Winners and losers of the NHL offseason include teams in big markets spending and improving

NHL teams committed more than $862 million in salary to 102 players on , not counting entry-level or minor-league contracts.

to the biggest contract at $75 million, making him the highest-paid defenseman in the league at $12.5 million a year, at least for now. Philadelphia spent the most at just under $90 million, though like the Byram deal much of that does not go into effect until the 2027-28 season.

Some of that money will be well spent, and other dollars will be regretted for years to come. Here’s a look at the early returns on offseason winners and losers:

NHL free agency winners

NEW YORK RANGERS: Fundamentals-first coach Mike Sullivan should be happy because his blue line got better even if needs another year to make the leap. General manager Chris Drury acquired defensemen Sean Durzi and Marcus Pettersson in separate trades, which should ease the burden on Adam Fox, Vladislav Gavrikov and goaltender Igor Shesterkin. Trading Vincent Trocheck to Utah opens a hole at center, but the makes up for a talent deficiency up front enough to say the Rangers got better.

TORONTO MAPLE LEAFS : New GM John Chayka acknowledged: 鈥淲e did a lot of buying and selling over the last month. And at times maybe it didn鈥檛 make a lot of sense in terms of the individual moves. But as we thought about kind of the bigger picture and what we鈥檙e trying to create, it all kind of lined up for us.” It’s hard to argue with remaking the roster by , and Emil Andrae, and forwards Nick Paul, Colton Sissons, Jack Roslovic, Brandon Duhaime and Teddy Bleuger. Gone are Joseph Woll, Simon Benoit, , Nick Robertson, Matias Maccelli and more. With Auston Matthews’ future in question, Chayka is off to a good start as far as personnel goes and he also has to weave into the mix.

SAN JOSE SHARKS : Mike Grier by trading for Darnell Nurse and signing Mason Marchment and Jacob Trouba. They are veteran players who could help the team make the playoffs next season. He also of high-end-potential prospects by drafting Ivar Stenberg and two others in the first round. The short-, medium- and long-term future is bright now that San Jose is a destination with Macklin Celebrini and the Sharks on the rise.

FLORIDA PANTHERS: Even losing Bobrovsky, the 2024 and ’25 Cup champions to play with brother Matthew, brought back Radko Gudas and extended Eetu Luostarinen. The Panthers look loaded for another run and have tons of future salary cap space to play with.

NHL free agency losers

DETROIT RED WINGS: Detroit has not made the playoffs since 2016, now the NHL’s longest drought. And there is lingering uncertainty with . The Red Wings’ muddled path forward was evident Wednesday with the signing of Viktor Arvidsson and trade pickup of Keegan Kolesar representing their most notable additions. GM Steve Yzerman has the leverage of time in waiting for the best offer for Larkin. And yet the situation has the potential of becoming a bigger distraction and handcuffing Yzerman from building the roster further.

PHILADELPHIA FLYERS: Hindsight might reveal the Flyers were smart in not spending big on assets and salary cap space to get Nurse, John Carlson (who signed with Tampa Bay) or Byram. But their biggest need was a No. 1 defenseman who could run the top power play unit, and that remains a giant void. GM Daniel Briere did make a big move for years down the road by locking up Tyson Foerster for almost the next decade.

NHL free agency jury’s out

BUFFALO SABRES: The Sabres lost more proven talent than they brought in during the past two weeks, trading Byram to the Blackhawks and . Landing defensive prospect Daxon Rudolph with the fourth pick in exchange for Byram helps down the road, as do the acquisitions of promising young blue liners Olen Zellweger and Louis Crevier. Buffalo has so far struck out in trade talks to get Winnipeg goalie Connor Hellebuyck this summer, after St. Louis D-man Colton Parayko declined to a move at the deadline. That leaves Jarmo Kekalainen banking on Buffalo鈥檚 talented pipeline of youth to step up to build on a season in which the Sabres won their first Atlantic Division title and snapped a league-record 14-year playoff absence.

DALLAS STARS: This all depends on , a restricted free agent in need of a new contract and one that could exceed $100 million. Jim Nill traded Mavrik Bourque to Nashville for picks and cleared cap space by including Ilya Lyubushkin in that deal. He also acknowledged he had something worked out with Seattle in a trade Robertson vetoed. Reigning Norris Trophy winner declined to join Dallas. Everything hinges on making sure Robertson is signed or somehow recouping assets for a player in his prime coming off a 45-goal, 96-point season.

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