Day 1 of 2025 NHL free agency saw a flurry of activity among notable trades and signings. The activity saw several players change teams, while others remained with their existing clubs.

Amid the hubbub and buzz, winners and losers have shaped the NHL landscape heading into the 2025-26 season. So, it’s worth taking a look at the winners and losers of Day 1 of 2025 NHL free agency.

Biggest losers & winners from Day 1 of 2025 NHL free agency

Winners

#3 Toronto Maple Leafs

The Toronto Maple Leafs emerged on Day 1 of 2025 NHL free agency as winners following the high-profile Mitch Marner trade to the Vegas Golden Knights. The Leafs then bolstered their lineup by adding several players on affordable deals.

The Leafs added depth players in keeping with the team’s “DNA change.” As it stands, the Maple Leafs could be a much deeper team heading into next season.

#2 Brock Boeser/Vancouver Canucks

The Vancouver Canucks shocked the NHL by re-signing Brock Boeser to a seven-year, $50.75 million contract. The deal was unexpected as the chatter around the league suggested that Boeser would be seeking greener pastures elsewhere.

However, the Canucks re-upped Boeser. For Boeser, the deal was a win as he got fair market value on a long-term deal. For the Canucks, they kept a top-six forward without overpaying.

It’s worth point out the Canucks re-sign goaltender Thatcher Demko to a three-year deal with an AAV of $8.5 million. That situation also solidifies the team’s goaltending situation.

#1 New York Rangers

The New York Rangers were big winners. First, they traded K’Andre Miller to the Carolina Hurricanes for a substantial haul. The return included Scott Morrow, a right-shot defenseman and former second-round pick, a conditional first-round pick, and a second-rounder in the 2026 NHL Draft.

Then, the Rangers landed prized defense free agent Vladislav Gavrikov, inking him to a seven-year, $49 million contract. Gavrikov becomes the perfect addition to the Blue Shirts’ defense core, which already boasts Norris Trophy winner Adam Fox.

Lastly, the Rangers re-signed Will Cuylle to a two-year, $7.8 million deal, avoiding the temptation of an offer sheet for the 23-year-old center.

Losers

#3 Dallas Stars

The Dallas Stars lost several key players on Day 1 of 2025 NHL free agency. The team’s biggest loss was Mikael Granlund, who signed a three-year, $21 million deal with the Anaheim Ducks. Then, the club also lost Evgenii Dadonov to the New Jersey Devils on a two-year pact. Then, the club lost Cody Ceci to the LA Kings on a four-year deal.

While they signed Radek Faksa to a three-year, $6 million contract, he won’t be enough to replace the departed players.

#2 Nikolaj Ehlers

The big fish remaining in 2025 NHL free agency is Nikolaj Ehlers. Ehlers was expected to draw as much attention as Brock Boeser. But after Boeser signed with Vancouver, Ehlers remained as the biggest available UFA.

However, no news materialized on a deal for Ehlers. Some chatter and speculation have linked Ehlers to the Carolina Hurricanes and Washington Capitals. It remains to be seen if either club will be interested in signing him.

The Canes extended Logan Stankoven while the Capitals have remained quiet thus far. While there’s an entire summer for Ehlers to sign, it was surprising to see him miss out on a big payday as free agency opened.

#1 Edmonton Oilers

The impending cap crunch for the Oilers forced the team to move on from several key depth players. Among the notable losses were Connor Brown, Corey Perry, and John Klingberg. Jeff Skinner remains unsigned.

The Oilers now have significant holes in their lineup, most notably on the second line as elite center Leon Draisaitl looks to play with make-shift wingers. The bottom six features a number of AHL callups.

While the Oilers’ defense core looks solid, their goaltending situation remains a considerable question mark. The signing of goalie Matt Tomkins is hardly a solution. So, the Oilers will need to figure out what to do as the 2025 NHL free agency season continues.