Just one day before NHL rosters lock for the 2025–26 season, Philadelphia and San Jose pulled off a money-moving deal — with the Flyers gaining flexibility and the Sharks stockpiling future assets.

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The final hours before the NHL’s roster deadline brought fresh trade buzz, as the Philadelphia Flyers and San Jose Sharks completed a cap-driven deal designed to help both clubs in very different ways.

Philadelphia has traded the contract of Ryan Ellis and a 2026 sixth-round pick to San Jose in exchange for veteran forward Carl Grundström and 22-year-old defenseman Ardram Gri.

Ellis, who has not played since the 2021–22 season due to ongoing injuries, remains under contract for two more years at a $6.25 million cap hit. With his playing career effectively over, the Flyers had been carrying what amounted to dead money on their books — a lingering remnant of their ill-fated defensive core rebuild.

By moving Ellis’s deal, Philadelphia frees up nearly $4.5 million in cap space, a critical margin heading into the 2025–26 season. The Flyers will retain the higher of their two sixth-round picks in 2026, as the traded selection was conditional.

In return, Philadelphia takes on Grundström, a 27-year-old winger in the final year of his $1.8 million contract. Once a promising depth scorer for the Los Angeles Kings, Grundström has struggled to find a consistent role since landing in San Jose. The Flyers are expected to give him a look in their bottom six as camp winds down.

The inclusion of Ardram Gri, a young blueliner still on his entry-level deal, adds developmental upside. While Gri may start the season in the AHL, the organization views him as a potential long-term depth option.

For the Sharks, this transaction fits squarely within their ongoing rebuild — and their growing collection of “dead” contracts. By taking on Ellis’s deal, San Jose now holds over $34 million in cap commitments to players unlikely to ever suit up again, a list that already includes Carey Price and Logan Couture.

It’s a strange kind of strategy, but one that serves a clear purpose: the Sharks can absorb unwanted contracts to stay above the league’s salary floor while collecting future draft assets in the process. As one analyst put it, “They’re rebuilding, and it allows them to run a smaller payroll. These players don’t need to go on LTIR — the space is already there.”

The move also underscores just how tight the NHL’s salary ecosystem has become in the cap’s post-pandemic era. For a contending or retooling club like Philadelphia, flexibility is power. For a rebuilding team like San Jose, taking on contracts is currency.

With this swap finalized just before the 5:00 p.m. roster deadline, both teams now pivot to a busy 24 hours ahead — with waiver news expected to break next as final cuts and cap gymnastics play out across the league.