The 2025 NHL offseason has already been a roller coaster with several key players being traded, 224 prospects finding new homes via the draft, and a slew of re-signings.

As the free agent deals continue to roll in, ESPN NHL reporters will be grading the big-name signings, including the player’s fit with his new team, terms of the deal and more.

We’ll continue to assess the most notable moves through the offseason, so check back for fresh grades as deals are consummated; the newest grades will be listed first. Contract terms are per year.

Draft recap: All 224 picks
Grades for all 32 teams
Winners and losers

June 30

The terms: Six years, $5.25 million AAV

Grade: B+

Where does he fit?

Marchand has referred to himself as a rat. Of course he’s going to stay with the franchise that has been synonymous with them since 1996.

That aside, the Panthers clearly value all that Marchand brought to last season’s Stanley Cup champions, on and off the ice.

After being acquired from the Bruins in a trade-deadline stunner, Marchand had four points in 10 regular-season games, getting adjusted to life after the only franchise he’d known (and being dumped by the team he captained, no less). But Marchand was everything GM Bill Zito wanted and more in the Panthers’ Stanley Cup run: 10 goals and 10 assists in 20 games, finishing second to Sam Bennett for the Conn Smythe as playoff MVP.

Marchand saved his best for last: six goals in the Stanley Cup Final, including two winning goals. One of the primary reasons the Panthers repeated as champions was their depth. Having Marchand, arguably the second-best left wing of his era (behind Alex Ovechkin), on the team’s third line was a luxury no one else in the tournament had. His line with Eetu Luostarinen and Anton Lundell dominated and was frequently the team’s best line in its run to the Cup.

He also fit Florida’s culture. Almost too perfectly. The Panthers were known for their antagonism and win-at-all-costs attitude. As one NHL player told me recently, they didn’t just want to beat teams — they wanted to embarrass them. Marchand embodied that spirit on the ice, from his unrelenting tenacity to his mockery of opponents.

But Marchand meant more to the Panthers than that. He kept things loose at the most tense times, whether it was cutting up a teammate with a joke or being the target of plastic rats shot by teammates. There was the whole Dairy Queen thing. As coach Paul Maurice noted, the Panthers needed a player as vocal and media-friendly as Marchand to take the pressure off some of the more serene talents on the team, such as captain Aleksander Barkov.

The Panthers wanted to run it back with Marchand for all of these reasons, but we’ll offer one more. Allowing him to slip to free agency could have meant seeing him sign with the division rival Toronto Maple Leafs, a team the Panthers themselves admit is finally getting its postseason act together — a team that could use a Marchand to finally get past the Panthers. Which, obviously, the Panthers wouldn’t allow to happen.

Does it make sense?

Look, it’s a massive flex for Zito to find a way to get Bennett ($8 million AAV), Aaron Ekblad ($6.1 million AAV) and Marchand ($5 million AAV) back for what would be Florida’s fourth straight trip to the Stanley Cup Final, something no team has accomplished since the New York Islanders‘ four straight Stanley Cups from 1980 to 1983.

Critics will screak to the heavens about the lack of a state income tax in Florida and the financial advantages in retaining talent that it bestows on teams. It’s a factor, to be sure, but the Panthers’ run of success, team culture and the significant investment in places and people made by ownership are the reasons that the trio re-signed.

Well, that and giving a 37-year-old player a six-year contract extension. Six years. Look, we’ve all seen old guys from the Northeast head down to South Florida to retire, but this is a little ridiculous in the context of the NHL and aging curves. By that I mean that the contract basically broke Dom Luszczyszyn’s player assessment model, which couldn’t comprehend what a 43-year-old Marchand would look like at the end of this contract.

But that’s the cost of doing business with a player who was headed to a very, very lucrative free agency. Throughout the playoffs, there was a sense that Marchand would simply find the biggest contract from the right destination for him and his family, and that would be his free agent journey. Some estimated that his AAV on a contract from teams such as Utah or Toronto could top out at $10 million.

Then came the trips to Dairy Queen, the Panthers embracing him like a long-lost older brother and a Stanley Cup celebration that might still be going on. He decided to give Zito the hometown discount the GM needed, and Zito went above the four years that many — including Marchand — thought would be the term on this contract. And the Panthers will remain as annoyingly successful as they’ve been, with one of the league’s ultimate competitors driving them.

All hail the Rat King, returning to his kingdom. — Wyshynski

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The terms: Four years, $10.5 million AAV

Grade: A

Where does he fit?

Bouchard is one of the best offensive defensemen in the NHL, full stop. Over the past four seasons, he’s eighth among blueliners with 40 goals and 149 assists in 245 games. He was tied for fourth with 74 power-play points, running point for Connor McDavid and Leon Draisaitl.

He moves the puck very well and carries play against tough competition. His shot is elite among defensemen. There will be those who called him a product of the elite offensive talent with whom he shares the ice, but he has earned the right to share that ice with his own elite offensive game.

His defensive game has been maligned for much of his six-year NHL career, which is what happens when some of your most glaring lapses go viral. The reality is that his even-strength defense is just below average at best, and not a liability at worst. In any case, his offensive abilities far outweigh his defensive concerns.

Bouchard spent much of his regular season playing with the likes of Mattias Ekholm and Jake Walman, which helps to mitigate those defensive concerns. But when coach Kris Knoblauch decided to put Bouchard next to Darnell Nurse, as he did in the playoffs? Oh boy. Think of your uncle putting way too much lighter fluid on the charcoals and then lighting the grill. It’s the hockey version of that.

Does it make sense?

Some ears might have perked up when they saw Bouchard signed for only four seasons. There are two ways to look at that term, both benefitting the Oilers.

First, it was a way to keep Bouchard without blowing out their salary cap space on an eight-year term, knowing that they have a Connor McDavid extension that (they hope) kicks in for 2026-27. But it also allows them the opportunity to move on from Bouchard if, for any reason, there’s a little too much risk than reward in his game by contract’s end.

The $10.5 million AAV is $1 million more annually than what Noah Dobson just signed for with Montreal on an eight-year term. Bouchard being a demonstrably better defenseman than Dobson, this is a good bit of business for GM Stan Bowman. Evolving Hockey projected a $10.6 million AAV on an eight-year term.

Of course, it would have been even better business if Edmonton could have signed Bouchard to an extension last summer. But the Oilers had other contractual priorities, and Bouchard was also betting on himself to further increase his value before restricted free agent status. (It should be noted his regular-season and playoff point totals decreased year over year.)

The only downside to this contract is the managerial sins of the past. Bouchard and Nurse are going to make a combined $19.75 million against the cap for the next four seasons. That’s a big chunk going to two defensemen, only one of them worth his share at the moment. — Wyshynski

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The terms: Seven years, $8.5 million AAV

Grade: C+

Where does he fit?

The Blue Jackets have used Provorov in a top-four role, and with this level of investment, it’s where he had better fit moving forward.

Provorov’s greatest value to Columbus is how heavy a workload he can carry. The veteran averaged over 23 minutes per game last season (second most on the team), and played a role on both the power play and penalty kill. Provorov is also durable — he has skated in all 82 games the past three seasons and just had his best year in half a decade in terms of output, with seven goals and 33 points.

If Provorov can continue contributing to all three facets of the game for Columbus and shouldering those big minutes, then he’ll be closer to earning his keep.

Does it make sense?

Well. Sort of?

Provorov has clearly benefited here from the fact that the Blue Jackets couldn’t afford to lose a blueliner because it’s slim pickings — especially with Aaron Ekblad off the board — to pin down viable defense options on the open market. They already missed out on Noah Dobson and Rasmus Andersson.

So, Columbus paid a significant premium to retain Provorov’s services for (maybe too many) years to come. Consider that Provorov will be making $2.4 million per season more than Ekblad on their newly signed contracts. That is unfathomable on multiple levels. However, the Blue Jackets can afford it, the salary cap is going up and, as mentioned, where else was Columbus going to find a defenseman it liked and had some belief in?

If Provorov had walked away in free agency, then the Blue Jackets’ depth on the left side would have been Denton Mateychuk and Jake Christiansen. That wouldn’t have been good enough for a club that expects to jump back into the playoff picture next season.

The good news here for Columbus is it still has about $20 million of cap space to work with. That means there’s room to improve further. — Shilton

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The terms: Eight years, $6.1 million AAV

Grade: A-

Where does he fit?

On the same blue line where he has fit since 2014, when the Panthers made him the first pick in the NHL draft. The 29-year-old defenseman wanted to remain with the Panthers after having won two straight Stanley Cups with the only franchise he has known. He got his wish.

GM Bill Zito has been adamant that the team could still retain the career Panther, even with trade acquisition Seth Jones adding $7 million to the blue line. There are plenty of reasons the team wanted Ekblad back. He has formed a formidable first pairing with Gustav Forsling on both of Florida’s Cup winners. He’s a skilled puck-moving defensemen who plays the Panthers’ system well. Ekblad had 33 points with an average ice time of 23:31 in 56 games this past season, which was truncated by a 20-game suspension for violating the terms of the NHL/NHLPA performance-enhancing substances program.

He fits the lineup, he fits the system and he is an important part of the team’s culture in terms of camaraderie as well as swaggering play. It was just a matter of whether Zito could fit the terms Ekblad wanted — and if Ekblad could fit into Zito’s financial framework. The answer, less than 24 hours before he was set to hit unrestricted free agency, was affirmative on both.

Does it make sense?

In every possible way.

• It makes sense from a roster standpoint because it keeps the defensive corps exactly how Zito envisions it. Ekblad and Forsling are a rock-solid duo, having played over 866 minutes together at 5-on-5 in the regular season and giving up only 1.98 goals per 60 minutes. Their continued partnership should allow Jones to continue to thrive as a second-pairing defenseman with Niko Mikkola — internally, the Panthers believe Jones is better suited for second-pairing matchups and minutes.

• It makes sense from a competitive standpoint because Ekblad is essentially the Sam Bennett of defensemen — good but not elite results in the regular season, but a player who elevates his game to the stratosphere in the postseason. Ekblad and Forsling went from 2.85 goals per 60 minutes in the regular season to 4.02 in the playoffs while remaining solid defensively in matchups against the likes of Connor McDavid. Ekblad wins puck battles, plays with physicality and is a solid contributor in the offensive end.

• It makes the most sense from a financial standpoint. Get ready for another several rounds of Floridian state tax advantage discourse, as Ekblad signed way under market value to remain with the Panthers. With options such as Jakob Chychrun having re-signed ahead of free agency (eight years, $72 million with Washington), Ekblad was easily the best big-name D-man available — and one with two Stanley Cup rings, no less.

His value as a puck-moving righthanded defenseman is palpable. Evolving Hockey had him predicted for a $7.7 million cap hit on a six-year term as a free agent. Zito landed him for $6.1 million annually. That’s a remarkable discount, but an understandable one for Ekblad: From the comforts of home to a great defensive partner to annual Stanley Cup contention, the Panthers offered a lot. As we say every free agent season, his stuff is there.

What’s keeping this grade at an A-minus instead of something higher is stability. Ekblad has played through injuries and missed time for them in the past for Florida. It’s an eight-year term for a player who turns 30 next season. That’s the risk, but it’s not a huge one the Panthers have taken considering the overall value of the deal.

And one needs only to look at the Stanley Cup and see Ekblad’s name on there twice to understand the reward. — Wyshynski