12 a.m. ET
It could be a different type of free agent frenzy this year with the trade market certainly in the first seat on the offseason roller coaster.
Another blockbuster went down Tuesday when the Florida Panthers acquired goalie Jacob Markstrom from the New Jersey Devils. And there was apparently a bigger trade that didn’t happen, with Sportsnet reporting Columbus Blue Jackets’ Norris Trophy-winning defenseman Zach Werenski used his no-movement clause to veto a trade to the Dallas Stars.
Werenski is obviously not long for Columbus. He has two seasons left on his contract, but clearly the two sides are too far down the road for him to return, so expect a trade at some point, but apparently not to Dallas.
But back to Markstrom and the goalies. Florida acquiring the Swede means Sergei Bobrovsky is expected to become an unrestricted free agent when the market opens in 12 hours.
It also could mean the Winnipeg Jets have a better idea of the market for goalie Connor Hellebuyck, who should net a big return if traded after winning the Hart Trophy and Vezina Trophy in 2024-25, and the gold medal with Team USA at the Winter Olympics earlier this year.
Trading Markstrom leaves the Devils a gaping hole in net. Could it be filled by Hellebuyck through a trade? That would be a bigger one than Markstrom to the Panthers. Or perhaps New Jersey eyes Bobrovsky through a free-agent signing. Or potentially Frederik Andersen, the longtime Carolina Hurricanes goalie who is also set to hit the market.
It's not a lock that the Devils will have a new goalie at some point Wednesday, but they're certainly in the market.
All of this is to say the free agent market opens in 12 hours and while the conversation around the League has been about this year offering an underwhelming variety of players who are expected to be available as UFAs, there will still be plenty of news once the buying begins.
And there will be plenty of well-known players getting a lot of money in their new shiny contracts.
The salary cap for the 2026-27 season is going up to $104 million, an $8.5 million raise from where it was last season ($95.5 million). That means there is more money in the system.
That's a good thing for the pending UFAs such as Bobrovsky and Andersen, defensemen John Carlson, Jacob Trouba and Rasmus Andersson, and forwards Patrick Kane, Anthony Mantha, Vladimir Tarasenko, Anders Lee, Mason Marchment, Claude Giroux and Mats Zuccarello.
(Side note: Kane going home to play for the Buffalo Sabres and Lee going home to play for the Minnesota Wild would be cool stories).
It might not be a list of A+ superstars in their prime, but nevertheless it's a list of impact players who will be getting paid a handsome amount.
Jeremy Lauzon could have been on that list, but he reportedly signed a six-year contract to stay with the Vegas Golden Knights on eve of free agency Tuesday. It's reportedly worth $4 million on an average annual value basis, which is a $2 million annual raise for the 29-year-old defenseman.
A.J. Greer is another one who could have taken his talents to the UFA market but instead opted to reportedly sign a four-year, $17 million contract with the Anaheim Ducks. That's a $4.25 million AAV for the 29-year-old forward who was making $850,000 annually on his previous contract.
There will be bigger money deals than those two, but those deals give you an indication of the money in the system and how players are going to be rewarded with it.
Everyone following has to recalibrate their cap-savvy minds to understand more money in the system means more money for depth players.
The restricted free agent market is one to watch, too, with Chicago Blackhawks center Connor Bedard, Ducks center Leo Carlsson and Blue Jackets center Adam Fantilli -- the top three picks in the 2023 NHL Draft -- all in line for big-money second contracts.
But the RFA that has the most noise around him now is Jason Robertson of the Stars. He reportedly turned down a sign-and-trade eight-year contract that would have paid him in the neighborhood of $15 million per season to go to the Seattle Kraken.
With the report that Werenski turned Dallas down, it has certainly been an interesting few days there.
The Stars are likely still attempting to re-sign the forward, and there's no guarantee that it gets resolved one way or the other Wednesday. But Robertson is part of the trade market that could continue to unravel on free agency day.
That is where a lot of the action is this year, anyway, with Hellebuyck, Robertson, Werenski, Detroit Red Wings center Dylan Larkin, and New York Rangers center Vincent Trocheck churning in the rumor mill.
And don't forget players entering the last season of their contract become eligible to sign new deals to begin at the start of the 2027-28 season. It's a superstar list of defensemen Cale Makar of the Colorado Avalanche and Quinn Hughes of the Minnesota Wild, and forwards Nikita Kucherov of the Tampa Bay Lightning, Macklin Celebrini of the San Jose Sharks, Montreal Canadiens forward Ivan Demidov, and Devils captain Nico Hischier.
So, this could be a busy Wednesday on a lot of fronts. Each move could have an impact on future deals.
Follow along here for all the details as they happen.
T-minus 12 hours.