Winners and losers from the start of NHL Free Agency

It happened!

We saw an assembly of stars exchange hands and loads of money thrown around, but the biggest story in the first few hours since the NHL free agent window was cracked open was the offer sheet tabled to Carolina Hurricanes star Sebastian Aho.

It was a fascinating and bold decision from the Montreal Canadiens, and one that will likely leave the organization at a disadvantage as management endeavours to fill out the roster.

But we thank them for it.

Here are the winners and losers of the frenzy:

Winner: Carolina Hurricanes

The Hurricanes didn’t sign one contract Monday afternoon, but general manager Don Waddell may be the biggest winner anyway. With Aho agreeing to the five-year, $42.27 million offer sheet sent in from Montreal, Waddell’s most important summer negotiations are effectively over. The Hurricanes have seven days to match an offer that they won’t need even seven seconds to earnestly contemplate over. The Canadiens simply failed to build in enough resources, be it dollar or term, or pinpoint the correct target for that matter, to prevent a match.

If anything, the $8.45 million that Aho will earn for the next five seasons is a team-friendly pact.

Loser: Restricted free agents

There’s no doubt that Canadiens GM Marc Bergevin helped Carolina; Waddell essentially admitted it in his press conference. But what the Canadiens also did was assist every other team facing the task of signing a high-profile restricted free agent — including three inside the division. Aho’s $8.45 million salary is a rather reasonable bar to which players, teams and agents will use as a reference point in negotiations this summer.

Winner: Sebastian Aho

Maybe he left some money on the table by signing the offer sheet from Montreal, but there are some elements here that will seriously work into Aho’s favour. For one, he will be paid immediately with the bonus structure nearly maximized on the deal. But more importantly, he won’t waste a single unrestricted free agent season, and will have every opportunity to sign another huge contract in his prime.

Winner: New York Rangers

After Artemi Panarin’s representatives heard a late push from the Jackets and mulled over big-money interest from the Islanders all along, the Rangers paid a premium to land the most talented free agent from the 2019 class. And they had every reason to do it.

With Jeff Gorton running a masterclass in roster reconstruction at the helm in New York, Panarin completes a summer haul that already includes No. 2 overall draft pick Kaapo Kakko and top-pairing defender Jacob Trouba.

Panarin’s advanced age could present some problems down the line. He will be well into his 30s when the contract expires in 2027. But with hardly any money tied up in assets long term, and shrewd business conducted over the last few months, the Rangers put themselves in the position to buy up a premium asset.

Loser: New York Islanders

No team seemed more eager to spend, and yet the Islanders are left empty-handed. Losing out on Panarin and netminder Sergei Bobrovsky, Lou Lamoriello had to settle for accomplishing what he couldn’t last summer: spending big, big money to retain the team’s captain.

Winner: Sergei Bobrovsky and Frank Vatrano

There are now two netminders with eight-figure salaries after Bobrovsky broke the bank in South Florida. The $70 million he will earn over his seven-year term will keep his family, and new teammate, fed.

Loser: Pittsburgh Penguins

It’s hard not to be a fan of Brandon Tanev. It’s easy to hate seeing a six-year, $21 million investment in a limited bottom-six winger.

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