Grading the Major Trades of the 2025 NHL Offseason

The NHL`s offseason is officially underway, and trades have been frequent since the Florida Panthers clinched their second consecutive Stanley Cup.

Notable early moves include Chris Kreider`s trade to the Anaheim Ducks, Trevor Zegras joining the Philadelphia Flyers, and Noah Dobson heading to the Montreal Canadiens.

Below are the evaluations and report cards for the most significant trades this offseason, presented in reverse chronological order.

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June 27: Coyle and Wood to the Blue Jackets

Seeking to free up salary cap space, the Colorado Avalanche made a move by trading forward Charlie Coyle and Miles Wood to the Columbus Blue Jackets.

In return, the Blue Jackets sent prospect forward Gavin Brindley, a 2025 third-round draft pick, and a conditional 2027 second-round pick to Colorado.

Here’s an analysis of what this trade signifies for both organizations.

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Colorado Avalanche: Grade: B+

The Avalanche addressed their second-line center position by signing Brock Nelson, acquired at the trade deadline, to a three-year extension worth $7.5 million annually. However, this left the team with limited cap space ($1.2 million) entering Friday, according to PuckPedia. With six unrestricted free agents, including key defenseman Ryan Lindgren, the team needed to make roster adjustments.

Charlie Coyle was a prime candidate for a trade. His addition boosted the Avs` top-nine center depth, behind Nathan MacKinnon and Nelson. But carrying a $5.25 million annual value for a third-line center became less feasible given the cap constraints and availability of cheaper alternatives.

Miles Wood, with four years remaining at $2.5 million AAV, was also a potential trade piece. Inconsistent play and injuries limited his scoring to 13 goals over two seasons with the Avs, the same total as his last full year in New Jersey.

This trade means the Avalanche must now focus on strengthening their bottom-six forward group and potentially re-signing Lindgren, alongside any other free agency objectives.

Prospect Gavin Brindley could potentially help in the future. The 20-year-old was considered a top prospect in the Blue Jackets` strong system. A 2023 second-round pick, Brindley posted six goals and 17 points in 52 AHL games in his first professional season. Prior to that, he excelled at Michigan, scoring 25 goals and 53 points in 2023-24.

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Columbus Blue Jackets: Grade: B+

The Blue Jackets possess significant salary cap flexibility, allowing them to engage in trades that align with their strategy, particularly with teams needing cap relief like the Avalanche.

While Coyle and Wood were depth players in Colorado, they will bolster Columbus`s bottom six, enabling the team to concentrate on other areas in free agency.

With six unrestricted free agent forwards and one restricted free agent (Dmitri Voronkov) entering Friday, adding Coyle provides a solid third-line center alongside Sean Monahan and Adam Fantilli on the top two lines. Wood contributes a winger who can play on the fourth line or higher. The Jackets now have 13 forwards under contract or team control as RFAs.

They also maintain over $30 million in cap space, which could be used for extensions for defensemen Dante Fabbro and Ivan Provorov.

Although Brindley was a valued prospect, the Blue Jackets still boast promising forwards in their system, including Cayden Lindstrom, Jordan Dumais, and Luca Del Bel Belluz.

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June 27: Dobson to the Canadiens

Defenseman Noah Dobson was the key piece in a Friday trade between the Montreal Canadiens and the New York Islanders, reflecting different directions for the two franchises.

The Canadiens acquired Dobson after he signed an eight-year contract extension with the Islanders worth $9.5 million annually. New York received forward Emil Heineman and both of the Canadiens` 2025 first-round picks, specifically No. 16 and No. 17.

Here’s an evaluation of the performance of both front offices and the implications for their future.

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Montreal Canadiens: Grade: A

Acquiring a 25-year-old, right-shot, top-pairing, puck-moving defenseman who is effective in all situations and stands 6-foot-4 is generally a smart move for a general manager.

Such an acquisition comes at a significant cost, which highlights the decisive nature of Canadiens GM Kent Hughes` decision and its message about the team`s trajectory.

The trade signals Montreal`s commitment to becoming a regular playoff team by 2025, with aspirations of contending for a Stanley Cup in the near future.

“Future” is central to what this trade represents for the Canadiens. Having two first-round picks offers options. Rebuilding teams use them to build for a stronger future, while contending teams leverage them to acquire players who can make an immediate impact.

Hughes chose the latter approach, providing Montreal with what appears to be one of the most promising young defensive groups in the NHL.

Dobson, who has scored 10 or more goals in four consecutive seasons, joins a young Canadiens defense corps featuring reigning Calder Trophy winner Lane Hutson, Kaiden Guhle, and Jayden Struble. Prospects Logan Mailloux and David Reinbacher, both first-round picks, are also in their system.

This creates a group of six defensemen all under 25, including four first-rounders and two second-round selections (Hutson). This depth is a positive, potentially leading to great success over time.

However, Hughes now faces the challenge of managing the roster with Dobson`s contract. The Canadiens are currently over the salary cap by $3.394 million, according to PuckPedia, with seven defensemen under contract or team control for 2025-26.

Hughes will need to trade a defenseman to create cap space and maintain a roster capable of a playoff push. Veteran Mike Matheson has one year left at $4.88 million, while Alexandre Carrier has two years remaining at $3.75 million annually.

Addressing this situation sooner rather than later will provide the Canadiens with more financial flexibility for other potential moves, although they also need new deals for restricted free agents Struble and Jakub Dobes.

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New York Islanders: Grade: A

New Islanders GM Mathieu Darche`s six seasons in the Tampa Bay Lightning front office likely instilled an appreciation for building through the draft, a critical factor for long-term success.

General managers of lottery teams must be realistic about their franchise`s direction, making Darche`s initial offseason decisions even more crucial.

While Dobson could have been part of the Islanders` long-term plan, recognizing the maximum value a player holds for your franchise and obtaining that value through a return like this trade is also a valid strategy.

The assets Darche acquired for a top-pairing defenseman in Dobson are expected to significantly influence the Islanders` future for the next decade or more.

Having the No. 1 overall pick was a starting point, likely leading to the selection of talented defenseman Matthew Schaefer. By adding two more first-round picks, Darche now has expanded options.

Darche and his staff could keep all three first-round picks to add talent to a system that needs depth, partly because the Islanders lacked a first-round pick in four draft classes (2020, 2021, 2022, 2023) since 2018, despite having 2024 first-rounder Cole Eiserman.

Alternatively, Darche might package one or both of the acquired picks in another trade aimed at setting the team up for greater long-term success.

Beyond the future focus, Dobson`s departure impacts the present. The Islanders currently have five defensemen under contract and seven under team control, including pending RFAs Scott Perunovich and Alexander Romanov. Tony DeAngelo and Mike Reilly are UFAs from the 2024-25 roster.

The Islanders have $20.934 million in cap space (per PuckPedia), which can be used to address their defensive needs and other offseason priorities, including re-signing Heineman, an RFA who scored 10 goals and 18 points in 62 NHL games last season.

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June 26: Peterka to the Mammoth

Two significant storylines this NHL offseason were whether the Utah Mammoth would add a top-six forward and if the Buffalo Sabres would trade restricted free agent JJ Peterka.

These narratives converged when the Mammoth acquired Peterka from the Sabres in exchange for forward Josh Doan and defenseman Michael Kesselring.

Here’s an assessment of how both front offices fared in this exchange and what it means for their respective franchises moving forward.

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Utah Mammoth: Grade: A+

In 2024-25, the Utah Hockey Club ranked among the top 10 in shot share, shots per 60 minutes, and scoring chances per 60 but finished 16th in goals per game, highlighting a disconnect. With $20.357 million in salary cap space, addressing this scoring deficiency was a priority.

Mammoth GM Bill Armstrong`s latest major move was acquiring Peterka and immediately signing him to a five-year extension worth $7.7 million annually.

Since Ryan and Ashley Smith bought the franchise and relocated it to Salt Lake City, the Mammoth have adopted a strategic, yet aggressive approach. This began last year with trades for top defenseman Mikhail Sergachev and John Marino as part of revamping their blue line.

The Peterka trade is a continuation of this strategy, adding a proven 23-year-old goal scorer who addresses their immediate scoring needs and fits their long-term plans. After scoring 28 goals and 50 points in 2023-24, Peterka improved to 27 goals and 68 points in 77 games in his final Buffalo season.

Trades often create more options, and Peterka provides several for the Mammoth. Their top-six winger group now includes Clayton Keller, Dylan Guenther, and Nick Schmaltz, forming a quartet of 20-goal scorers to complement centers Logan Cooley and Barrett Hayton, who also surpassed 20 goals last season.

With one of the NHL`s strongest farm systems, the Mammoth were able to acquire Peterka without trading any of their top prospects. They still retain Matias Maccelli, who could potentially be moved in another trade, and maintain $14.982 million in cap space, according to PuckPedia.

Nick Bjugstad and Michael Carcone are their most prominent unrestricted free agents, and Jack McBain is their sole restricted free agent. After potentially drafting a difference-maker at No. 4 overall or acquiring another NHL-ready player with that pick, they have substantial cap space to be active in free agency on July 1.

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Buffalo Sabres: Grade: B-

The return Sabres GM Kevyn Adams received for Peterka can be described as complicated.

Typically, a 23-year-old top-six forward under team control commands a certain price. The Sabres did acquire two NHL players in Josh Doan and Michael Kesselring, but there’s an argument they could have received more.

Missing the playoffs for 14 consecutive seasons leaves the Sabres balancing their desire to end the drought with planning for potential future adjustments. While they have a strong farm system, the Peterka trade offered an opportunity to add more assets, either through draft capital or prospects.

This is particularly true considering Peterka`s importance to the Sabres, ranking second on the team in points, third in goals, third in power-play points, and third in ice time among forwards with over 70 games played.

Adams didn`t get nothing, however. Doan could establish himself as a top-nine forward, getting a chance in Buffalo to find the consistency that eluded him in Utah, splitting time between the AHL (28 games) and NHL (51 games) last season.

Kesselring provides the Sabres with a third right-shot defenseman, having recorded over 20 points in consecutive seasons while playing over 70 games. He was sixth among Mammoth defensemen in average ice time and could earn a larger role in Buffalo.

Doan and Kesselring add depth but will cost the Sabres a combined $2.325 million in cap space, with one year left on their contracts before restricted free agency. The Sabres now have $20.881 million in cap space, according to PuckPedia.

The question remains: Was a bottom-six/middle-six forward and a middle-pairing defenseman a sufficient return for a top-six forward who filled one of Utah`s biggest needs, leaving Buffalo with a sizable roster hole?

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June 23: Zegras to the Flyers

Rumors materialized when the Anaheim Ducks traded forward Trevor Zegras to the Philadelphia Flyers.

The Ducks moved Zegras, a frequent subject of trade speculation, to the Flyers for forward Ryan Poehling, a 2025 second-round pick (originally Columbus`), and a 2026 fourth-round pick.

What does this all mean, and how did both front offices fare?

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Philadelphia Flyers: Grade: B+

“Potential” is the key word for this trade.

Zegras provides the Flyers with another top-nine center alongside Sean Couturier and Noah Cates, with the possibility of developing into their top-line center.

A two-time 20-goal scorer with consecutive 60-point seasons, Zegras can boost the Flyers` offense, which ranked 24th in goals per game, and create opportunities for teammates.

At 24, he also potentially aligns with the Flyers` long-term strategy. Philadelphia was the youngest team in the NHL in 2024-25, with an average age of 26.09, according to Elite Prospects.

Again, the emphasis is on potential.

Recent seasons marked by injuries and inconsistencies raised questions about Zegras`s ability to replicate or surpass his 60-point seasons from 2021-22 and 2022-23 while remaining with the Ducks.

Playing alongside wingers like Tyson Foerster, Travis Konecny, Matvei Michkov, or Owen Tippett could help him rebound. Zegras was once viewed as a rising star and a potential face of the NHL, even featuring on the cover of NHL 23.

Additionally, Zegras is in the final year of a contract worth $5.75 million annually. He will be a restricted free agent for the next two seasons before becoming an unrestricted free agent after the 2027-28 campaign, keeping him under team control.

Even after taking on Zegras`s salary, the Flyers retain $15.141 million in cap space, according to PuckPedia.

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Anaheim Ducks: Grade: A-

Amidst questions about keeping Zegras, a larger question loomed for the Ducks:

Is it wise to pay a third-line center over $5 million annually when cheaper alternatives are available and other roster needs exist?

Leo Carlsson, the second overall pick in 2023, demonstrated his capability as a top-line center, scoring 20 goals and 45 points last season, providing a 6-foot-3, 205-pound two-way presence.

Mason McTavish, the third overall pick in 2021, scored 22 goals and a career-high 52 points as a second-line center.

McTavish led the Ducks in goals and was second in points last season. Carlsson was third in points. This production from their top two centers made Zegras expendable for Anaheim.

Financially, Anaheim is projected to have over $36 million in cap space this season, a substantial amount, but GM Pat Verbeek must be cautious considering future needs. Lukas Dostal, Drew Helleson, and Mason McTavish are restricted free agents needing new contracts this offseason, which will impact the funds available for unrestricted free agency on July 1.

However, the potential cap situation *next* offseason made the trade more attractive. Zegras was part of a six-player RFA class that includes Carlsson, Cutter Gauthier, Pavel Mintyukov, Jackson LaCombe, and Olen Zellweger, while Jacob Trouba becomes a UFA. This group remains, requiring future decisions.

Instead of negotiating with Zegras, the Ducks will likely face a lower cost with Ryan Poehling, a 26-year-old who scored 12 goals and 31 points in 2024-25. He has one year left on his $1.9 million contract before becoming a UFA next summer.

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June 12: Kreider to the Ducks

Could this trade signal more moves to come?

This question applies to both the Anaheim Ducks and the New York Rangers following the first major trade of the offseason. The Rangers sent forward Chris Kreider and a 2025 fourth-round pick (Anaheim`s own, previously acquired in the December 2024 Jacob Trouba trade) to the Ducks for center prospect Carey Terrance and a 2025 third-round pick (Toronto`s, acquired in the Feb. 2024 Ilya Lyubushkin trade).

Here’s an overview of what this means for each franchise and an evaluation of their performance in the deal.

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New York Rangers: Grade: B+

Several factors influenced the Rangers` decision to trade Chris Kreider: the need to create salary cap space, questions about his recent production, and the potential for finding a replacement elsewhere.

Kreider reached the 20-goal mark for the seventh consecutive season and the 10th time in his career. While consistency defined him, it also contributed to his likely departure from New York.

Kreider turned 34 in late April, concluding a season where his 22 goals represented a decline from the previous three years, during which he averaged over 36 goals and 69 points per campaign. This season, he finished with 30 points in 68 games, a 0.44 points-per-game average.

With two years left on his contract at $6.5 million annually, the financials became a primary concern for the Rangers.

Star goaltender Igor Shesterkin`s new contract, starting in 2025-26, increases his annual salary from $5.67 million to $11.50 million. Additionally, in-season trades for Will Borgen and J.T. Miller added $12.1 million annually to the payroll; Borgen signed a five-year extension at $4.1 million annually, and Miller is in the second year of a seven-year pact earning $8 million annually.

This situation required the Rangers to find solutions to accommodate a seven-player restricted free agent class led by K`Andre Miller, Zac Jones, Matthew Robertson, and Will Cuylle.

Replacing Kreider`s production remains a question.

The signing of Boston College star winger Gabe Perreault was significant, offering a potential top-six option on a team-friendly deal and helping create the necessary cap space to address the RFA class and other offseason goals.

The Rangers now have $14.922 million in cap space after trading Kreider, according to PuckPedia, providing greater financial flexibility, with potential for more moves.

Acquiring prospect Carey Terrance, who signed with the Ducks in April, adds a center prospect to a system that needed depth at that position. Their top center prospect, Noah Laba, signed after three seasons at Colorado College, while Dylan Roobroeck scored 20 goals in the AHL in his first full professional season.

Terrance, a 2023 second-round pick, achieved his third consecutive 20-goal season for the OHL`s Erie Otters, finishing with 39 points in 45 games. He also represented Team USA at the World Junior Championships, scoring two goals in seven games before an injury.

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Anaheim Ducks: Grade: B+

Rebuilds aim for improvement, with each team following a unique path. The Kreider trade signals the Ducks` commitment to their approach, hoping to reach the playoffs or contend for a wild-card spot in 2025-26.

Beyond drafting and development, the Ducks have actively added respected veterans to complement their young core, including Radko Gudas, Alex Killorn, Frank Vatrano, and Kreider`s former Rangers teammate Jacob Trouba.

How does this affect the Ducks` top-nine winger group? Kreider joins Sam Colangelo, Cutter Gauthier, Troy Terry, Killorn, and Vatrano, providing goal-scoring depth and variety in how goals are scored.

What makes the Ducks intriguing—or potentially concerning—is their cap situation. GM Pat Verbeek took on a player with a $6.5 million cap hit, yet PuckPedia projects they still have over $32.188 million in available space.

This financial flexibility could make Anaheim an attractive destination in free agency on July 1.

Verbeek must manage responsibly. Lukas Dostal, Drew Helleson, and Mason McTavish, key young players, are pending RFAs needing new contracts this offseason. Looking ahead, Leo Carlsson, Jackson LaCombe, Pavel Mintyukov, Trevor Zegras, Olen Zellweger, and Gauthier will all require new deals next offseason.

Possessing significant young talent on cost-controlled contracts creates financial flexibility. This allowed them to acquire Kreider for a draft pick and a prospect like Terrance, who was expendable due to the team`s NHL center depth and the drafting of Lucas Pettersson in the 2024 second round.

Since their rebuild began, the Ducks have focused on making progress by any means necessary. They`ve developed one of the NHL`s most promising farm systems and cultivated expectations for their prospects, knowing when to make moves like acquiring Kreider.

What comes next?

Finishing with 80 points for the first time since 2018-19 places them at a critical juncture. This contributed to moving on from head coach Greg Cronin after two seasons and hiring Joel Quenneville, signaling belief they can advance further.

Competing in the challenging Western Conference, alongside contenders like the Edmonton Oilers, Dallas Stars, Vegas Golden Knights, and Colorado Avalanche, requires pushing boundaries. Other teams, like the Seattle Kraken (2022-23), Vancouver Canucks (2023-24), St. Louis Blues (returning to playoffs), and Calgary Flames and Utah Hockey Club (contending late), show a path is possible.

Anaheim finished 16 points outside the final Western Conference wild-card spot. However, their gradual improvement and significant offseason moves suggest they could be knocking on the door to the postseason, or potentially breaking through it.