NHL Free Agency 2025: What’s Done, What’s Next, and Where the Maple Leafs Go from Here

The opening hours of NHL free agency have delivered drama, big names, and bold decisions—though for some teams like the Toronto Maple Leafs, a few key moves didn’t go their way.

Here’s a breakdown of what’s already happened, what it means, and what might still come.

Marner Heads to Vegas in Major Shakeup

The biggest headline: Mitch Marner is no longer a Maple Leaf. Though he signed an eight-year, $12M AAV extension with Toronto, he was quickly traded to the Vegas Golden Knights for Nic Roy.

This deal wasn’t just about cap management. It was a fresh start for both sides after another frustrating playoff run. Marner, long considered the franchise’s hometown gem, leaves behind heavy criticism in Toronto and now joins a Vegas squad hungry for more offensive firepower.

For the Golden Knights, Marner fits perfectly. They lacked wing threats last season, and his playmaking fills that gap instantly.

Maple Leafs: Reset or Rebuild?

With Brad Marchand re-signing in Florida, the Leafs missed another key target. So where do they turn?

General Manager Brad Treliving has already made strategic value plays. Extensions for Matthew Knies and John Tavares were quietly smart. The acquisition of Roy and the signing of Matias Maccelli also align with Toronto’s plan to spread the offensive load and reshape team identity.

Whether this new direction pays off depends on how well these pieces gel—and how quickly.

Panthers Pull Off the Impossible

GM Bill Zito deserves credit. Against all odds, he managed to retain Sam Bennett, Aaron Ekblad, and Brad Marchand. Marchand’s six-year deal through age 43 raised eyebrows, but it reflects the commitment of all three to chase a three-peat.

Ekblad’s $48.8M deal was the biggest surprise, especially after his dominant playoff showing drove his market value higher than expected. The front office, players, and ownership clearly aligned to keep the championship window wide open.

Bouchard Stays in Edmonton—and Just in Time

The Oilers locked down Evan Bouchard with a four-year, $10.5M AAV deal, fending off potential offer sheets from Carolina. The Hurricanes, who’ve chased him before, were serious suitors again.

Bouchard remains a cornerstone for Edmonton’s future, and his signing eases some of the pressure on the front office heading into a critical year.

What’s Still on the Board

Here are the top storylines to watch in the coming days:

Nikolaj Ehlers: Taking his time, but Carolina and Washington are both making aggressive pitches.
Kirill Kaprizov: Minnesota’s GM Bill Guerin is confident—but no deal yet.
Will Cuylle and Jack McBain: Possible offer-sheet targets if their teams can’t lock them down soon.

Other Notable Moves & Rumors

Vladislav Gavrikov: May end up with the New York Rangers after tense talks with the Kings.
Brock Boeser: Could land in Winnipeg, Edmonton, or Boston. San Jose may take a shot just to hit the salary floor.
Mikael Granlund: Linked to St. Louis.
Viktor Arvidsson: Likely to be traded soon.
Corey Perry: Philadelphia has shown interest.
Cody Ceci: Could be heading to Los Angeles.
Alex Lyon: Tied to Buffalo.

Tampering Watch? NHL Under Pressure

With deals moving at lightning speed, whispers of tampering have surfaced. The NHL previously investigated Toronto in 2018 (with no consequences), but several GMs believe the league may now want to “make an example” of someone.

Whether this turns into real action or fades into background noise remains to be seen.

What’s your take—did the Maple Leafs make the right call trading Mitch Marner? Or will they regret it down the road?

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