The curtain has barely fallen on the Florida Panthers’ second straight Stanley Cup triumph, but the NHL’s finest are already preparing for the 2025/26 season. The rumor mill has gone into overdrive in recent weeks. There is plenty of speculation about the future of Connor McDavid, with the Canadian superstar having just one year remaining on his deal in Edmonton. Sidney Crosby was rumored to be leaving Pittsburgh, but that talk has seemingly been quelled recently.
One thing that isn’t up for debate is that the Panthers remain the team to beat. After reaching the Stanley Cup finals in each of the last three seasons, winning the most recent two, online hockey betting sites make them the favorites to complete a famous three-peat next term. Websites offering hockey futures currently price the Cats as the +600 frontrunners, with the Oilers just behind at +750.
Plenty of teams, however, have been attempting to catch the two market leaders up, wheeling and dealing throughout the offseason to strengthen their ranks. Here are the biggest deals to go down thus far.
Mitch Marner Lands in Las Vegas
Las Vegas—a city built on spectacle and risk—is now at the center of hockey’s most audacious gamble. On July 1, Golden Knights GM Kelly McCrimmon orchestrated a headline deal, prying All-Star winger Mitch Marner from Toronto in exchange for the versatile Nicolas Roy. The stakes? Monstrous… for both parties.
Marner instantly inked an eight-year, $96 million extension, averaging $12 million per year and ensuring that Golden Knights fans can expect jersey sales, headlines, and—if the analytics hold up—plenty of highlights.
Consider the numbers: Marner’s 102 points last season (27 goals, 75 assists) not only represented a career-high but also ranked him third in assists across the entire league and the top five among all scorers. The 28-year-old’s career totals—741 points in 657 games—signal a player who isn’t just good but also generational.
Under the bright lights of T-Mobile Arena, Marner joins forces with Jack Eichel, forming a combination that, on paper, could tilt the Western Conference in Sin City’s favor. After a disappointing second-round playoff loss, Vegas needed more than hope. They needed facts. They got Marner.
Toronto receives Roy, a 28-year-old two-way center who posted 31 points and became the backbone of Vegas’s penalty kill. He may lack Marner’s star power, but his efficient, workmanlike style aligns with what GM Brad Treliving wants as the Maple Leafs pivot into an era that prizes defensive integrity as much as offensive dazzle.
Marchand Extends Florida’s Dynasty Dreams
What does leadership cost in the modern NHL? For the Florida Panthers, the price was $30 million over six years—a fraction of Brad Marchand’s actual worth, but a massive win for the champs. Marchand, the 37-year-old warrior with 1,100 career games already under his belt, could have chased larger offers. Instead, he chose something more elusive: legacy.
The veteran’s impact goes beyond his 51 regular-season points and 20 postseason tallies, ten of which rippled through the net en route to Florida’s second consecutive Stanley Cup. When the moment demanded grit, Marchand answered. “We’re going to follow you,” said Sam Bennett of his teammate, and the stats back it up: among all playoff skaters, Marchand’s six goals in the Final led the team, and his plus-17 rating trailed only Anton Lundell.
This extension signals more than retention—it broadcasts that Florida is serious about their dynasty status. Marchand, alongside fellow core pieces Sam Bennett ($64 million across eight years) and Aaron Ekblad ($48.8 million across eight years), all accepted below-market deals. The message? Winning matters most.
Carolina Hurricanes Upgrade with Ehlers and Miller
In Raleigh, GM Don Waddell wasted no time executing a two-pronged assault to turbocharge Carolina’s contention window. First came Nikolaj Ehlers, pried from Winnipeg after posting 30 goals and 35 assists last season. At 29, the Dane is a dynamo—his 65 points propelled the Jets’ attack to the Presidents’ Trophy, but his real power lies in transition, using explosive speed to flip the ice in a heartbeat. For a Carolina offense sometimes chided as methodical, Ehlers is an agent of chaos.
Next came K’Andre Miller. The 25-year-old blue-liner, fresh off a career-best 43 points and a team-leading average of 22:11 minutes per night, slots into an eight-year, $60 million contract. His 6’5” frame and end-to-end mobility mark him as an elite modern defender capable of joining the rush as easily as shutting down an opponent’s top line.
Together, Ehlers and Miller provide the dose of unpredictability and two-way excellence Carolina craved. By acquiring both in their prime, the Canes underscored an unflinching “win-now” ethos—a stance mirrored in their aggressive deployment of assets and willingness to pay for top-end skill. Overnight, Carolina has become one of the league’s premier transition teams, and these deals could propel them to another level come next spring.