Everything felt like it was heading toward a massive collision. For years, hockey fans and GMs had the summer of 2026 circled in red ink. We were supposed to see a once-in-a-generation frenzy. Names like Connor McDavid, Kirill Kaprizov, and Jack Eichel were all potentially hitting the open market at the same time. It was gonna be absolute chaos.
Then, the extensions started dropping.
Honestly, the "Super Class" of upcoming NHL free agents has been largely dismantled before it even reached the launch pad. In October 2025, Connor McDavid basically ended the suspense by signing a two-year, $25 million extension with the Edmonton Oilers. It’s a fascinating deal because it’s short. He didn’t take the max eight years; he took two, essentially putting the Oilers on a clock to win a Cup by 2028. It keeps him in Alberta for now, but it also means the biggest fish in the pond is officially off the 2026 board.
The Big Names Still Watching the Clock
With McDavid, Kaprizov, and Eichel (who locked in for eight years at $108 million in Vegas) out of the way, the 2026 UFA list looks a lot different than it did six months ago. But don't think it's boring. There is still high-end talent that could genuinely shift the power balance of the league.
Artemi Panarin is the elephant in the room. He’s 34 now, and while his skill is undeniable, the New York Rangers are in a tight spot. He’s carrying an $11.6 million cap hit. Rumors have been swirling that he’s not looking for a pay cut, even as he enters the twilight of his career. If the Rangers can't find a middle ground, a team like the Carolina Hurricanes or even the Minnesota Wild might take a swing at his elite playmaking.
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Then you've got the defensemen. Rasmus Andersson is probably the most "gettable" big-name defender. He’s a right-shot guy who eats minutes. Calgary is struggling, and Andersson’s trade value is through the roof. Most insiders expect him to be moved before the 2026 deadline, possibly to a contender like the Vegas Golden Knights if they can make the math work.
The Defensive Pillar: John Carlson
It’s weird to imagine John Carlson in anything but a Washington Capitals jersey. He’s been there for sixteen years. He’s a Cup champ. But as of early 2026, there’s no extension. Carlson has said he’d love the security, but the Caps are playing it slow. If he actually hits the market, every team needing a power-play quarterback will be calling his agent, Brian Bartlett.
Goalies: The Volatile Market
The crease is where things get really unpredictable. Sergei Bobrovsky is the big name here. He’s 37, but he’s also a wall when it matters. Florida likely wants to keep him, but with the salary cap projected to jump to $104 million (or even $107 million according to some reports), "Bob" might want one last big payday that the Panthers can't afford.
If you aren't looking for a veteran like Bobrovsky, the 1B options are actually pretty decent:
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- Stuart Skinner (Edmonton): He might be looking for a fresh start where he isn't under the brutal Edmonton microscope.
- Jacob Markström: Currently with New Jersey, though there are whispers they’re already talking extension.
- Frederik Andersen: Still reliable, though health is always the caveat with him.
What Most People Get Wrong About the 2026 Cap
There’s a common misconception that because the big stars signed early, the 2026 free agency will be "cheap." That’s almost certainly false.
The NHL and NHLPA have already signaled that the salary cap is entering a period of "healthy growth." We are looking at an upper limit of at least $104 million for the 2026-27 season. That is a massive jump from the $88 million we saw just a couple of seasons ago.
When the cap goes up, salaries for middle-six players inflate. A guy like Alex Tuch in Buffalo or Nick Schmaltz in Utah—players who usually command $4 million to $5 million—could easily see offers starting with an 8 or 9 in this new economy. Basically, GMs are going to have "funny money" to spend, and we know from history that they usually spend it poorly.
The Restricted Free Agent (RFA) Factor
While the UFA market has thinned out, the RFA list is terrifyingly good. Teams have to worry about:
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- Connor Bedard: The face of the Chicago Blackhawks.
- Jason Robertson: Dallas’s offensive engine.
- Trevor Zegras: Still a wildcard in Philadelphia.
These aren't players who hit the open market often, but the threat of an offer sheet—or a trade because of cap pressure—makes them a huge part of the 2026 landscape.
Why Cale Makar is the Real 2027 Story
You can't talk about 2026 without looking one year further. Cale Makar is eligible for an extension starting in the summer of 2026. He is currently on a $9 million AAV deal that expires in 2027.
Colorado is going to try to lock him up the second they are legally allowed to. Makar is arguably on the "Mount Rushmore" of defensemen already. If he follows the McDavid blueprint and takes a shorter deal to keep his leverage, it changes how every other elite defenseman gets paid.
Actionable Insights for Fans and Bettors
If you're following the upcoming NHL free agents, keep your eyes on the trade deadline. Players like Rasmus Andersson and Mike Matheson are the "canaries in the coal mine." If they get traded with extensions already in place, the UFA pool shrinks even further.
For those looking at team futures, watch the "Cap Space" column for teams like the Nashville Predators or Chicago Blackhawks. They are positioning themselves to weaponize their cap space in 2026, either by overpaying for veterans like Panarin or by taking on bad contracts from teams in a crunch.
The 2026 market isn't the "Super Class" we were promised, but with a $100M+ cap and a few aging superstars looking for one last ride, it's going to be a fascinating bridge to the next era of NHL economics.