Money talks in the NHL, and this summer it was screaming.
The 2025 free agency period saw teams throw around serious cash, taking full advantage of the salary cap jumping from $88 million to $95.5 million.
While the UFA pool wasn’t exactly stacked with superstar names, that didn’t stop GMs from breaking out their checkbooks.
Here are the 10 richest NHL free agent contracts handed out, ranked by total value.
1. Mitch Marner – Vegas Golden Knights: $96 Million (8 years, $12M AAV)
This is the big one. Marner’s sign-and-trade from Toronto to Vegas was not only the most exciting move in free agency, but it was also the most expensive.
The Leafs signed their homegrown star to an eight-year, $96 million extension before flipping him to the Golden Knights for Nicolas Roy. Smart move by Toronto, letting Marner get that eighth year he wouldn’t have gotten as a straight UFA.
Coming off a 102-point season (27 goals, 75 assists), the 28-year-old winger is now Vegas’s highest-paid player, surpassing Jack Eichel’s $10 million AAV.
At $12 million per year, that’s massive money representing 12.6% of next year’s cap. But when you’re consistently dropping 90-100 point seasons, you get paid like it.
2. Noah Dobson – Montreal Canadiens: $76 Million (8 years, $9.5M AAV)
The Habs made their biggest move in years by trading for Dobson from the Islanders and signing him to a long-term deal right away. The right-shot defenceman is 25 years old and is in his prime after scoring 70 points in 2022–23.
The deal’s heavily front-loaded with $38 million in signing bonuses. Dobson also gets a 14-team no-trade list starting in year two.
For a franchise desperate to return to relevance after making the playoffs this season, this is their statement signing.
3. Sam Bennett – Florida Panthers: $64 Million (8 years, $8M AAV)
The reigning Conn Smythe Trophy winner could’ve tested the market and probably squeezed out another million or two per year. Instead, Bennett took a slight discount to stay with the back-to-back champs.
At 29, Bennett’s getting security through age 37 with a deal that includes $56 million in signing bonuses. He gets a full no-movement clause for the first five years, then modified protection after that.
Coming off a career-best 51 points (25 goals) in the regular season, plus his clutch playoff performances, this is Florida rewarding their warrior.
The concern though? Eight years for a physical player approaching 30. That backend could get ugly.
4. Ivan Provorov – Columbus Blue Jackets: $59.5 Million (7 years, $8.5M AAV)
A lot of people think Columbus overpaid here, and they might just be right. Provorov’s offensive numbers have dipped, and his defensive metrics aren’t exactly elite.
The 28-year-old defenseman logs heavy minutes, sure, but $8.5 million AAV through age 35? That’s a lot of faith in a player who hasn’t quite lived up to his early-career hype.
Columbus is betting on stability here, but this deal could handcuff them down the road.
5. Nikolaj Ehlers – Carolina Hurricanes: $51 Million (6 years, $8.5M AAV)
After spending his entire career in Winnipeg and helping them to their first Presidents’ Trophy, Ehlers headed south for a new challenge. The 29-year-old winger reportedly turned down bigger offers to join Carolina’s contender.
Coming off 63 points in 69 games, Ehlers brings elite speed and playmaking to an already dangerous Hurricanes attack.
The six-year term takes him to 35, which feels about right. Carolina gets their top UFA target, and Ehlers gets to chase a Cup with a legitimate contender.
6. Brock Boeser – Vancouver Canucks: $50.75 Million (7 years, $7.25M AAV)
Boeser was about to test free agency, but the 28-year-old winger realized he couldn’t leave the only NHL team he had ever played for. Seven years at $7.25 million per is fair value for a consistent 25-30 goal scorer.
Boeser’s not the most dynamic player with limitations in his skating and transition game, but he knows where the net is.
The term takes him through age 35, which could be dicey, but the rising cap should help. Vancouver keeps a key piece of their core together.
7. Alexander Romanov – New York Islanders: $50 Million (8 years, $6.25M AAV)
This one’s already dividing opinion. At 25, Romanov’s a physical, stay-at-home defenseman who doesn’t bring much offense. Eight years at $6.25 million AAV is a massive bet on potential over production.
The Islanders needed to do something after trading Dobson, and Romanov provides that blue-line stability.
But man, if he doesn’t develop into a legitimate top-pairing guy, this contract’s gonna hurt.
8. Aaron Ekblad – Florida Panthers: $48.8 Million (8 years, $6.1M AAV)
Now this is how you keep a championship core together. Ekblad’s $6.1 million AAV is an absolute steal for a top-pairing defenseman who’s been instrumental in Florida’s back-to-back Cups.
At 29, the former first overall pick gets security through age 37. Compare this to Provorov’s $8.5 million and tell me which team got better value.
Ekblad took less to stay with a winner, and Florida’s laughing all the way to another playoff run.
9. Matthew Knies – Toronto Maple Leafs: $46.5 Million (6 years, $7.75M AAV)
The Leafs weren’t about to let another young star hit the offer sheet market. Knies, just 23, represents the future of Toronto’s forward group after they shipped out Marner.
Six years at $7.75 million is a bet on continued development, but Knies has shown enough to justify it. This deal buys out his prime years and keeps him from testing restricted free agency. Smart business by Toronto.
10. Evan Bouchard – Edmonton Oilers: $42 Million (4 years, $10.5M AAV)
Wait, shouldn’t this be ranked a bit higher? Sure, the AAV is massive, fourth-highest among all defensemen behind only Karlsson, Doughty, and Dahlin. But at just four years, the total value slots in at number 10.
The 25-year-old blueliner was critical to Edmonton’s back-to-back Finals appearances, leading all defensemen in postseason scoring both years. He scored 67 points in 82 games, playing more than 23 minutes a night. To dissuade him from looking at offer sheets, the Oilers had to pay him $10.5 million a year, which is the going rate for an offensive defenseman in his prime.
The shorter term actually works in Edmonton’s favor here. They get Bouchard’s best years without the risk of an anchor contract later.
The Bigger Picture
What stands out about 2025 free agency? Teams went nuts with long-term deals. Seven of these 10 deals are for seven or eight years. With the cap projected to hit $113.5 million by 2027-28, GMs are betting these contracts will age better than usual.
The market also showed just how much teams value defensemen. Four of the top 10 contracts went to blueliners, with Bouchard’s AAV actually being the second-highest of the entire free agency period.
Florida looks like the smartest team here, keeping Bennett and Ekblad at reasonable numbers. Columbus and the Islanders? They might be regretting those Provorov and Romanov deals sooner than later.
One thing is for sure: these players have to deliver when there is this much money on the line. Because when you’re making $8-12 million per year, anything less than greatness gets you roasted.
That’s the price of doing business in today’s NHL.
