As NHL teams slash rosters and prepare for the start of the 2025–26 season, a flurry of trade rumors, contract extensions, and waiver moves have set the league abuzz. From Toronto’s goaltending puzzle to the Devils’ looming mega-extension for Luke Hughes, to trade speculation swirling around veterans like Rasmus Andersson, Artemi Panarin, and Anders Lee, the final stretch of training camp has revealed both opportunity and tension across the league.

Waiver Wire Frenzy: 20+ Players Available

The waiver wire has lived up to its reputation as a preseason hotbed of activity. More than 20 players were placed on waivers in recent days as teams trim rosters to become cap-compliant by opening night.

The Anaheim Ducks placed Jan Mysak on waivers, while Chicago’s Dominic Toninato and Buffalo’s duo of Jake Lashian and Zach Jones joined him. Columbus submitted multiple names including Hudson Fasching and Brendan Gaunce, while Colorado waived defenseman Ronnie Attard.

Montreal was especially busy, sending down Alex Belzile, Nathan Clurman, Lucas Condotta, Mark Del Gaizo, and Sean Farrell. Elsewhere, St. Louis placed Matt Luff and Cory Schueneman, Tampa Bay exposed Scott Sabourin and Steven Santini, while Dallas waived Kyle Capobianco, Cole Lind, and Antonio Stranges.

Thus far, no claims have been made. But as rosters shake out and injuries inevitably surface, some of these names could find new NHL homes.

St. Louis Strikes with Fowler Extension

The St. Louis Blues made perhaps their biggest blue-line commitment in years, signing Cam Fowler to a three-year, $6.1 million AAV extension. Fowler, who rediscovered his form after last season’s trade from Anaheim, has quickly become a stabilizing presence.

For a franchise that has struggled with long-term defensive commitments in the past, Fowler represents a calculated gamble that experience and consistency outweigh risk. Blues GM Doug Armstrong appears determined to blend veteran steadiness with emerging prospects to keep St. Louis in the Western Conference playoff picture.

Toronto Locks in Stolarz

North of the border, the Toronto Maple Leafs committed to their crease, inking goaltender Anthony Stolarz to a four-year, $3.75 million AAV deal. The deal balanced term and money after lengthy negotiations, with Toronto conceding the extra year in exchange for a lower cap hit.

Stolarz, long considered a late bloomer due to early-career injuries, has blossomed into a dependable netminder. His strong performance in 2024–25, coupled with playoff experience backing Sergei Bobrovsky in Florida, gave Toronto the confidence to make him their tandem cornerstone.

The Leafs now project to roll with Stolarz and Joseph Woll, a duo costing just over $7 million combined — less than many No. 1 starters command alone. With cap space freed up, Toronto hopes to deepen its roster around stars Auston Matthews, William Nylander, and Mitch Marner’s replacement by committee.

Devils Juggle Extensions: Hughes, Markstrom, and Cap Pressure

In New Jersey, contract news dominated the headlines. Reports indicate ongoing negotiations between the Devils and veteran goalie Jacob Markstrom, whose current $6 million AAV deal expires next summer. Early discussions suggest the Devils hope to retain him at around $5 million annually, banking on stability alongside Jake Allen.

But the real bombshell revolves around Luke Hughes. Still unsigned as an RFA, Hughes has missed critical training camp time. Speculation is rampant that he could secure an eight-year extension worth around $9 million annually — a figure that would eclipse deals signed by brothers Jack and Quinn.

While the Devils view Hughes as a franchise cornerstone, such a contract would force long-term decisions about their defensive core. Dougie Hamilton’s future could be most at risk. Injuries to depth blueliners already complicate matters, leaving New Jersey walking a salary cap tightrope.

Observers note the broader “Hughes brother” storyline. With Jack locked in and Quinn’s Vancouver future uncertain, whispers of a New Jersey family reunion continue to circulate.

Flames Face Rasmus Andersson Dilemma

The Calgary Flames remain one of the most intriguing trade-watch teams. Defenseman Rasmus Andersson, once viewed as untouchable, now looks increasingly likely to move.

According to insider Dave Pagnotta, Andersson’s top preferred destinations are Dallas and Vegas. Talks with Los Angeles broke down earlier this summer when he refused to commit to an extension, signaling his desire for both term and financial security.

Calgary GM Craig Conroy has indicated a willingness to start the season with Andersson still in the fold. But unless an eight-year extension materializes — an unlikely scenario for a team eyeing a longer-term retool — a trade seems inevitable. The clock is ticking.

Rangers’ Panarin Pushback

In Manhattan, Artemi Panarin’s future suddenly appears murky. Rangers GM Chris Drury approached Panarin’s camp about an extension, suggesting a lower AAV “team-friendly” deal after the winger’s lucrative seven-year contract. Panarin reportedly dismissed the proposal outright.

Now entering his mid-30s but still productive, Panarin expects to be compensated at market value. That puts the Rangers in a bind: extend him at full freight, or risk losing him while preserving cap space for a potential run at 2026’s blockbuster free agents like Connor McDavid or Kirill Kaprizov.

For a Rangers team caught between chasing immediate contention and leaving room for a generational signing, Panarin’s case epitomizes the delicate balance of NHL roster building.

Islanders and Anders Lee: Quiet but Looming Decision

Across town, the New York Islanders face a different but equally consequential call on longtime captain Anders Lee. As Pierre LeBrun reported, Lee and GM Lou Lamoriello’s successor, Mathew Dar, have maintained open communication about his future.

If the Islanders tumble out of playoff contention by midseason, Lee could become one of the most appealing rental forwards available. His leadership and size remain valuable, and his contract is nearing its end.

Lee’s exit — along with potential moves involving veterans like Jean-Gabriel Pageau — would signify a changing of the guard on Long Island, as the Isles look to transition toward younger core players.

Toronto Forwards on the Move?

Meanwhile, back in Toronto, roster crunches loom. Forward David Kämpf admitted publicly that he feels his roster spot has slipped away. Reports suggest he could be waived if no trade materializes, with the Maple Leafs eyeing cap flexibility and younger penalty-killing options.

Other names like Calle Järnkrok and Nick Robertson also hover on the bubble, as GM Brad Treliving looks for ways to restructure depth without undermining a team desperate for playoff success.

A Preseason of Questions, Not Answers

With less than two weeks until opening night, the NHL landscape feels unsettled. Key RFAs remain unsigned, veterans are being dangled in trade talks, and cap-strapped contenders continue shuffling the deck.

For every team, the challenge is the same: balance the long-term vision with short-term competitiveness in a league where windows slam shut quickly.

Whether it’s New Jersey wrestling with the Hughes contract, Toronto betting on Stolarz, or the Rangers hedging their future on Panarin, the storylines are less about certainty and more about the precarious choices shaping the next era of NHL hockey.