As free agency showed the league, a rising cap does not just mean more money to play with to sign new players. It also meant that (almost) everyone else had enough cap space to re-sign their UFAs.
If you are tuned into social media, you have probably heard the claims.
“This Draft is going to be crazy. There are going to be so many deals made because everyone is at home!”
“Free agency is going to be wild. You’re going to see huge bidding wars!”
“There is going to be so much news this offseason. Watch out for the offer sheets!”
While these are not literal quotes, this has effectively been the mantra from hockey media on this offseason. And maybe I cannot blame them, because why wouldn’t a guy like Brock Boeser or Mitch Marner actually let themselves hit free agency for a bidding war? With how high the salary cap is reaching, players should see huge raises in average contracts from year-to-year, and maximum-term deals are almost certain to limit a player’s earning potential. But hockey players enjoy security more than perhaps any other North American sport because they know that they are one really bad day away from never getting another contract.
When TSN was watching the free agent board, concernedly pointing out that July 1 was only on track for a few hundred million dollars in contracts handed out, in comparison to the $1.1 billion in 2024, they did not follow the trend to its logical conclusion: teams simply had way more money to use in re-signing their pending free agents than ever before in the salary capped NHL. I think that this trend will not stop with this season. With the cap rising another $18 million over the next two seasons, teams will have even more money available to re-sign players, and having available cap space going into the offseason will be far less unique and valuable than it was five or ten years ago.
Many teams must instead turn to internal options if they went into this July hoping to sign a bunch of free agents to fill the holes in their roster. At this point, every roster in the league has weaknesses, and many teams are stuck in a loop of mediocrity, with only a few true tanking teams left. Even teams that were drafting in the top five this year may be trying to convince themselves that they can compete this season. The Islanders will give it another shot before they sell off more veteran forwards. The Sharks will try to take the next step with more of their top prospects hitting the NHL. The Mammoth will try to ride their very solid forward core into the playoffs. Barry Trotz will continue trying to convince himself that he made good choices to compete in Nashville. Of those top five teams, I think only Chicago has themselves set to purposefully tank another season, as they will turn to their prospects to fill out around half the roster.
The Devils had a solid start to the offseason despite their comparatively limited cap space. Re-signing Cody Glass and Jake Allen while adding Connor Brown and Evgenii Dadonov — for a grand total of $8.3 million against the cap (pending Dadonov’s bonus overages) was tidy work, even if they still need to make space in their cap situation to re-sign Luke Hughes. However, since the Devils will be looking within their own organization to fill their final roster spots through training camp and preseason battles, they probably do not have to move that much salary if they only want to re-sign Luke Hughes.
Everyone knows that the New Jersey Devils have a top prospect on the way in Arseni Gritsyuk. Devils fans know that they also have Lenni Hameenaho on the way, whether he starts this year in New Jersey or Utica. But, as James Nichols wrote this morning, Tom Fitzgerald and the Devils also believe they have an ace up their sleeve in Shane LaChance, who they acquired in the initially fan-maligned Trent Frederic trade. Gritysuk and Hameenaho are expected to be very skilled offensive forwards, but only LaChance projects to be a netfront menace at 6’5” and around 220 pounds. With Nate Bastian seeking employment elsewhere at the moment, having lost a lot of his offensive effectiveness due to a few injuries over the last couple seasons, the Devils should have their replacement in LaChance.
The only issue I take with the way some people have been selling LaChance over the last week (and I have been on that train since I saw him play in the Frozen Four) is that I do not believe he can play center right off the bat in the NHL. He played top-line wing in the Frozen Four, and I cannot think of a lot of college wingers that went on to immediately play fourth line center in the NHL. So, the Devils may very well see LaChance in that way, but I would be shocked if he was not first sent to Utica so he can actually play center before being thrown into that role at the NHL level. Regardless, it is not a need for now with Dawson Mercer, Cody Glass, and Juho Lammikko on the NHL roster. If the Devils want a fourth line right wing, though, I think LaChance can compete there right off the bat.
I would also like to point out Cam Squires, the team’s fourth round draft pick in 2023. After four solid seasons in the QMJHL, Squires played three games at the end of the year for Utica, where he had a goal, three assists, and a +4 rating. That is one nice first impression to make, and I think Squires should be one of the first names in consideration if the Devils ever have an injury in the middle of their forward lineup during the 2025-26 season. And while Matyas Melovsky had a few more points in the QMJHL, he is nearly a full year older than Squires. I think Melovsky is going to need more time in the AHL than Squires as a center and as a player who was nearly 21 at the end of his juniors career. Squires won’t be 21 until the end of the 2025-26 season, but already looks like one of the smartest players coming out of juniors.
This is where the department of player development, helmed by Meghan Duggan — a three-time Olympic medalist and former Team USA Captain — will make their money. The Devils are not really in a position where they can sell off their remaining prospects for immediate help: they cannot afford it against the cap ceiling. But if the Utica staff and player development crew can put players like LaChance, Squires, and Melovsky into a position to contribute to the team over the next year, that will put the Devils into a much better place, where they don’t have to rely on free agency to acquire veterans on the decline for secondary scoring.
Some might point out that the Panthers and Oilers did not rely on players on their ELCs to make the Stanley Cup this year. That is true, but not a lot of teams are going to get very far trying to copy a team led by Connor McDavid and Leon Draisaitl or a Florida group that has the benefit of their players paying less in taxes than all but a half-handful of teams. The New Jersey Devils already did a great job of not falling into the trap of selecting a bunch of giant players with questionable career outlooks in the Draft this year, in hopes of matching Florida’s reputed physicality and extremely exaggerated size. But they also have to make sure they continue looking for low-dollar contracts such as those signed by Connor Brown and Evgenii Dadonov to fill middle six roles rather than handing out giant contracts like that given to Ondrej Palat prior to the 2022-23 season. Waiting for the perfect player, and not overreacting if he signs elsewhere, is essential in free agency.
Maybe the Devils don’t manage to sign any of the top free agents in 2026, who include Connor McDavid, Artemi Panarin, Jack Eichel, Kirill Kaprizov, or Cale Makar. It will simply fall on them not to turn around and sign Alex Tuch and Mason Marchment (who are good players, but getting older) to long-term panic contracts if they miss out on every top guys. Thankfully, I trust Nico Hischier, Jack Hughes, Jesper Bratt, Luke Hughes, Timo Meier, and Dougie Hamilton to give Devils fans a competitive team (note: they made the playoffs with two of those guys being hurt for a lot of last season) no matter who they sign, and those veterans already on the roster will give the team’s prospects shelter and room to grow on a team that hopes to compete for the Stanley Cup for years across the next decade. Since it won’t even be remotely surprising to me if none of the top five free agents next year sign with a new team, the Devils will simply have to continue playing the long game.
Your Thoughts
What do you think about the rising cap and its effects on player mobility around the league? Do you think the trend of re-signings will reverse next year? Who do you think can make an impact on the Devils over the next year or two? Leave your thoughts in the comments below, and thanks for reading.