In the NHL, change is constant, yet sometimes results repeat. The 2024-25 season saw teams shift positions, but ultimately concluded just like the previous one, with the Florida Panthers defeating the Edmonton Oilers for the Stanley Cup. Despite this repeated outcome, the league is far from static. A busy period of trades and free agent signings means the rosters arriving at training camp in a few months will be noticeably different from the ones that finished the last season.
Since the end of on-ice action, the offseason saw the Vegas Golden Knights make the most significant single addition. Meanwhile, teams like the San Jose Sharks and Anaheim Ducks continued their efforts to improve from the bottom of the standings. Teams such as the Dallas Stars, Edmonton Oilers, and Toronto Maple Leafs now face varying levels of urgency in re-shaping their rosters. The Detroit Red Wings and Montreal Canadiens also made moves that increased their intrigue. Even the two-time champion Panthers needed to adjust their lineup, despite their goal of retaining their core players.
To evaluate these roster changes, we`ll use a similar method to last season, tracking the overall effect of each team`s player movements. Specifically, we measure the net gain or loss using each player`s “established level” of performance – a weighted three-year average of their Goals Above Replacement (GAR). Using a three-year average helps smooth out unusual single seasons while giving more weight to recent performance, providing a better projection of future impact compared to just one year of data.
Regardless of the measurement method, this summer saw fewer high-impact players change teams compared to last year. But among the players who did move, which newcomers helped their teams the most? And which teams might find their offseason actions (or lack thereof) regrettable?
Let`s examine the teams at both ends of the spectrum, concluding with a full ranking of all 32 teams.
Teams that added value | Teams that lost value
Full rankings for all 32 teams
Six Teams That Gained the Most Value
2024-25 team GAR ranks: No. 32 offense | No. 32 defense | No. 30 goalies | No. 32 overall
Weighted 3Y GAR added: 21.1 | Weighted 3Y GAR lost: -0.9
Top additions by 3Y GAR: D Dmitry Orlov (9.3); C Adam Gaudette (4.7); D Nick Leddy (3.3); G Alex Nedeljkovic (2.8); D John Klingberg (1.0)
Top losses by 3Y GAR: F Walker Duehr (0.1); C Thomas Bordeleau (0.0)
The Sharks still have significant progress to make after finishing as the league`s worst team by goal differential for the second straight season. However, following an offseason of solid additions and no major departures, they are positioned to continue their gradual path toward respectability. They added several veteran players on defense, in goal, and at center to what was already the NHL`s fourth-youngest roster.
The most valuable addition by GAR was Orlov, who provided quality play from Carolina`s defensive corps last season. Klingberg has the potential to be San Jose`s most impactful newcomer if he can rediscover the form he showed as a power-play quarterback in Dallas, which he has lacked for years. Regardless, this offseason focused on building a stronger foundation without compromising the future built around Macklin Celebrini and other young players.
Dmitry Orlov was the top acquisition for the Sharks based on the 3-year weighted GAR metric. Josh Lavallee/Getty Images
2024-25 team GAR ranks: No. 30 offense | No. 29 defense | No. 5 goalies | No. 26 overall
Weighted 3Y GAR added: 25.6 | Weighted 3Y GAR lost: 7.9
Top additions by 3Y GAR: LW Chris Kreider (10.2); C Mikael Granlund (6.9); G Petr Mrazek (5.4); C Ryan Poehling (3.1)
Top losses by 3Y GAR: G John Gibson (7.8); C Trevor Zegras (2.4)
Losing goaltender John Gibson is significant after years of watching him handle a sometimes historically high volume of shots behind the Ducks` weak defense. However, the rise of Lukáš Dostál as Anaheim`s potential future starter lessens the impact of that loss, especially with Mrazek now providing a reliable backup. Similarly, despite his skill, Trevor Zegras`s inability to stay healthy and consistently productive means his departure isn`t a major blow. This analysis system finds value in adding Kreider and Granlund to a forward group that ranked 31st in GAR last season, providing support for young talents like Jackson LaCombe, Mason McTavish, Cutter Gauthier, and Leo Carlsson.
A notable factor is the hiring of new coach Joel Quenneville. While he has a successful record, his role in the Blackhawks` handling of sexual assault allegations has made him one of the most controversial hires of the offseason. Nevertheless, he will have a more talented roster to work with in 2025-26 than Ducks coaches have had in years.
2024-25 team GAR ranks: No. 16 offense | No. 23 defense | No. 21 goalies | No. 20 overall
Weighted 3Y GAR added: 18.9 | Weighted 3Y GAR lost: 5.8
Top additions by 3Y GAR: F Mason Marchment (9.6); D Ryan Lindgren (5.0); C Frederick Gaudreau (3.6)
Top losses by 3Y GAR: LW Andre Burakovsky (3.2); C Michael Eyssimont (2.2)
After their defense declined in 2024-25 (despite an improvement in offense), the Kraken`s most significant offseason addition impacts both ends of the ice: Mason Marchment. He`s a physical winger who has scored over 20 goals in consecutive seasons and is also rated as one of the league`s better defensive forwards.
Adding extra depth (including Stanley Cup-winning goalie Matt Murray, who provides another option in net) and experiencing minimal subtractions (since Burakovsky didn`t fully regain his form from his Colorado days) results in a solid offseason of progress for the Kraken under their new leadership team of coach Lane Lambert and general manager Jason Botterill.
2024-25 team GAR ranks: No. 17 offense | No. 22 defense | No. 19 goalies | No. 21 overall
Weighted 3Y GAR added: 18.2 | Weighted 3Y GAR lost: 7.1
Top additions by 3Y GAR: D Noah Dobson (10.7); C Zack Bolduc (6.2)
Top losses by 3Y GAR: RW Joel Armia (2.4); C Christian Dvorak (2.1); D David Savard (2.1); LW Emil Heineman (1.4)
The Canadiens were already one of the NHL`s most improved young teams last season, even making the playoffs for the first time since their surprising run to the Cup final in 2021. They carried that momentum into the summer with a June trade for Noah Dobson, acquiring one of the game`s top young defensemen. (Among defensemen aged 25 or younger last season, only Quinn Hughes, Evan Bouchard, and Rasmus Dahlin had a higher GAR since 2021-22 than Dobson.)
Zack Bolduc, who had a breakout season with St. Louis, is also a notable addition. Montreal`s offseason losses were manageable. The Canadiens` future appears to be arriving sooner than anticipated, and this offseason further accelerated their timeline.
Noah Dobson recorded 39 points in 71 games last season for the Islanders. Russell LaBounty-Imagn Images
2024-25 team GAR ranks: No. 5 offense | No. 2 defense | No. 14 goalies | No. 3 overall
Weighted 3Y GAR added: 19.9 | Weighted 3Y GAR lost: 11.2
Top additions by 3Y GAR: RW Mitch Marner (18.5); C Colton Sissons (1.4)
Top losses by 3Y GAR: C Nicolas Roy (5.2); LW Tanner Pearson (3.3); D Nicolas Hague (2.7)
The Golden Knights landed the biggest star of the summer by acquiring Mitch Marner in a sign-and-trade. His 102 points last season would have easily set a new single-season scoring record in Vegas franchise history. The price was high, both financially (Marner`s new contract is for eight years and $96 million) and in terms of roster depth (with Nicolas Roy going to Toronto).
However, Vegas already ranked third overall in total GAR last season, and they finished ahead in net value added this offseason. General Manager Kelly McCrimmon has consistently shown a willingness to make aggressive moves, and he has clearly gone all-in for another Stanley Cup push with the core led by Jack Eichel.
2024-25 team GAR ranks: No. 31 offense | No. 26 defense | No. 26 goalies | No. 30 overall
Weighted 3Y GAR added: 11.8 | Weighted 3Y GAR lost: 3.1
Top additions by 3Y GAR: D Nick Perbix (5.4); LW Erik Haula (3.8); D Nicolas Hague (2.7)
Top losses by 3Y GAR: C Colton Sissons (1.4); D Marc Del Gaizo (1.3)
If at first you don`t succeed, try again – the Predators are back on our list of teams with the highest net offseason gains, despite last season`s promising start collapsing dramatically. This time, the moves were less flashy – Perbix and Hague are reliable defensemen, not top snipers – but they should help strengthen a defense that dropped significantly in goals allowed. A lot still depends on improved performance from several key players who underperformed last season, but GM Barry Trotz has positioned Nashville for a potential rebound without initiating a full rebuild.
Honorable Mention (Teams adding positive value): Detroit Red Wings (G John Gibson added), New Jersey Devils (RW Evgenii Dadonov added), Utah Mammoth (RW JJ Peterka, D Nate Schmidt added), Boston Bruins (LW Viktor Arvidsson added).
Six Teams That Lost the Most Value
2024-25 team GAR ranks: No. 3 offense | No. 12 defense | No. 4 goalies | No. 5 overall
Weighted 3Y GAR added: 0.8 | Weighted 3Y GAR lost: 26.1
Top additions by 3Y GAR: C Radek Faksa (0.8)
Top losses by 3Y GAR: F Mason Marchment (9.6); C Mikael Granlund (6.9); RW Evgenii Dadonov (5.3); D Cody Ceci (4.4)
In an offseason marked by significant upheaval – coach Peter DeBoer, who guided the Stars to three consecutive Western Conference Final appearances, was fired after failing to reach the Cup Final and replaced by former Stars coach Glen Gulutzan – Dallas`s net GAR situation reflects further instability. Although the core group, including Jake Oettinger, Jason Robertson, Mikko Rantanen, and others, remains, the Stars significantly changed their supporting cast, losing more three-year GAR value than any other NHL team this summer. The team`s management clearly felt the previous roster had reached its limit – only time will tell if this level of change propels the Stars forward or disrupts their balance.
Mason Marchment, acquired from the Dallas Stars, matched a career high with 22 goals last season. Glenn James/NHLI via Getty Images
2024-25 team GAR ranks: No. 11 offense | No. 9 defense | No. 20 goalies | No. 10 overall
Weighted 3Y GAR added: 5.5 | Weighted 3Y GAR lost: 18.6
Top additions by 3Y GAR: LW Andrew Mangiapane (5.2)
Top losses by 3Y GAR: RW Corey Perry (5.0); LW Viktor Arvidsson (4.9); LW Evander Kane (3.4); RW Connor Brown (3.4); D John Klingberg (1.0)
As mentioned earlier, Edmonton fell just short of the Stanley Cup for the second year in a row, losing to Florida in the Final. This was a disappointing end to another strong season led by Leon Draisaitl and Connor McDavid. Through the trades and signings of late June and early July, the Oilers primarily saw players depart.
They did add Andrew Mangiapane – although his 35-goal season in 2021-22 is now outside the three-year window for our GAR tracker – plus Curtis Lazar for depth. However, the most significant factor for Edmonton might be the move they *didn`t* make: sticking with goalies Stuart Skinner and Calvin Pickard, despite speculation that the Oilers might seek an upgrade after the duo struggled in the Cup Final loss.
2024-25 team GAR ranks: No. 7 offense | No. 17 defense | No. 2 goalies | No. 8 overall
Weighted 3Y GAR added: 9.1 | Weighted 3Y GAR lost: 21.4
Top additions by 3Y GAR: C Nicolas Roy (5.2); LW Matias Maccelli (3.9)
Top losses by 3Y GAR: RW Mitch Marner (18.5); RW Pontus Holmberg (2.1)
Although the possibility of Mitch Marner staying with the Maple Leafs wasn`t completely ruled out before free agency – he had, after all, averaged a point per game in the playoffs – the talented winger ultimately signed in Vegas. His departure removes a fundamental piece of Toronto`s recent core. This significantly contributed to the Maple Leafs appearing prominently on our list of offseason losers, despite recovering some value in the Marner trade by acquiring Nicolas Roy, a skilled two-way center.
Another trade, this time with the Mammoth, brought in Matias Maccelli. He could benefit from a change of scenery after a difficult first season in Utah; he is still young (not yet 25) and was close to reaching 20 goals and 60 points two seasons ago. The players lost outweigh those acquired, but Toronto still possesses ample high-end talent.
2024-25 team GAR ranks: No. 12 offense | No. 24 defense | No. 10 goalies | No. 15 overall
Weighted 3Y GAR added: 11.3 | Weighted 3Y GAR lost: 20.7
Top additions by 3Y GAR: D Vladislav Gavrikov (8.4); RW Taylor Raddysh (1.6); D Scott Morrow (1.5)
Top losses by 3Y GAR: LW Chris Kreider (10.2); D K`Andre Miller (6.8); RW Arthur Kaliyev (1.9); D Zac Jones (1.3)
It`s been a busy offseason for the Rangers. In addition to a coaching change (Peter Laviolette out, former Penguins coach Mike Sullivan in), New York added a fair amount of GAR value but lost even more, resulting in a net negative according to our analysis. The biggest losses were Chris Kreider and K`Andre Miller, who both debuted with the Rangers and played a combined 18 seasons for the team. However, two disappointing seasons made both players expendable.
The main replacement on the blue line is Vladislav Gavrikov, a strong defender coming off a career-best season with the Kings. The Rangers needed help on defense, and Gavrikov addresses that. Further improvement will depend on the existing stars rediscovering their form from before the 2025 season.
The Rangers signed Vladislav Gavrikov, considered a top defenseman available in free agency, to a seven-year, $49 million contract. Codie McLachlan/Getty Images
2024-25 team GAR ranks: No. 3 offense | No. 3 defense | No. 1 goalies | No. 1 overall
Weighted 3Y GAR added: 10.4 | Weighted 3Y GAR lost: 17.8
Top additions by 3Y GAR: RW Gustav Nyquist (4.7); LW Tanner Pearson (3.3); LW Cole Koepke (1.4)
Top losses by 3Y GAR: LW Nikolaj Ehlers (12.3); C Mason Appleton (3.4); LW Brandon Tanev (1.8)
There are – or at least, should be – significant questions about how much the Jets will regress from their exceptional 2025-26 regular season, where they won the Presidents` Trophy and set new franchise records for wins and points. Much of this uncertainty centers on the team`s offense, which jumped to third in the league in goals per game after not ranking higher than 12th in the previous five seasons. The offseason loss of Nikolaj Ehlers will not help this situation. He will take his 24 goals and 63 points to the Hurricanes. While Winnipeg attempted to re-tool their forward group with additions like Gustav Nyquist, the loss of established GAR value is one indicator that the Jets might see a decline next season.
2024-25 team GAR ranks: No. 6 offense | No. 7 defense | No. 18 goalies | No. 7 overall
Weighted 3Y GAR added: 13.2 | Weighted 3Y GAR lost: 20.6
Top additions by 3Y GAR: D Brent Burns (13.0)
Top losses by 3Y GAR: C Charlie Coyle (6.5); LW Jonathan Drouin (6.4); D Ryan Lindgren (5.0); LW Miles Wood (1.6); D Calle Rosén (1.1)
Due to salary cap considerations, Colorado had to allow the trade and free agent markets to further deplete a supporting cast that was already thinned out since their 2022 Cup victory. That championship team had six players with 15-plus GAR and nine in double figures; by 2024-25, those numbers had fallen to three and six, respectively. The Avalanche did add an intriguing veteran in Brent Burns, who still provides value even if he`s past his prime. And with an elite core still intact – led by Cale Makar, Nathan MacKinnon, Devon Toews, and newcomer Brock Nelson – Colorado`s potential remains high. However, there`s no question this offseason marked another period of attrition for the team.
(Dis)honorable mention (Teams losing negative value): Carolina Hurricanes (lost Ds Brent Burns and Dmitry Orlov), Vancouver Canucks (C Pius Suter lost), Minnesota Wild (RW Gustav Nyquist lost).
All-32 Team NHL Rankings
| Rank | Team | Additions | Subtractions | Net GAR |
|---|---|---|---|---|
| 1. | San Jose Sharks | 21.1 | -0.9 | 22 |
| 2. | Anaheim Ducks | 25.6 | 7.9 | 17.7 |
| 3. | Seattle Kraken | 18.9 | 5.8 | 13.1 |
| 4. | Montreal Canadiens | 18.2 | 7.1 | 11.1 |
| 5. | Nashville Predators | 11.8 | 3.1 | 8.7 |
| 6. | Vegas Golden Knights | 19.9 | 11.2 | 8.7 |
| 7. | Boston Bruins | 8.7 | 1.8 | 6.9 |
| 8. | Pittsburgh Penguins | 10.3 | 6 | 4.3 |
| 9. | Utah Mammoth | 18.3 | 15.4 | 2.9 |
| 10. | Ottawa Senators | 10 | 7.7 | 2.3 |
| 11. | New Jersey Devils | 8.6 | 7.2 | 1.4 |
| 12. | Buffalo Sabres | 17.1 | 15.8 | 1.3 |
| 13. | St. Louis Blues | 10.8 | 10.3 | 0.5 |
| 14. | Los Angeles Kings | 18.4 | 17.9 | 0.4 |
| 15. | Philadelphia Flyers | 6.7 | 6.3 | 0.4 |
| 16. | Detroit Red Wings | 18.6 | 18.2 | 0.3 |
| 17. | Chicago Blackhawks | 4.2 | 5.3 | -1.1 |
| 18. | Tampa Bay Lightning | 4.6 | 6.4 | -1.8 |
| 19. | Florida Panthers | 3.7 | 5.5 | -1.8 |
| 20. | Columbus Blue Jackets | 5.3 | 7.6 | -2.3 |
| 21. | Vancouver Canucks | 3.2 | 6.3 | -3.1 |
| 22. | New York Islanders | 9.2 | 14 | -4.8 |
| 23. | Calgary Flames | 0 | 6.3 | -6.3 |
| 24. | Minnesota Wild | 7.3 | 13.6 | -6.3 |
| 25. | Carolina Hurricanes | 18.8 | 25.2 | -6.4 |
| 26. | Washington Capitals | 3.3 | 10.1 | -6.7 |
| 27. | Colorado Avalanche | 13.2 | 20.6 | -7.4 |
| 28. | Winnipeg Jets | 10.4 | 17.8 | -7.4 |
| 29. | New York Rangers | 11.3 | 20.7 | -9.3 |
| 30. | Toronto Maple Leafs | 9.1 | 21.4 | -12.3 |
| 31. | Edmonton Oilers | 5.5 | 18.6 | -13.1 |
| 32. | Dallas Stars | 0.8 | 26.1 | -25.3 |
