The offseason is when NHL GMs usually make their biggest, boldest moves. It’s a manager’s chance to finally weaponize cap flexibility and trade chips, dip into the free-agent market and engage in a flowing trade market to execute their blueprint.
We’re approaching the halfway point of the 2024-25 season, which is a sensible time to re-evaluate every club’s biggest offseason acquisitions (we won’t dig into every depth addition unless there’s been a noteworthy impact). Half a season isn’t enough to make a final verdict for trades or signings, especially as players acclimate to new cities, teammates and coaches. Still, it’s enough of a sample to reflect on the early return on investment. We’ll start with Eastern Conference teams and go through the Western Conference later.
Let’s dive in.
Notable additions: Elias Lindholm ($7.75 million x seven years), Nikita Zadorov ($5 million x six years), Joonas Korpisalo and Mark Kastelic (acquired alongside a 2024 first-round pick in exchange for Linus Ullmark)
Early return: Boston’s front office appears to have made costly miscalculations.
Lindholm was signed to a mega contract to solve the Bruins’ center-ice woes at the top of the lineup. The 30-year-old Swede is on pace for just 13 goals and 38 points. This offensive drop-off could have been seen coming from a mile away — his offensive play-driving metrics cratered last season, his five-on-five production was pedestrian and it was abundantly clear when watching him play that he doesn’t have the dynamic skill to produce like a top-flight center anymore. Lindholm is still a high-end defensive presence, and he’s been more productive lately (four goals in his last 10 games), but this contract already looks like an albatross.
Zadorov is a quality defenseman with his size, snarl and secondary puck-moving skill — a No. 4/5 on a good team — but he’s overpaid at $5 million and prone to making loud mistakes.
It also stings that the Bruins let Jake DeBrusk, who’s on pace for 35 goals at a tidy $5.5 million cap hit in Vancouver, walk when a lack of goal scoring is one of the team’s biggest problems.
Notable additions: Ryan McLeod (acquired in exchange for Matthew Savoie), Jason Zucker ($5 million x one year), Sam Lafferty ($2 million x two years)
Early return: GM Kevyn Adams failed to upgrade this roster enough to be playoff competitive.
The jury is still out on whether Buffalo’s hefty bet on McLeod was worth it. The speedy 25-year-old center is on pace for a career-high 36 points, which is decent production from a third-line pivot, but most of that was powered by a hot start to the season. He hasn’t scored a goal in his last 23 games and only has six assists in that span.
McLeod was a reliable two-way player in Edmonton but his impact in Buffalo has been mixed. The Sabres have only controlled 42.5 percent of scoring chances and 46 percent of goals with him on the ice at five-on-five, though he has made up for it on the penalty kill, where his defensive metrics are strong despite the team’s overall mediocrity short-handed.
Zucker is playing at a terrific 30-goal, 62-point pace. His pace, motor skills and talent have made him worth every penny of his contract.
Lafferty hasn’t made enough of an impact in the bottom six, contributing just three points in 30 games.
Notable additions: Sean Walker ($3.6 million x five years), Shayne Gostisbehere ($3.2 million x three years), William Carrier ($2 million x six years), Jack Roslovic ($2.8 million x one year), Eric Robinson ($950,000 x one year)
Early return: The Canes have held things together well this season, considering they lost their second pair (Brady Skjei and Brett Pesce) and star winger Jake Guentzel in free agency.
Part of that is because Carolina had internal candidates to step up on the back end — Dmitry Orlov and Jalen Chatfield have successfully bumped up into the top four — but the outside additions have all brought something meaningful to the table.
Gostisbehere had piled up 27 points in 35 games and was quarterbacking the Canes’ top-10-ranked power play before recently going down with an injury. Walker’s speed and puck-moving ability have shined on the third pair.
Roslovic leads the team with 17 goals despite making just $2.8 million. Robinson has capably held down a middle-six role for the Canes, scoring at an 18-goal, 40-point pace for just $950,000. He’s big, fast and hardworking, which allows him to excel as a complementary winger who can win battles, retrieve pucks and chip in with secondary offense.
Carrier has added valuable physicality and snarl to the bottom six; he ranks top 10 in the NHL in hits and drives solid defensive metrics.
Keeping Martin Necas instead of trading him has been a huge win as well.
Overall, GM Eric Tulsky has done well to patch holes and keep the team humming along as a bona fide contender despite the high-profile players who walked away.
Notable additions: Sean Monahan ($5.5 million x five years), James van Riemsdyk ($900,000 x one year), Jack Johnson ($775,000 x one year), Kevin Labanc ($775,000 x one year)
Early return: Many fans and analysts outside of Columbus raised their eyebrows when the Blue Jackets signed Monahan to a five-year, $27.5 million contract. Five years of term seemed risky for a 30-year-old who’s previously dealt with serious injuries. But so far, it’s been a slam-dunk signing.
Monahan has scored 41 points in 41 games as the club’s top-line center. Jack Eichel, Kirill Kaprizov, Leon Draisaitl and Brandon Hagel are the only players who’ve scored more five-on-five points than Monahan this season. He and winger Kirill Marchenko have quietly been one of the most electric offensive duos in the NHL, controlling a dominant 60 percent of expected goals and outscoring opponents 34-11 during their five-on-five minutes together.
Van Riemsdyk, Johnson, Labanc and Zach Aston-Reese have provided competent depth minutes at affordable prices.
Dante Fabbro technically doesn’t belong in this conversation because he was a midseason waiver acquisition, but his addition warrants a mention. He’s seamlessly fit on the Blue Jackets’ top pair and appears to be legitimate found money.
Notable additions: Vladimir Tarasenko ($4.75 million x two years), Cam Talbot ($2.5 million x two years), Erik Gustafsson ($2 million x two years), Tyler Motte ($800,000 x one year)
Early return: Detroit’s pro scouting under Steve Yzerman is building an abysmal reputation.
Tarasenko has mustered just four goals and 14 points in 39 games. That lack of production is especially problematic because he doesn’t drive play and is below-average defensively. He’s on the books for next season at a $4.75 million cap hit too, which means the club is stuck with another overpaid veteran.
Talbot has been solid between the pipes and delivered good value for his modest $2.5 million cap hit. He’s riding a .903 save percentage this season and is carrying a positive goals-saved-above-expected rating. However, Talbot missed some time with injury in early December and has lost four of six starts since returning.
Bringing Gustafsson in to replace Gostisbehere as a sheltered offensive/power-play specialist has aged really poorly. He’s scored just eight points in 32 games and the Red Wings have been outshot and outscored by wide margins during his five-on-five shifts.
Tack on the mistake of paying San Jose a second-round pick to take on Jake Walman’s contract and it adds up to a disastrous summer.
Notable additions: Nate Schmidt ($800,000 x one year), Adam Boqvist ($775,000 x one year), Jesper Boqvist ($775,000 x one year)
Early return: After re-signing Sam Reinhart, the Panthers, facing a cap crunch, couldn’t afford to do anything beyond bargain-hunting for depth players.
Schmidt was the most promising addition of the bunch as a budget Oliver Ekman-Larsson replacement. He had a lengthy track record of top-four success in his prime and many (myself included) figured he’d shine in Florida, where the club has had unprecedented success at rehabilitating defensemen.
Instead, the 33-year-old has disappointed. He only makes $800K so you wouldn’t call this a “bad” signing, but Schmidt hasn’t contributed much offense and has only averaged 15:07 per game, and the Panthers have been outscored during his even-strength shifts.
Adam Boqvist hasn’t moved the needle either, which means the Panthers should be shopping for another impact defenseman at the deadline.
Up front, Jesper Boqvist has been a decent find. He’s on pace for 15 goals and 32 points, which is handy considering nearly all that production has come at five-on-five. His two-way underlying numbers are the worst among Florida’s forwards, but it’s hard to complain about that given his league minimum price.
Notable additions: Patrik Laine (acquired alongside a 2026 second-round pick in exchange for Jordan Harris)
Early return: Laine didn’t make his Habs debut until Dec. 3 because of injury, but has come out of the gate roaring. The 26-year-old sniper has scored eight goals in 13 games, all on the power play. His deadly finishing ability has given Montreal’s lineup a huge boost, even though he’s yet to score an even-strength goal.
Laine’s five-on-five underlying numbers are rough (Habs have controlled just 35 percent of expected goals and been outscored 9-5 with him on the ice), but context is key. He’s spent most of his minutes centered by Kirby Dach, who has struggled to drive play for most of the season. Acquiring Laine was a sharp move by the Canadiens because there’s essentially no risk — Columbus paid them a second-round pick to take him and the Habs have so much cap space that his contract, which only has another year on it, is not a hindrance whatsoever.
Alexandre Carrier was a midseason acquisition, but his strong play on the blue line since joining the Habs represents another smart trade by Kent Hughes’ front office.
Jacob Markstrom’s arrival has solved New Jersey’s years-long net issues. (Steph Chambers / Getty Images)
Notable additions: Jacob Markstrom (acquired in exchange for a 2025 first-round pick and Kevin Bahl), Brett Pesce ($5.5 million x six years), Brenden Dillon ($4 million x three years), Stefan Noesen ($2.75 million x three years), Paul Cotter (acquired alongside a third-round pick in exchange for Alexander Holtz and Akira Schmid), Tomas Tatar ($1.8 million x one year), Johnathan Kovacevic (acquired in exchange for a fourth-round pick)
Early return: Tom Fitzgerald’s shrewd offseason work has helped the Devils re-emerge as Stanley Cup contenders this year.
Markstrom’s arrival has solved New Jersey’s years-long net issues. He’s sporting a .911 save percentage and ranks among the top-10 goaltenders with over 10 goals saved above expected.
New Jersey completely remodeled its blue line by adding Pesce, Dillon and Kovacevic. Kovacevic, acquired from Montreal for just a fourth-round pick, has been a steal. He has formed an excellent shutdown pair with Jonas Siegenthaler, controlling 59.6 percent of high-danger chances and nearly 62 percent of goals despite absorbing tough matchups. New Jersey’s blue line is now one of the best in the league, which has helped Sheldon Keefe transform the club’s defensive identity. The Devils rank as a top-five team at suppressing five-on-five shots and expected goals against defensively this season.
Noesen, on pace for 30 goals on just a $2.75 million cap hit, is one of the summer’s best bang-for-buck signings. Cotter’s been an excellent bottom-six addition, too.
Tatar has been the only clear miss, as he’s only scored nine points in 38 games.
Fitzgerald has reshaped the overall identity of his team. Between Dillon, Noesen, Pesce and Cotter, the Devils have upped their size, physicality and toughness, which should matter come playoff time.
Notable additions: Anthony Duclair ($3.5 million x four years), Maxim Tsyplakov ($950,000 x one year)
Early return: Duclair’s signing seemed like a savvy middle-six addition at a very reasonable cost. He’s unfortunately been limited to just 12 games (three goals and three assists) because of his injury. He still profiles as a good fit long-term for the Isles because of his speed and scoring pop.
Tsyplakov, who was signed out of the KHL, has been a decent top-nine find. The 26-year-old big-bodied winger has contributed 19 points in 40 games and added a physical presence for under $1 million.
Ultimately, though, the Isles’ lack of cap space prevented them from making bigger swings and upgrades in the offseason, which has left them stuck in mediocrity.
Notable additions: Reilly Smith (acquired in exchange for a second- and fifth-round pick)
Early return: The Rangers couldn’t trade Jacob Trouba’s contract last summer, which handcuffed their ability to make significant upgrades. Chris Drury committed the precious cap space he had to acquiring Smith from the Penguins at a reduced $3.75 million cap hit.
It hasn’t really panned out. Smith is on pace for 40 points, which isn’t half-bad on the surface, but he’s been riding shotgun with Mika Zibanejad this year and, together, they’ve been the Rangers’ most disappointing line this season. Zibanejad deserves the brunt of criticism for the line’s struggles given his contract and expectations, but Smith clearly hasn’t been the ideal top-six fit the New York envisioned either.
This trade isn’t an overly costly misstep, though, because the Rangers can retain some of Smith’s salary and recoup an asset or two by selling him at the deadline as a rental.
Notable additions: Linus Ullmark (acquired in exchange for a first-round pick, Joonas Korpisalo and Mark Kastelic), Nick Jensen (acquired alongside a third-round pick in exchange for Jakob Chychrun), David Perron ($4 million x two years), Michael Amadio ($2.6 million x three years), Adam Gaudette ($775,000 x one year)
Early return: Ullmark got off to a slow start, but was the hottest goalie in the NHL from late November onward. He won eight of nine starts and recorded a blistering .954 percentage before going down with an injury in late December (he’s currently out week to week). Ullmark’s heater was the catalyst that sparked the Senators’ run back into playoff contention. Hopefully he can come back sooner rather than later because the Sens need his above-average play between the pipes.
Most of the hockey world thought Ottawa made a mistake when it targeted Jensen as the centerpiece of its Chychrun trade. The 34-year-old defenseman has instead been a perfect fit on an Ottawa blue line that desperately needed right-side help. Jensen’s skating, puck-moving and defending have made him an indispensable all-around piece. Together, he and Thomas Chabot have driven sparkling underlying numbers, including a 58 percent share of goals during their five-on-five shifts.
Perron has been limited to just nine games because of injury, so you can’t really judge him, though it’s notable he didn’t register a single point in that small sample size. That will be worth keeping an eye on, especially since the 36-year-old is under contract for next season at $4 million too.
Amadio’s trusty, hardworking playing style and stellar defensive metrics have been a steadying presence to the Senators’ bottom six. He hasn’t produced a ton of offense (10 points in 33 games), but his all-around impact has been more influential than the counting stats would lead you to believe.
Gaudette, signed on a league-minimum deal, gave the Sens a huge early spark with 13 goals in 26 games. He’s provided vital secondary scoring, but we’ll see how sustainable it is. He was, after all, scoring on nearly 40 percent of his shots in that stretch but hasn’t scored in his last 12 games and has averaged less than 11 minutes per game this season because he isn’t a trusted two-way player.
Notable additions: None
Early return: The Flyers welcomed Matvei Michkov who’s been a game-changer, but besides that, their roster didn’t see much turnover compared to the end of last season. They didn’t make any splashy additions, nor did they lose any key pieces in the summer.
Pittsburgh Penguins
Notable additions: Kevin Hayes (acquired as a cap dump, Pens received a second-round pick), Matt Grzelcyk ($2.75 million x one year), Anthony Beauvillier ($1.25 million x one year), Cody Glass (acquired as a cap dump, Pens received a third- and sixth-round pick), Blake Lizotte ($1.85 million x two years)
Early return: Kyle Dubas only touched the fringes of his roster last summer and the moves have been solid albeit unspectacular.
Lizotte has probably been the best pickup of the bunch. The speedy bottom-six center has delivered excellent defensive numbers and scored eight goals and 12 points in 26 games. It must have been easier for Pittsburgh to trade Lars Eller and collect additional picks knowing it had Lizotte under contract.
Neither Hayes (eight points in 25 games) nor Glass (nine points in 29 games) has contributed much, but those trades were still worth it because the Penguins received draft picks for taking on those contracts.
Grzelcyk has racked up a solid 22 points in 42 games because of his success quarterbacking the power play, but he’s been a liability at even strength during stretches of the season. He’s been prone to big defensive mistakes and his play-driving results are among the worst on the Penguins blue line.
Beauvillier has potted nine goals, which is solid considering his tiny cap hit. He’s prone to going cold for long stretches but considering his price, you can’t complain about that.
Notable additions: Jake Guentzel ($9 million x seven years), Ryan McDonagh (acquired in exchange for a second- and seventh-round pick), J.J. Moser and Conor Geekie (acquired alongside a second- and seventh-round pick in exchange for Mikhail Sergachev)
Early return: Julien Brisebois hit home runs with several high-profile moves last summer.
It started with two cutthroat decisions to create cap flexibility: Walking away from franchise icon Steven Stamkos and shipping out Sergachev’s $8.5 million AAV contract.
Guentzel is miles better than Stamkos at even strength at this stage in their respective careers. Guentzel’s producing at a 47-goal, 88-point pace and the Lightning power play, which ranks third-best in the NHL, hasn’t skipped a beat without Stamkos’ elite skill set.
McDonagh’s return has given the Lightning the shutdown defensive chops they sorely missed. He’s taking on the hardest matchups of all Lightning defensemen and has posted solid two-way results despite that daunting workload.
Moser, acquired as part of the Sergachev haul, is one of the most underrated defensemen in the league. He’s a steady, high-IQ player who was quietly succeeding in a top-four role, especially when caddying Victor Hedman. He’s out long-term with injury now but has quickly become an important supporting piece on the Lightning blue line.
Geekie, the 20-year-old No. 11 pick in 2022, is raw. He’s shown flashes and has long-term upside, but he hasn’t produced much (10 points in 36 games) and has been forced to play higher up the lineup than what’s ideal because of Tampa’s lack of forward depth.
Chris Tanev has been exactly what the Maple Leafs blue line needed. (Elsa / Getty Images)
Notable additions: Chris Tanev ($4.5 million x six years), Oliver Ekman-Larsson ($3.5 million x four years), Anthony Stolarz ($2.5 million x two years), Max Pacioretty ($1.5 million x one year), Jani Hakanpää ($1.47 million x one year)
Early return: Tanev is exactly what the Leafs blue line needed. The 35-year-old shutdown defender is eating the toughest matchups on the back end, yet continues to deliver elite defensive results. Toronto has conceded just 2.00 goals against per 60 during Tanev’s five-on-five shifts. He leads all Leafs players in short-handed minutes and his arrival has catapulted Toronto’s penalty kill from 19th to seventh-best this season.
Stolarz was one of the biggest steals of the summer before he got hurt in mid-December. The 31-year-old American netminder has played to a league-best .927 save percentage in 17 games at a bargain $2.5 million cap hit. He has never played more than 30 NHL games in a single season, so while his results have been spectacular over the last two years (he had a .925 in 27 games for the Panthers in 2023-24), his durability and long-term consistency remain legitimate question marks.
Ekman-Larsson has been OK; he hasn’t stood out as a particularly good or bad signing so far. He’s competently logging nearly 21 minutes per night, but his two-way results have been slightly below average, you’d like to see a bit more offense out of him (on pace for four goals and 30 points) and, overall, he hasn’t quite found a perfect top-four fit.
Pacioretty has been an excellent bargain find. He is producing five-on-five points at an impressive 2.02 per 60 rate, has meshed well on the second line with John Tavares and has provided an aggressive, physical identity, too.
Hakanpää, a massive stay-at-home defenseman, hasn’t panned out as he’s only been healthy for two games this season.
Notable additions: Pierre-Luc Dubois (acquired in exchange for Darcy Kuemper), Jakob Chychrun (acquired in exchange for Nick Jensen and a third-round pick), Matt Roy ($5.75 million x six years), Logan Thompson (acquired in exchange for two third-round picks), Andrew Mangiapane (acquired in exchange for a second-round pick), Taylor Raddysh ($1 million x one year)
Early return: Washington’s masterclass offseason is a big reason it has transformed from a mediocre, over-the-hill squad to one of the best teams in the NHL.
Dubois’ strong bounce-back has revitalized the Capitals’ second line. He’s on pace for 63 points and is driving stellar two-way results, with the Caps controlling 58 percent of expected goals and a plus-12 goal differential during his five-on-five shifts. Many people dunked on the Capitals for this trade when it happened, but they’re the ones benefitting now that they’ve got a top-six center in his prime.
Chychrun has lit it up offensively, scoring 11 goals and 28 points in 35 games. He’s been a massive threat at even strength and on the power play, contributing to why the Caps have one of the highest-scoring blue lines in the NHL.
Thompson has been lights out in goal. He’s amassed a sparkling 16-2-2 record with a .916 save percentage and over 13 goals saved above expected.
Roy missed time with an injury early in the season and hasn’t quite found his top-level game yet. He hasn’t stood out in a bad way, but his two-way numbers are underwhelming. His 48 percent expected goal share at five-on-five is the lowest mark among Washington’s defensemen. Roy’s been one of the league’s best shutdown defensemen before this season, so Washington will hope he has another level or two to reach defensively.
Mangiapane’s on pace for nearly 19 goals despite mostly playing a bottom-six role and has also driven top-notch defensive results. He isn’t worth the full freight of his $5.8 million cap hit (which expires at the end of this season), but this was still a decent move because the Caps had excess cap space to throw around.
Raddysh has already scored 17 five-on-five points this season, which ranks top 90 among all NHL forwards, for just $1 million.
(Top photos of Elias Lindholm and Jake Guentzel: Maddie Meyer / Getty Images and Ray Seebeck / Imagn Images)
