring a big jump in output.
While Robertson’s case has garnered the majority of the attention for next year’s free agency, Harley’s is arguably just as significant. He showed last season that his 2023-24 breakout effort was no fluke, taking on an even bigger role and being just as productive. He is now a legitimate top-pairing player. As a result, this could be a situation where his pay increase next summer is higher than what Robertson’s is going to be. Noah Dobson’s eight-year, $9.5MM AAV contract signed this summer looms large as a viable comparable while ticking past $10MM per season is a real possibility as well. Notably, he’s not UFA-eligible until 2029 so one option that could be considered is another two-year bridge deal more in the $7MM range which could allow their reported desire to work within an internal cap to happen. That would buy them a bit of short-term flexibility at a time when cap space is going to be tight so GM while Jim Nill likely doesn’t prefer to go that way, he might have to.
Lundkvist looked to be heading toward a non-tender to duck arbitration rights for the second straight year before signing this contract for the same amount he made last season. Between some struggles and injuries, 2024-25 was largely a write-off so he’s getting near the point of either needing to take that step forward or understanding that he might not be more than the depth player he currently is. Petrovic spent most of last season in the minors before playing in most of the playoffs in Dallas which should give him a leg up for a full-time spot to start this year. Even so, his track record has only been that of a depth defender thus far and at 33, that’s unlikely to change. He should stay around the minimum salary moving forward although a full year in the NHL could flip his next deal to a one-way pact.
Signed Through 2026-27
F Oskar Back ($825K, UFA)
F Colin Blackwell ($775K, UFA)
G Casey DeSmith ($1MM, UFA)
D Ilya Lyubushkin ($3.25MM, UFA)
F Tyler Seguin ($9.85MM, UFA)
F Sam Steel ($2.1MM, UFA)
A hip issue sidelined Seguin for most of last season although he was a little over a point per game in his limited action. However, he has generally been more in the 50-point range in recent years and this price tag for that type of production isn’t great. He’ll be 35 when his next deal starts and while a multi-year pact should still be doable then, it’s going to come with a multi-million-dollar drop in AAV. Steel inked this deal back before the trade deadline in the midst of his fourth straight season with at least 20 points. Between that and his ability to kill penalties, he should be able to provide decent value on this contract but unless his point production starts to go up, he might not be able to go too much higher than this.
Back had a decent rookie year, getting into 73 games while holding his own in a bottom-six role to secure this deal at a rate that will be below the minimum salary next season. Assuming he remains a regular in this type of role for them, this should work out just fine while Back should be able to push more into the $1.25MM range on his next deal. Blackwell fit in nicely in a depth role last season, earning this new contract along the way. While he had a couple of years in the past with a seven-figure salary, he’s someone who should be staying around the minimum salary on any future contracts.
Lyubushkin was brought in to bring some physicality to the back and stabilize the bottom pairing. He was able to do that for the most part although this contract is on the higher side for that type of role which led to some speculation about his future when they needed to open up cap space. It would be surprising to see him beat this by any significant amount two years from now but another contract in this price range might be doable.
DeSmith is certainly at the lower end of the salary scale for backup goalies as he opted for stability and a winning environment over trying to get the highest price tag. He certainly had a solid first year with numbers that should have him toward the higher end of the backup scale (more in the $3.5MM territory). He’ll be 36 when this deal expires so it’s unlikely that he’ll find a contract in that range but value-wise, he should double this if he looks for top dollar next time out.
Signed Through 2027-28
F Radek Faksa ($2MM, UFA)
Faksa returns after a one-year stint in St. Louis after Dallas needed to clear his contract last summer. While he showed some offensive upside early in his career, he has settled into more of a pure checking role in recent seasons. Between his penalty killing utility and his faceoff skills, he should be able to provide a good return on this contract, even with the points remaining hard to come by. But unless his production improves, he likely won’t command much more than this moving forward.
Kiefer Sherwood Changes Agents
After a breakout showing last season, Canucks winger Kiefer Sherwood is one of the more intriguing under-the-radar potential 2026 unrestricted free agents. Whenever Vancouver talks about an extension with him, however, they’ll now be dealing with a new agent. Rick Dhaliwal of CHEK and The Athletic reports (Twitter link) that Sherwood has changed agencies and is now represented by Wasserman after RSG Hockey handled the deal that landed him with the Canucks last summer.
After being more of a role player in Nashville in the first few seasons of his career, the 30-year-old became a regular for the first time in 2023-24 with the Predators. That season, he put up 10 goals, 17 assists, and 234 hits which made him an interesting target heading into free agency. As a result, he was able to land a two-year, $3MM contract Vancouver despite his limited track record.
But it turns out that he had another gear to get to. Last season, Sherwood beat those personal bests from the year before, tallying 19 goals, 21 assists, and a whopping 462 hits, the latter number representing an NHL record since the stat started officially being tracked in 2007-08. Notably, his playing time jumped to a little under 15 minutes per night. Instead of being the fourth liner he had been earlier, he was now regularly playing in Vancouver’s middle six.
That has Sherwood well-positioned to earn a fair-sized raise on his next contract. AFP Analytics projected a three-year deal worth around $2.75MM earlier this summer if he were to sign an extension now while another performance like this next season could push the asking price closer to the $4MM mark next summer.
It’s unknown if discussions have already started between the Canucks and Sherwood with this agent change being a move to try to get discussions rekindled or if it’s just planning ahead for talks later on. Either way, Sherwood is going to be heading for a nice raise between now and next summer with a new representative involved in those talks.
Summer Synopsis: Tampa Bay Lightning
With training camps now less than a month away, the bulk of the heavy lifting has been done from a roster perspective. Most unrestricted free agents have found new homes, the arbitration period has come and gone, and the trade market has cooled. Accordingly, it’s a good time to take a look at what each team has accomplished this offseason. Next up is a look at Tampa Bay.
Last summer, the Lightning made a big splash, adding Jake Guentzel while parting ways with longtime franchise icon Steven Stamkos among their series of moves. This time around, GM Julien BriseBois has been much more tempered with his roster movement, opting to work on the fringes while keeping a key trade deadline acquisition in the fold.
Draft
2-56 – F Ethan Czata, Niagara (OHL)
4-108 – F Benjamin Rautiainen, Tappara (Liiga)
4-127 – F Aiden Foster, Prince George (WHL)
5-151 – D Everett Baldwin, St. George’s (USHS-RI)
7-193 – G Caleb Heil, Madison (USHL)
7-206 – F Roman Luttsev, Yaroslavl (MHL)
7-212 – D Grant Spada, Guelph (OHL)
7-215 – F Marco Mignosa, Sault Ste. Marie (OHL)
The Lightning managed a surprisingly stout draft class despite little in the way of pick value. Their class is full of interesting skill and projectable upside, housed within a shell of unrefined skills and clear areas for growth. Czata stands as the true playmaker of the bunch and earns the highest pick as a result. He’s a heads-up center who plays the low-zone well on both ends of the ice. He already has the frame and muscle to work his way to a pro build, but will need to compliment it with improved skating before he can boom at the pro level.
The Lightning reeled in a line of upside picks behind the projectable Czata. Rautiainen was in his final year of draft eligibility, but earned a selection after netting an impressive 37 points in 58 Liiga games last season. He’s an upside bet who could translate to North America soon. Foster is the bruiser of the bunch, having already racked up 260 penalty minutes in just two WHL seasons. Baldwin was seen as a true draft gem in NHL circles, with some New England scouts praising him as a second-round talent at his peak. He’s a nifty, fast-moving defender with the ability to drive play and throw big hits – though he hasn’t yet had a chance at the top level. He’ll get his first in a move to the QMJHL’s Saint John Sea Dogs this season.
The Bolts had to save their energy for a busy seventh-round. They landed a very well-rounded bunch for their effort. It features the flashy athleticism of goaltender Heil, downhill offense of center Luttsev, heavy hitting of defender Spada, incremental, all-around improvement of Mignosa. All four players show flashes of upside as true NHL hopefuls, even despite having to wait until the final picks to hear their name called.
Trade Acquisitions
F Sam O’Reilly (trade with Edmonton)
After Isaac Howard decided that he didn’t want to sign with the Lightning, he immediately because their top trade chip. They elected not to move him at the deadline but found a viable one-for-one prospect swap that saw him flipped for another late first-round selection. O’Reilly isn’t NHL-ready like Howard is but he plays the more premium position as a natural center and produced over a point-per-game in both the regular season and playoffs with OHL London. Already signed to his entry-level deal, he could be in the mix for NHL ice time as soon as 2026-27.
UFA Signings
F Nicholas Abruzzese (one year, $775K)*
F Tristan Allard (two years, $1.745MM)*
G Ryan Fanti (one year, $775K)*
F Gage Goncalves (two years, $2.4MM)^
F Yanni Gourde (six years, $14MM)^
F Pontus Holmberg (two years, $3.1MM)
F Boris Katchouk (one year, $775K)*
D Simon Lundmark (two years, $1.55MM)*
F Jakob Pelletier (three years, $2.325MM)
F Scott Sabourin (one year, $775K)*
D Steven Santini (two years, $1.55MM)*^
*-denotes two-way contract
^-denotes re-signing
BriseBois paid a high price to acquire Gourde and Oliver Bjorkstrand at the trade deadline so it made sense that he’d try to keep Gourde in the fold. Few expected him to sign a six-year deal at the age of 33, however. That’s a long contract for someone that age but the trade-off is a cap charge that is well below what he likely would have received in free agency in a market that had few centers of significance. Gourde is coming off a pretty quiet season by his standards but he was impactful after the trade, notching 14 points in 21 games. If he comes anywhere close to this, he’s going to be a nice bargain in the early going of this deal and really help bolster their bottom six, an area of need for a while now.
Speaking of bottom-six pickups, both Holmberg and Pelletier qualify. Holmberg had his first full NHL season last year with Toronto, playing somewhat regularly on their fourth line during the regular season and in the playoffs. He doesn’t bring a lot of offensive upside to the table but it’s still an improvement on what Tampa Bay’s fourth line provided last season while he could help a bit on the penalty kill as well. Pelletier cleared waivers to start last season but wound up getting into 49 NHL games between Calgary and Philadelphia. A 2019 first-round pick, it doesn’t appear as if he’ll be able to live up to his draft billing but he should have a chance to secure a regular spot on that fourth line and, like Holmberg, give it perhaps a bit more offensive upside as well.
Goncalves was able to establish himself as a regular for the most part with the Lightning last season but Tampa Bay wanted nothing to do with arbitration, opting to non-tender him before re-signing him in early July at a price tag higher than what his qualifying offer was. Last season, he cleared waivers twice. That’s probably not going to be an option this time around. Abruzzeze has had some good offensive success in the minors with Toronto but hasn’t had much of an NHL opportunity, allowing him to reach Group Six free agency. He’ll be in tough to lock down a full-time spot with the Lightning but he could be a good candidate for a midseason recall.
RFA Re-Signings
D Maxwell Crozier (three years, $2.325MM)*
F Jack Finley (three years, $2.325MM)*
*-denotes two-way contract
Most of Tampa Bay’s contract work was done before the summer came along so there wasn’t much to do here. Crozier and Finley signed identical contracts, deals that will carry a two-way salary this season before converting to one-way pacts for the other two (at rates that will be increased due to the changes to the minimum salary in the CBA). Crozier could have a shot at earning a seventh defenseman role with the Lightning this season while Finley – who made his NHL debut last season – is ticketed for regular minutes with AHL Syracuse once again.
Departures
D Anthony Angello (unsigned)
F Cam Atkinson (unsigned)
D Derrick Pouliot (signed with Rangers, one year, $775K)*
F Gabriel Fortier (signed with Leksand, SHL)
F Logan Brown (signed with Los Angeles, one year, $775K)*
F Luke Glendening (unsigned)
F Isaac Howard (trade with Edmonton)
D Tobie Paquette-Bisson (signed with Laval, AHL)
D Nicklaus Perbix (signed with Nashville, two years, $5.5MM)
F Conor Sheary (contract termination, signed a PTO with Rangers)
F Simon Ryfors (RFA rights lost, signed with Davos, NL)
G Matt Tomkins (signed with Edmonton, two years, $1.55MM)*
*-denotes two-way contract
Despite a large list of names to leave the organization, the Lightning and GM Julien BriseBois did a good job of not losing anyone of significance. Perbix, 27, is coming off of a nice season to earn a solid two-year deal with the Predators. In 74 games, Perbix put up 19 points while averaging 14:41 of ice time per night. Perhap the biggest departure came in the form of Howard, who never actually suited up in Tampa Bay. Following the trade, the Oilers announced Howard has signed a three-year, entry-level contract beginning in 2025-26.
Salary Cap Outlook
The Lightning are projected to have a little under $1.2MM in cap space for next season, per PuckPedia, and that’s with a 23-player roster. That’s a luxury they haven’t been able to afford too often in recent years and if they elect not to operate with that to start the season, they could wind up opening up nearly $2MM below the cap ceiling. That’s a much cleaner spot to be in compared to where they’ve been at times over the last few seasons.
Key Questions
Can Geekie Lock Down A Key Role? One of the wild cards for Tampa Bay this season is forward Conor Geekie. A key piece of the return in the trade that saw defenseman Mikhail Sergachev go to Utah at the draft last year, the 2022 11th overall pick broke camp with the Lightning last year but played a relatively minor role overall, only playing more than 15 minutes in four of his 52 games while only collecting 14 points. In February, the decision was made to let him go to Syracuse and he was much more successful with the Crunch, notching 11 goals and 20 points in 24 games, earning a late-season recall and some playoff time. If Geekie can truly lock down a full-time spot on the third line, a step forward from him coupled with their bottom-six additions could really help shore up what was one of their biggest weaknesses last season.
Will The Lightning Do Any Early Extensions? Over the years, BriseBois has often elected to sign his pending free agents a year early and avoid any potential distractions of having a player in his walk year. (Stamkos, their former captain, was a rare notable exception.) There is a trio of veterans who could be candidates to sign new deals. Bjorkstrand has reached at least 20 goals in six of the last seven seasons, making him a reliably consistent secondary scoring option that should land more than his current $5.4MM price tag on the open market so working to sign him now makes some sense. Meanwhile, on the back end, veteran Ryan McDonagh and J.J. Moser are both extension-eligible as well. McDonagh is unlikely to command the $6.75MM cap cost that he currently has but there is likely mutual interest in seeing him stick around in a mentoring capacity for another year or two. As for Moser, his first season with the Lightning after coming over in the Sergachev trade was a little quieter than expected but he’s still expected to be a top-four piece for them for the foreseeable future. If they’re confident he can rebound, looking to sign him now when his value might be a little lower would be a wise move.
Can They Match Last Season’s Offensive Production? The Lightning led the NHL in regular season goals last season (292), good for a 3.56 goals per game. The team is returning its core offensive threats, so can it make another push toward the top of the offensive rankings? The answer likely hinges on whether it can replicate last season’s power play success, when it ranked fifth in the league with a 25.9 percent conversion rate. That efficiency was complemented by impressive even-strength production, as the team finished third in the league in even-strength goals, trailing only the Washington Capitals and, perhaps surprisingly, the Columbus Blue Jackets. If Nikita Kucherov can produce something close to last season’s 121 points, and players like Guentzel, Brandon Hagel, and Brayden Point continue to produce at a point-per-game rate, the Lightning should once again find themselves near the top of the league in goals per game and in a strong position to contend heading into the playoffs.
Photos courtesy of Kim Klement Neitzel-Imagn Images
PHR’s Gabriel Foley and Paul Griser also contributed to this post.
Snapshots: Backlund, Senators, Miftakhov
While Flames center Mikael Backlund recently commented on the future of one of his teammates with the organization, he also discussed his own. Speaking with The Athletic’s Michael Russo (subscription link), the 36-year-old indicated that he is hoping to sign a contract extension to continue with Calgary. The Flames have been the only NHL organization that Backlund has known after they drafted him in the first round back in 2007. Last season, Backlund played in 76 games, picking up 15 goals and 17 assists in a little under 19 minutes a night of playing time. He’s entering the final year of his contract that carries a $4.5MM cap charge and notably, his trade protection drops to a 15-team no-trade list in January.
Elsewhere around the hockey world:
- The Senators announced that they have reached an affiliation agreement with ECHL Allen for the upcoming season. They had previously been affiliated with the Americans in 2022-23 and 2023-24 before Utah stepped in and became their affiliate last season, leaving Ottawa without an ECHL squad. Now, the situations have been reversed with the Sens getting their affiliation back while the Mammoth look like they won’t have one in the 30-team league.
- Carolina’s signing of goaltender Amir Miftakhov this summer came as a bit of a surprise since he’s only a few years removed from terminating his entry-level contract to return home to Russia. However, he noted to Evening Kazan’s Dmitry Yashkin that the Hurricanes actually attempted to bring him back to North America in 2023, only one full season after leaving Tampa Bay’s organization but he decided that staying in the KHL a little longer made sense. He also noted that there is no European Assignment Clause in his contract and that he won’t be looking to head home midseason again if he winds up in the minors as expected with AHL Chicago.
Salary Cap Deep Dive: Colorado Avalanche
Navigating the salary cap is one of the most important tasks for a front office. Teams that can avoid total cap chaos by walking the tightrope of inking players to deals that match their value (or compensate for future value without breaking the bank) remain successful. Those who don’t often see struggles and front office changes.
PHR will look at every NHL team and give a thorough look at their cap situation for the 2025-26 season. This will focus more on players who are regulars on the roster versus those who may find themselves shuttling between the AHL and NHL. All cap figures are courtesy of PuckPedia. We’re currently covering the Central Division, next up are the Avalanche.
Colorado Avalanche
Current Cap Hit: $94,170,000 (below the $95.5MM Upper Limit)
Entry-Level Contracts
F Ivan Ivan (one year, $835K)
There was no shortage of entry-level players trotted out on the fourth line at times last season and chances are that some of them will be back and forth once again. But Ivan got into 40 games with the Avs in 2024-25 and projects to have a similar role this season. Given his limited output, he’s someone who shouldn’t be able to command much more than this on his next deal, especially if he lands a one-way pact.
Signed Through 2025-26, Non-Entry-Level
D Brent Burns ($1MM, UFA)
F Jack Drury ($1.725MM, RFA)
F Daniil Gushchin ($775K, RFA)
F Joel Kiviranta ($1.25MM, UFA)
D Sam Malinski ($1.4MM, UFA)
F Martin Necas ($6.5MM, UFA)
F Victor Olofsson ($1.575MM, UFA)
G Scott Wedgewood ($1.5MM, UFA)
Potential Bonuses
Burns: $4MM
After being unable to agree to terms with Mikko Rantanen on an extension and not wanting to run the risk of losing him for nothing in free agency, GM Chris MacFarland opted to move him for Necas (and Drury). A year later, they might be in the same situation. Necas is coming off a career year and couldn’t agree to terms on a long-term pact last summer in Carolina with the belief that he wanted to test the open market. Now, that price tag has only gone higher given the year he had and the pending changes to the cap. It wouldn’t be shocking to see a long-term contract creep close to the $10MM mark now and if Colorado doesn’t want to pay that, they might have to look into moving him during the season.
Drury wasn’t as impactful of an acquisition as Necas but he certainly gave them some needed extra depth down the middle. He wasn’t able to repeat his 2023-24 performance offensively, however, which could limit his earnings upside. His qualifying offer checks in at $1.675MM with arbitration rights and while he should be able to beat that on another short-term deal, it won’t be a significant increase barring a breakout year. Olofsson had a decent season with Vegas in a supporting role and should have a similar type of role this season. He has had to settle for one-year deals in his first two trips through unrestricted free agency. Barring an uptick in production, he’ll either stay on that path or have to settle for a multi-year pact at a lower price tag than the $4.75MM he was making at the end of his time with Buffalo.
Kiviranta had a career year last season, notching 16 goals. By comparison, his previous personal best in points was 11. Not surprisingly, teams weren’t willing to pay him much more than his usual contract, being unconvinced that this improvement is repeatable. If he can match that this season, he might be able to land closer to $2MM. If he goes back to normal, he’ll be back in league minimum territory for 2026-27. Gushchin is one of many players who will be fighting for a back-of-the-lineup spot but given his production in the minors last year with AHL San Jose and the fact he’s now waiver-eligible, he might have a small leg up on the competition for a spot. Given his limited NHL opportunities so far and the likelihood of limited playing time given how Jared Bednar deploys his fourth line, Gushchin should stay around the minimum salary for next season even if he locks down a roster spot.
Burns comes over from Carolina in a deal that was set up to work within Colorado’s limited cap flexibility. Of the $4MM in bonuses, he’ll each $3MM with his tenth game of the season while the other million will be harder to reach (70 GP with over 23 minutes per contest). While he’s 40, he has shown himself to be capable of still playing in the top four which should make his base salary quite a bargain; they’ll be paying off the bonuses next season though. This type of contract structure could come his way again if he plays beyond this season. Malinski held his own in his first taste of full-time NHL action last season on the third pairing. If he has that same role this year, he should push past the $2MM mark if he remains as effective as he was in 2024-25.
Wedgewood signed this contract with Nashville last summer but he wasn’t there for long, being moved to Colorado not even two months into the season. He thrived in limited action with the Avs and while that probably isn’t repeatable, he’s establishing himself as a late-bloomer in terms of being a legitimate backup option. That should be enough to push him past $2MM per season on his next deal if he can give them even an adequate level of goaltending this year.
Signed Through 2026-27
F Ross Colton ($4MM, UFA)
D Samuel Girard ($5MM, UFA)
F Artturi Lehkonen ($4.5MM, UFA)
D Cale Makar ($9MM, UFA)
D Keaton Middleton ($775K, UFA)
Lehkonen has found another level offensively since being acquired from Montreal while still being a strong defensive player. Now producing as a top-six forward (and playing top-line minutes), his price tag should shoot up on his next deal. Given his quality of linemates though (a quality that few teams can match), that could be a limiter on a new contract, especially if he makes it to the open market. If Colorado re-signs him, a cap charge starting with a six should be doable. Colton wasn’t able to sustain the hot start he had last season but stayed within a similar goal and point-per-game range as he had the previous three years. At this point, that starts to become the trend, not the outlier. He didn’t play much at center last season but his ability to do so will also be a boost to his value. As long as he stays around the half-point-per-game range, Colton should be able to land closer to $5MM on his next contract knowing the demand that will be out there for help down the middle.
It’s hard for a $9MM contract to be a bargain but Makar more than fits the bill. At a time when older top blueliners landed $11MM or more several years ago, Makar has outproduced them since then and has a couple of Norris Trophies under his belt, putting his contract several million below market value already. He will be in line to sign a record-setting contract for a defenseman and while the Avs might prefer to operate on an internal cap and not have him make more than their top forward, that could be a tough sell knowing where the Upper Limit of the cap will be in 2027 (around $113.5MM). $14MM or $15MM on a max-term agreement certainly feels achievable at this point, especially as new benchmarks get set over the next couple of years.
Girard has been a steady second-pairing defender for the bulk of his eight-year career at a time when consistency is highly valued. However, given that he is one of the smallest blueliners in the NHL, his name has been speculated as a possible trade candidate for a while now. Meanwhile, with a lot of teams currently aiming for their back ends to get bigger, that could limit Girard’s earnings potential. Based on his performance, a raise past $6MM should be doable but if his market cools because of his size, that could make reaching that a challenge. Middleton is a depth defender who projects to be the seventh option more often than not. Those players tend to stay close to the minimum salary and that should be the case for him as well on his next contract.
Signed Through 2027-28
D Josh Manson ($4.5MM in 2025-26, $3.95MM in 2026-27 and 2027-28)
F Brock Nelson ($7.5MM, UFA)
Nelson didn’t exactly play great after being acquired but with the Avalanche looking to shore up a second center position that has been in flux as of late, they paid a high price to keep him from hitting the open market. Frankly, given the dearth of impact centers in this year’s class, he likely would have received this or more had he tested free agency. He’ll be 36 (nearing 37) when this deal is up and assuming his production starts to decline by then, he might be more in the $4MM to $5MM range on his next contract which could still be a multi-year pact.
Manson is still a capable physical defensive defender when healthy. But staying healthy has been an issue as he hasn’t made it to 70 games in a season since 2018-19 and that’s factored into the cost of the extension, a small pay cut. It’s on the high side for someone who should be more of a fifth option by then but if they can afford it, it’s not a bad luxury to have.
Pacific Notes: McDavid, Patterson, Papirny
As Canada’s Olympic orientation camp got underway today, plenty of the focus was on Connor McDavid’s contract situation with the Oilers, namely that an extension hasn’t been completed yet. Speaking with reporters today including Sportsnet’s Eric Francis, the center indicated that he has every intention to win with Edmonton and that is his only focus. However, when asked if he’d be okay opening the season without a deal, McDavid indicated that all options are on the table.
At this point, it doesn’t appear as if there have been any substantive conversations between the two sides. TSN’s Ryan Rishaug reports (Twitter link) that there hasn’t been a back-and-forth between the Oilers and McDavid’s camp regarding either salary or term. Given that McDavid could plausibly sign a short-term or a long-term deal, it’s not a situation as simple as focusing on an eight-year deal and only worrying about the money. He’ll carry a $12.5MM AAV for the upcoming season and is expected to beat that by several million per season whenever he puts pen to paper on a new deal.
Elsewhere in the Pacific:
- A day after his trade request was made public, Canucks prospect Riley Patterson is on the move in the OHL. Niagara announced that they’ve acquired the center from Barrie in exchange for five draft picks. The 19-year-old was a fourth-round pick in 2024 and has averaged just under a point per game in the past two seasons with the Colts, including a 25-goal, 59-point effort last season. Vancouver has until June 1st to sign Patterson to an entry-level deal or lose his rights so there will be a lot riding on the upcoming season for him.
- The Golden Knights’ AHL affiliate announced that they have brought back goaltender Jordan Papirny on a one-year minor-league deal. The 29-year-old has spent the last three seasons in their system but he hasn’t been able to secure an NHL deal. Last season, Papirny played in 28 games with ECHL Tahoe, putting up a 2.50 GAA and a .920 SV% along with four shutouts while getting into a pair of games with AHL Henderson.
Jan Rutta Signs Two-Year Deal With Switzerland’s Geneve-Servette HC
Aug. 25: Rutta has signed on with Geneve-Servette on a two-year contract, the Swiss team announced.
Aug. 23: Last season was a tough one for veteran defenseman Jan Rutta. He dealt with some lower-body injuries, and when he was in the lineup for San Jose, he was often on the third pairing. That has certainly contributed to his going unsigned through the first seven weeks of free agency, but that might be coming to an end soon. Earlier this week, Blick’s Gregory Beaud reported that the blueliner is expected to sign with Geneve-Servette in Switzerland.
Rutta played in 54 games for the Sharks last season, picking up just three goals and six assists in a little over 17 minutes a night of playing time. However, he took a regular turn on their penalty kill and played some tough defensive minutes. Speculatively, NHL teams could be eyeing him as a PTO candidate to fill a sixth or seventh role if things went well in training camp, but clearly, a complete contract offer has yet to materialize, and at some point, a guaranteed deal overseas could be viewed as a better option than trying to earn a contract off a tryout.
Rutta debuted relatively late in the NHL, with his first season coming at the age of 27 with Chicago. Since then, he has suited up in 417 regular-season games between four different clubs, putting up 23 goals and 75 assists along with 479 blocked shots. He also has a pair of Stanley Cup rings from his time with Tampa Bay.
Assuming Rutta eventually agrees to a deal with Geneve-Servette, he will be the third veteran NHL player to join that team this offseason. Previously, they signed wingers Jesse Puljujarvi and Jimmy Vesey and have one import slot remaining that it appears they want to use to bring in a veteran defender.
Five Key Stories: 8/18/25 – 8/24/25
With training camps inching closer, there is still some work to do in terms of roster building with several players in need of new contracts. A couple of those files were closed off over the past seven days and are among the key stories of the week.
Olofsson To Avalanche: It took longer than expected but winger Victor Olofsson has found his next team after signing a one-year, $1.575MM contract with Colorado. The 30-year-old is only two years removed from a career-best 28 goals but has seen his production drop since then. Last year, Olofsson notched 15 goals and 14 assists in 56 games in Vegas despite not seeing a lot of playing time in their top six. That should be particularly appealing to an Avalanche roster that has had some challenges getting production from their bottom six forward group. The deal eats up a little more than half of the cap space they had and with Logan O’Connor out to start the season, this could be it for them beyond potentially adding a player at the minimum salary around training camp.
Comeback Attempt: Veteran winger Milan Lucic is hoping to return to the NHL this season after inking a tryout deal with St. Louis. He last played in the NHL back in October 2023 but while on injured reserve, he was charged with assault and battery for a domestic incident though those charges were later dropped. However, he entered the NHL/NHLPA Player Assistance Program but has now been cleared. In his prime, the 37-year-old was a feared power forward with 30-goal offensive production but over his last few seasons of action, he was more of a fourth liner. Now nearly two years removed from playing, it’s fair to suggest that he’ll be playing a similar role if he’s able to secure a full-season contract from the Blues.
Seven For Nazar: Blackhawks forward Frank Nazar has just 56 career NHL games under his belt after spending the first two months of last season in the minors. However, Chicago has seen enough to make a long-term commitment to him as the two sides worked out a seven-year, $46.13MM extension that will begin in the 2026-27 campaign. Drafted in the first round in 2022 with the pick acquired for Kirby Dach, Nazar spent two years at the University of Michigan before turning pro at the end of the 2023-24 campaign. Last season, he notched 24 points in 21 games with AHL Rockford before putting up 12 goals and 14 assists in 53 games with the Blackhawks. They clearly feel he has another level or two to get to offensively and if he does, this could become a team-friendly deal before too long.
Surgery For Tkachuk: While Panthers winger Matthew Tkachuk had hoped to avoid needing surgery, that isn’t the case as he underwent surgery to repair the adductor injury that he sustained at the 4 Nations Face-Off. Despite playing through the injury in the playoffs, he was quite productive with 23 points in as many games to help them win their second straight Stanley Cup. Tkachuk, who is now LTIR-eligible, could be out until January. Florida will place him on LTIR, ending any short-term speculation about them needing to clear salary in the process. The Panthers wasted little time filling his spot on the roster in the short term, signing veteran forward Luke Kunin to a one-year, $775K contract. Kunin won’t be able to replace Tkachuk’s production but he’ll add further grit to a lineup that already has a lot of it.
Rossi Gets A Bridge Deal: For months, the word was that center Marco Rossi wanted a long-term contract but the Wild wanted a bridge deal. In the end, the team got their way as the two sides worked out a three-year, $15MM contract. The agreement is notably backloaded, securing Rossi a $6MM qualifying offer with arbitration rights in 2028, his final year of RFA eligibility. Rossi’s second full NHL season was a strong one as he noted 24 goals and 36 assists in 82 games while logging over 18 minutes a night as a full-time top-six forward. However, his usage was dropped to barely 11 minutes per contest in their first-round loss to Vegas, fueling speculation about his future. But after all sorts of trade scenarios and even talk of an offer sheet, Rossi will stick around with the team that drafted him in the first round back in 2020.
Photo courtesy of Charles LeClaire-Imagn Images.
Snapshots: Panthers, Clara, Malmstrom
Last season, the Panthers used the LTIR flexibility from Matthew Tkachuk to add big at the trade deadline. Adam Proteau of The Hockey News argues that Florida should take the same approach and use the savings to add a rental player before the season starts. While that would only increase the amount of cap space they’d need to open up when he returns midseason (barring further long-term injuries), it would also give them a boost in the first half. While the Panthers came on strong in the playoffs, they struggled a bit down the stretch with Tkachuk out of the lineup and a slower start this season could complicate things in a tight Atlantic Division. Accordingly, the idea of pre-renting a player makes some sense in theory with an eye on fortifying their roster for the first half but the need to open up room to welcome Tkachuk back later on would only be intensified, rarely an ideal position to be in midseason.
Elsewhere around the hockey world:
- After a season that saw him play at four different levels plus internationally for Italy, Ducks prospect Damian Clara is hoping for more stability this season. He has already been loaned to SHL Brynas and as he told Gefle Dagblad’s Daniel Sandstrom, both he and Anaheim were in agreement that returning to Brynas (where he played in 2023-24) was the only viable option for him. The Ducks have already signed him to an entry-level contract but with three other prospect netminders signed who need playing time, keeping him in Sweden made sense. Clara had a 3.19 GAA and a .879 SV% in 21 SHL games last season with Farjestad. He has already been named to Italy’s roster for the upcoming Olympics as well.
- After being non-tendered by St. Louis back in June, defenseman Anton Malmstrom signed a one-year deal in Sweden. However, he indicated to HockeySverige’s Robin Olausson that he did have offers to remain in North America although he didn’t indicate if they were NHL two-way offers or merely minor-league pacts. The 25-year-old signed with St. Louis as an undrafted free agent in 2023 and split his time since then between the AHL and ECHL levels.
PHR Mailbag: Robertsons, Kings, Bruins, Hockey Canada
The Robertson brothers get plenty of attention in this edition of the PHR Mailbag. If your question doesn’t appear here, check back in last weekend’s column while we have one more to run from our latest call for questions.
bottlesup: As a Stars fan, I would prefer to keep Robertson under any circumstance; if things took a turn for the worst, though, what do you think a theoretical trade package would look like in return?
I know Jason Robertson’s name was out there in trade speculation but that felt more like a speculative way to fix a cap problem that only would have been created had they made a big splash in free agency. And given that there were very few core players who made it to the open market, I think the idea of trading him was more hypothetical than realistic. That is, for now at least.
If we look ahead a year, Dallas is still going to be tight to the cap ceiling. Yes, nearly $28MM in cap space per PuckPedia for 2026-27 sounds great but with Robertson and potentially Thomas Harley heading for double-digit AAV contracts, things are going to get pretty tight pretty quickly. But that’s a ‘problem’ they can kick down the road to next summer when he’ll be a restricted free agent so I wouldn’t be worried about a trade just yet.
Now, as to your hypothetical, that could go a few different ways. If they want a top-line forward back that just makes a bit less money, it could be close to a one-for-one swap. I think that would be their Plan A. Plan B would be a second-line winger making around half of Robertson’s projected cost (so the player would be in the $5MM to $6MM range), a top prospect who is nearly NHL ready (think someone around Mavrik Bourque’s readiness as of a year ago), and some help on the right side of the defense that would take up most of the rest of the savings. Basically, fill two important roster spots for the price of one with near-term help coming from the prospect as well. There’s always a futures-based return but they’d have to have something in place to replace Robertson before they could do that.
Having said all that, I think they find a way to keep Robertson in the fold long-term unless things don’t go as planned this coming season and GM Jim Nill decides a roster shakeup is needed.
bigalval: What are the chances that the Kings could bring Jason Robertson back home? I know they have interest in him and Dallas is near the cap. What would it take to get him?
Let’s address the cap stuff first. There is a relatively easy way for Dallas to open up the year with a bit of flexibility on the cap and that’s with not carrying a full roster. If they carry just 22 skaters, they should easily start with a little over $1MM in flexibility, barring any injuries in training camp. They can shuttle Lian Bichsel down on off days with paper transactions (they’re still legal this season before the restrictions come for 2026-27) as well so I don’t think they’re in a spot where they have to move money right now.
As for the Kings, they’ve burned up most of their cap space this summer from GM Ken Holland’s spending frenzy in free agency where he brought in a bunch of extra depth. Per PuckPedia, they have less than $3MM in cap room while Robertson makes $7.75MM. They’d have to send out a good chunk of money to make a move. That makes adding him without taking away a core piece extremely difficult.
If we look at the scenarios above, I think we can rule out a futures-based return simply because Dallas probably can’t acquire a Robertson-level replacement elsewhere at this time of the offseason. But let’s see if there’s a fit in the other two scenarios.
First, the player-for-player type of swap. Kevin Fiala makes slightly more than Robertson this season but he has three more years left on his contract which would be appealing to Dallas. But there’s a notable drop-off in production between the two so Dallas would want more. The hope is that Quinton Byfield is on the way up development-wise but one-for-one, he’s not going to cut it for the Stars either. Up front, there isn’t anyone else worth even considering in a one-for-one swap; Adrian Kempe had more points than either of them but as a pending UFA, he could be commanding something not far off what Robertson could get next summer in restricted free agency. Unless Los Angeles adds something substantial to either Fiala or Byfield, it’s probably not a great fit.
The problem is that their Plan B scenario that I mentioned earlier is an even lesser fit. Players like Trevor Moore or Alex Laferriere are the players making around half of what Robertson is now and they barely hit 40 points last year. That’s too steep a drop-off. In terms of a prospect who’s near-ready, there’s not a lot that fit the bill. Brandt Clarke is a little past that but he might be the closest that would be palatable. And as for proven RD help (not just prospect RD help like Clarke), they just lost Cody Ceci so they’re probably not trading back for him and Drew Doughty isn’t going anywhere. Basically, if I were Nill, I’d ask for Clarke as the add-on in a Fiala or Byfield swap and keep it simple. And that’s a steep price for the Kings to pay. Robertson would certainly help Los Angeles but I think there are some other teams whose rosters might better align with what Dallas might be looking for if they do move him.
Spaced-Cowboy: I’m more curious about a different Robertson but my Leafs bias is showing.
Let’s give the other Robertson some attention now. Nicholas Robertson recently signed a one-year deal worth $1.825MM to avoid salary arbitration. But it doesn’t do a whole lot to avoid any of the speculation surrounding his future with Toronto. He still doesn’t really fit the roster, especially the direction that GM Brad Treliving appears to be taking it.
On the other hand, trading him would have been easier a year ago than it is now. Last season, he made $875K, barely above the league minimum and an amount that could be buried in the minors if things didn’t go well and he cleared waivers. But $1.825MM isn’t as easy to get off the books. Fewer teams have that type of flexibility to absorb the deal in full while if they’re making a swap of young players in need of a change of scenery, expectations will be higher since the other team is parting with someone of at least some value. Robertson only has 56 points in his NHL career thus far and while he has shown a quality shot, he doesn’t do enough to play in the top six and the rest of his game makes him an iffier fit in the bottom six. How many teams out there have a top-six spot for him where he could potentially thrive? Do any of them?
With that in mind, while the fit isn’t great and Robertson probably wouldn’t mind being moved, I don’t see anything changing for him in the future. For better or worse, he’s probably staying on Toronto’s roster and hoping to get some top-nine minutes. In that scenario, I expect this season will be a lot like the last two and we’ll be speculating about the potential of trade again before too long.
VonBrewski: Don Sweeney is selling a “Bridge Year”??? More like a flaming bag of dog crap….Will they be a top-10 pick? I think yes.
Is he really selling a bridge year? I think his public statements are more along the lines of intending to be a playoff team while a bridge year would be one where they actually took a step back and looked toward the future. Basically, something like they did at the deadline last season but over a full year this time around.
Frankly, I think a bridge year would have made more sense for them over what they did this summer. In a vacuum, most of the contracts they signed made sense beyond Tanner Jeannot but they put a lot of time, effort, and money into making their team tougher to play against when that wasn’t the reason that they missed the playoffs last season. They missed the playoffs last year because of their struggles to score offensively, coupled with a subpar showing from Jeremy Swayman. Viktor Arvidsson could help with the offence but adding more fourth-line depth in Sean Kuraly and Michael Eyssimont over more scoring help felt like patching a weakness that wasn’t really there.
I do think they will have a top-ten pick although it will be closer to tenth than first. Getting Hampus Lindholm back and having a full season from Charlie McAvoy will help and I expect Jeremy Swayman to bounce back. That will raise the floor of this group above the other bottom feeders. But it’s hard to see the Bruins scoring enough to win consistently. They’ll get some 3-2 victories along the way, sure, but teams near the bottom of the league in goals generally don’t make the playoffs and I suspect they’re going to be near the bottom of the league in that regard.
Gmm8811: Now that the Hockey Canada trial is over…how long do you think Bettman will make the players wait to be reinstated? I’d like to see them allowed back now. They’ve paid a fair penalty already for being found not guilty. Do any of their former teams still hold their rights?
There was actually a notable event earlier this week on that front with TSN’s Rick Westhead reporting that the not guilty verdict for the players wouldn’t be appealed. Theoretically, had there been an appeal, that could have been enough for the league to say they were still ineligible pending the outcome of that appeal. But that won’t happen now.
Having said that, I don’t think Gary Bettman has much appetite to reinstate those players anytime soon. The statement released by the league indicates that they have concerns over the conduct of those players. To quickly turn around and clear them to play after that statement would be surprising.
While these aren’t direct comparisons, I think back to how things were handled with Joel Quenneville and Stan Bowman. Some time elapsed and then as a team wanted to at least seriously consider hiring them, the reinstatement process was handled very quietly behind the scenes. When he was still with Montreal, Logan Mailloux went through a similar process where he was ineligible to play and then when he was entering a season where it looked like he could be a recall candidate, he went through the approval process and all of that was done without an announcement. I’m sure their preference is to follow a similar process here, let some time pass by and then consider reinstatement if and when a team indicates to the league that they’d like to consider signing one of them. I’m not sure the NHLPA will let that much time go by but I don’t expect Bettman and the NHL to willingly reinstate the five players quickly.
As for the rights question, all five players were non-tendered by their now former organizations at the expiration of their contracts, making them unrestricted free agents. They’ll remain UFAs until they’re reinstated which I don’t expect will be anytime soon.
Photo courtesy of John E. Sokolowski-Imagn Images.