NHL Free Agency Winners: Panthers Hold Firm, Hurricanes Swing for the Cup

If there’s one thing we can all agree on after the first wave of NHL free agency, it’s that the Florida Panthers are the big winners.

Their quest for a third consecutive Stanley Cup is off to a strong start, thanks to the return of key players Aaron Ekblad, Sam Bennett and Brad Marchand.

All told, the Panthers have retained most of the squad that steamrolled its way through the playoffs. Sure, they’ll face some salary-cap gymnastics and won’t have much flexibility for late-season additions, but GM Bill Zito’s offseason performance has been first-rate.

Reeling in the Panthers won’t be easy—but a few teams have made aggressive moves to try.

No team swung harder than the one Florida ousted in the Eastern Conference Final: the Carolina Hurricanes. Only time will tell if the revamped Canes can close the gap, but credit to them for being bold in a free-agent market that was otherwise underwhelming.

Few players of note even reached free agency, but Carolina may have landed the biggest name available by signing forward Nikolaj Ehlers to a six-year deal worth an average annual value of $8.5 million.

It was a bold move—but also a sensible one. Ehlers, formerly of the Winnipeg Jets, brings much-needed scoring depth and offensive flair to a club that struggled to finish chances against Florida. The Hurricanes may have been the only true contender with the cap space to meet his demands.

That move capped off a very productive week in Raleigh.

The Hurricanes began by signing rising star forward Logan Stankoven to an eight-year extension, locking up a player whose best days are ahead. He’s expected to be a core piece for the next decade.

Much of Carolina’s future success could hinge on how well defenseman K’Andre Miller adapts after being acquired from the New York Rangers and signed to an eight-year extension. Miller, once one of the league’s most promising young blueliners, struggled the past two seasons in New York.

But he now joins a team known for its defensive structure, unlike the more chaotic environment with the Rangers. The Hurricanes know they’re taking a risk on Miller and paid a steep price—first- and second-round picks, plus prospect defenseman Scott Morrow—but the move fits a franchise that believes it’s on the cusp of a title.

Miller’s transition to Carolina’s structured, team-first system could unlock the potential that made him so coveted early in his career—and it may be the edge the Hurricanes need to finally unseat the Panthers.

But is it enough?

Carolina still lacks ideal size up front to truly go toe-to-toe with Florida. At some point, they may also need to upgrade their goaltending to realistically chase a Cup.

Still, in an offseason where most teams prioritized retaining their own players rather than making bold, roster-altering moves—save for the Vegas Golden Knights acquiring Mitch Marner via trade and signing him—the Hurricanes stood out by taking big swings.

Now, it’s a matter of whether that boldness leads to a Stanley Cup breakthrough.