A number of pre-deadline trades and signings took a little bit of the shine off of July 1, but the Rangers and Hurricanes swung a big deal that saw K'Andre Miller head to Carolina and then sign a big extension. Can Mitch Marner follow in Jack Eichel's path to finding another level to his game in Las Vegas? The Maple Leafs extended Matthew Knies and made a couple of trades but, much like Edmonton, they are left looking for scoring help to round out their top 6 forwards. The Edmonton Oilers cleared some cap space but also lost a number of players from last season without making a splash on Canada Day. The Vancouver Canucks surprised many by re-signing top UFA Brock Boeser, but some other moves may need to follow as they have a very crowded crease.

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The Sabres and Utah Mammoth kicked off pre-draft activity with a notable trade sending JJ Peterka to Utah for Michael Kesselring and Josh Doan, with Peterka then signing a 5-year extension. Buffalo’s next move may involve Bowan Byram, with several teams circling. Jamie Benn stays with Dallas on a 1-year deal, and their coaching search narrows to two candidates. Evander Kane heads to Vancouver for cap relief, likely filling a top-six role, while Trevor Zegras lands in Philly with low risk for the Flyers. The Leafs could eye Brad Marchand if Florida can’t re-sign him, though expectations should be realistic for the 37-year-old. Off the ice, future expansion is still a hot topic with Atlanta in the forefront of the chatter, a nearly-finalized CBA, and a possible 84-game season in '26-'27, though Ray would rather see more playoff games instead.

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The Oilers fell to the Panthers in the Stanley Cup Final for the second straight year, with Florida delivering near-perfect performances in Games 5 and 6 and showing superior depth, structure, and goaltending throughout the series. Injuries mounted on both sides, but Florida’s culture and cohesion carried them through, while Edmonton struggled without Zach Hyman and leaned too heavily on McDavid and Draisaitl, who couldn’t singlehandedly turn the tide. Sam Bennett earned the Conn Smythe with a historic playoff performance, and GM Bill Zito now faces the challenge of re-signing Bennett, Marchand, and Ekblad. Meanwhile, the Oilers enter a pivotal offseason with key extension talks looming for McDavid and Bouchard, major cap questions, and ongoing uncertainty in goal.

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