NHL teams splash cash on 1st day of free agency: 'A lot of money spent'

The Atlantic Division got down to business ahead of NHL free agency.

The Nashville Predators then made the biggest splash once the opening bell sounded as teams doled out more than US$1-billion in contracts Monday.

The Tampa Bay Lightning signed prized winger Jake Guentzel to a seven-year, $63-million US deal — roughly three hours before players on expiring contracts went to market at 12 p.m. ET — after acquiring his rights over the weekend.

The Lightning later signed Buffalo Sabres forward Zemgus Girgensons to a three-year contract worth an average annual value of $850,000.

Those deals bookended the Stanley Cup champion Florida Panthers announcing 57-goal man Sam Reinhart had signed an eight-year extension worth a reported $69 million.

The salary cap is climbing to $88 million next season — up $4.5 million from 2023-24 and the first significant rise since the COVID-19 pandemic ravaged league finances.

"A lot of cash," Leafs general manager Brad Treliving said of the overall market. "It's competitive league, people are trying to improve. You hear it all the time: 'The cap's going up.' I heard it from a lot of the agents."

"July 1 is an interesting day," Vancouver Canucks general manager Patrik Allvin added. "But it's also a scary day ... some of the deals might have surprised me a little bit."

The Predators made three major additions.

Nashville signed former Lightning captain Steven Stamkos, who leaves Tampa after 16 seasons, to a four-year, $32-million contract, got winger Jonathan Marchessault on a five-year, $27.5-million deal, and inked defenceman Brady Skjei for seven years at a total of $49 million.

The Predators also locked up goaltender Juuse Saros with an eight-year, $61.92-million contract beginning in 2025-26.

The Canucks signed winger Jake DeBrusk to a seven-year, $38.5-million deal and forward Danton Heinen to a two-year, $4.5-million contract.

The Seattle Kraken got defenceman Brandon Montour on a seven-year, $49.98-million agreement and centre Chandler Stephenson for seven seasons at $43.75 million.

Bruins acquire Lindholm

The Bruins — not to be outdone by the Lightning, Panthers and Leafs in the Atlantic — added centre Elias Lindholm on deal worth a reported $54.25-million over seven seasons. Boston also added defenceman Nikita Zadorov, reportedly on a six-year, $30-million pact.

The Montreal Canadiens looked to the future by signing winger Juraj Slafkovsky to an eight-year, $60.8-million contract extension beginning in 2025-26.

The Blue Jackets got centre Sean Monahan on a five-year, $27.5-million contract.

The Flames re-upped winger Yegor Sharangovich on a five-year, $28.75-million deal that begins in 2025-26. They also signed two forwards — Anthony Mantha for one year at $3.5 million and Ryan Lomberg for two years at a total of $4 million.

"Every team is in a different situation, what they're going for," Calgary GM Craig Conroy said. "Some teams are just saying, 'We're going to go all-in right now and go for it.'

"In their situations, it probably made sense."

The Ottawa Senators, meanwhile, traded Jakob Chychrun, who's set to enter the final year of his current deal, to the Washington Capitals for fellow defenceman Nick Jensen.

The Senators also signed David Perron to a two-year pact worth a reported $8-million, while the Edmonton Oilers gave the same dollars and term fellow winger Viktor Arvidsson.

The Capitals signed blueliner Matt Roy to a six-year, $34.5-million contract and the Carolina Hurricanes gave defenceman Jaccob Slavin an eight-year, $51.69 extension that begins in 2025-26. The Canes also signed defenceman Shayne Gostisbehere to a three-year, $9.6 million deal on Monday. The 31-year-old Gostisbehere compiled 56 points, including 10 goals, with the Detroit Red Wings this past season.

Chicago signed wingers Teuvo Teravainen (three years, $16 million), Tyler Bertuzzi (four years, $22 million) and Pat Maroon (one year, $1.3 million).

The Lightning acquired Guentzel's rights Sunday from Carolina for a 2025 third-round pick after clearing more than $11-million in cap space when they traded defenceman Mikael Sergachev and winger Tanner Jeannot.

"The winning culture," Guentzel said when asked what attracted him to Tampa. "A lot of high-end players that really made it intriguing."

Similar to the weekend move for Guentzel, the Leafs jumped the queue to negotiate with Tanev when they made a minor trade with the Dallas Stars for his rights Saturday before the floodgates opened at noon on Canada Day.

Toronto also signed blueliner Oliver Ekman-Larsson for four years at $4.75 million per season.

"You try to build the bones of your roster through the draft, through trades," Treliving said. "And then when you get to free agency, it's an opportunity to supplement your roster and fill certain spots.

"There were some really good players available. You saw teams be aggressive."

Conroy, however, cautioned that some of the moves will eventually be looked back on with regret.

"A lot of money spent," he said. "[July 1] really can set it up for a positive or it can set it back.

"There's always a catch."