NHL Free Agency Recap and Stanley Cup Odds

As the NHL’s July 1st free agency window opened, the storylines centered largely around the Florida Panthers and a few other contenders making targeted moves—rather than blockbuster-fueled overhauls. Early futures markets show the Panthers as favorites (+600 at DraftKings), followed by teams like Edmonton, Vegas, and Carolina (ranging between +850 and +950).

Coming off back-to-back Stanley Cup titles, Florida focused on continuity. They secured Conn Smythe winner Sam Bennett on an eight-year, $64 million contract. Then came standout defenseman Aaron Ekblad on an eight-year, $48.8 million deal, and firebrand Brad Marchand on a six-year, $31.5 million pact. General manager Bill Zito emphasized it wasn’t the front office, but the players themselves who rallied to “be part of something that they created”. With core pillars locked up—Bennett, Ekblad, Marchand, Aleksander Barkov, Matthew Tkachuk, and Sergei Bobrovsky—the Panthers are positioning themselves for a potential three-peat dynasty in the salary-cap era.

Vegas executed a standout move by acquiring the league's biggest free agent prize, All-Star winger Mitch Marner via sign-and-trade from Toronto. Already at +850 to +900 on the futures board, this boosts their elite skill depth up front. If Marner clicks swiftly, the Knights could vault back into Cup contention status in short order.

Edmonton Oilers — Fine-Tuning Around the Core

With Cup odds near +850 and fresh off back-to-back (unsuccessful) trips to the Stanley Cup Final, Edmonton opted for depth upgrades, notably signing two-way winger Andrew Mangiapane on a two-year deal. Their message? Strengthen behind McDavid and Draisaitl without disrupting momentum. There are losses to talk about with veterans Evander Kane, Connor Brown and Corey Perry all moving on. Defenseman Evan Bouchard was re-signed to continue to anchor the blue-line corps.

Carolina Hurricanes — Defensive Reinforcement

Carolina added physicality and structure by acquiring K’Andre Miller from New York and extending him long-term. That bolsters playoff readiness in grind-heavy postseason series' and keeps them in +850 odds company. Breakout playoff performer Logan Stankoven - the key piece coming back from the Mikko Rantanen trade - was signed to lock up a key piece long-term. Already a perennial Cup contender, the Canes believe minimal moves are necessary to get them over the hump.

In summary, Florida's offseason was unmistakably about locking in their championship core—Bennett, Ekblad, Marchand—and sustaining a dynasty blueprint under the cap. Meanwhile, Vegas, Edmonton, and Carolina made smart, targeted moves; none altered the hierarchy, but each slightly upgraded their Cup odds. Expect the top tier to remain clustered—but for Florida, the continuity gamble could pay historic dividends.