The NHL season hasn’t even dropped the puck yet, and already the league has been set ablaze by a series of major moves that reshaped rosters, cap structures, and long-term outlooks. Over the span of just a few days, the Edmonton Oilers made a low-risk, high-upside goaltending bet, the New Jersey Devils secured one of their brightest young stars on a franchise-defining contract, and the Minnesota Wild finalized the richest player deal in NHL history with Kirill Kaprizov. Throw in the ripple effects for future restricted free agents like Montreal’s Lane Hudson, and the news cycle has been nothing short of frenetic. Let’s break it all down.

Edmonton’s Goalie Gamble: Betting on Connor Ingram

The Oilers have long been plagued by inconsistency between the pipes. Despite having one of the most lethal forward tandems in Connor McDavid and Leon Draisaitl, Edmonton’s playoff exits repeatedly highlighted a glaring weakness in net. Enter Connor Ingram.

In a move that surprised many but makes plenty of sense on closer inspection, the Oilers acquired Ingram from the Utah Mammoth in exchange for future considerations. Utah agreed to retain $800,000 of his $1.95 million AAV, effectively reducing the financial strain for Edmonton. On paper, it looks like a small, low-stakes transaction, but it could pay massive dividends.

Ingram’s story is one of resilience. He’s been candid about his struggles off the ice, and when he’s locked in, he’s shown legitimate starting-caliber flashes. His 2022–23 season with Arizona—where he posted a .907 save percentage across 50 games—was evidence that he can thrive behind a middling defense. Unfortunately, his transition to Utah last year was rocky, with a paltry .882 save percentage that caused his stock to plummet.

Yet, that downturn makes him the perfect reclamation project for Edmonton. By starting him with the Bakersfield Condors in the AHL, the Oilers can rebuild his confidence before giving him another NHL shot midseason. The upside? Unlocking even a league-average goalie with positive goals-saved-above-expected metrics would be a seismic improvement. For a franchise desperate to maximize the McDavid era, even marginal upgrades in net could swing playoff series.

For Edmonton, this is the type of gamble they’ve too often ignored in the past. Instead of overpaying for name recognition, they snagged a player with upside at minimal cost. The grade? A minus for the Oilers, while Utah earns a middling C-plus for essentially cutting ties.

Devils Go All-In: Luke Hughes Gets $63 Million

While Edmonton tinkered at the margins, New Jersey made a blockbuster commitment to their defensive future. The Devils inked Luke Hughes to a seven-year, $63 million contract ($9 million AAV), cementing him as a core pillar of their blueline for nearly a decade.

Hughes, the 22-year-old younger brother of Devils superstar Jack Hughes, has already showcased tantalizing ability. Though he’s not yet a finished product, his skating, puck-moving, and flashes of offensive creativity project him as a future top-pair defenseman. While his sophomore season didn’t deliver gaudy point totals, his defensive play took significant strides—a critical development as New Jersey looks to balance its high-octane offense with more stability on the back end.

The deal is significant for two reasons. First, it eliminates any chance of a contract holdout or RFA standoff that could have disrupted the Devils’ season. And second, it sets a new benchmark for young defensemen league-wide.

Consider the ripple effects: Hughes now makes the same AAV as Cale Makar, who is widely considered the gold standard at his position. That immediately raises the bar for players like Montreal’s Lane Hudson, who dazzled with a Calder-winning 66-point rookie season. If Hudson follows that up with 70-plus points, his next deal could shatter the $10 million threshold with ease.

New Jersey’s gamble hinges on Hughes continuing his upward trajectory. If he plateaus, the deal could feel steep. But if he blossoms into the two-way stalwart they envision, $9 million could look like a bargain five years down the line.

Kaprizov Breaks the Bank: NHL’s First $17 Million Man

The biggest shockwave came out of Minnesota, where the Wild signed Kirill Kaprizov to an unprecedented eight-year, $136 million extension. With a $17 million AAV, Kaprizov becomes the highest-paid player in NHL history, finally smashing through a financial ceiling that many felt was overdue.

Minnesota had no real choice. Kaprizov is the Wild. His electrifying playstyle, goal-scoring prowess, and ability to singlehandedly tilt games make him the face of the franchise. Losing him via trade or free agency would have crippled the team’s identity and competitiveness for years.

The contract is not without risk. At 28 years old, Kaprizov is firmly in his prime, but the back half of this deal could see diminishing returns. Comparisons to Artemi Panarin are apt: expect elite production for several more seasons, followed by a gradual decline into a still-valuable but less-dominant offensive threat.

Yet, Minnesota’s lack of leverage meant this was the only viable outcome. Kaprizov and his camp reportedly turned down an earlier $126 million offer before securing the additional $10 million. Credit to him for maximizing his value, and credit to the Wild for biting the bullet. Without Kaprizov, they aren’t just worse—they’re irrelevant.

The Bigger Picture: A Shifting Market

These moves collectively highlight a broader trend in the NHL: younger players are being paid for projected potential, while established stars are finally pushing financial ceilings upward.

For the Oilers, Ingram is the archetype of a “smart bet”—a low-cost, high-reward addition that could fix their Achilles heel.

For the Devils, Hughes’ contract is a franchise investment that could shape their defensive core for years, while also influencing what Hudson, Quinn Hughes, and others demand.

For the Wild, the Kaprizov megadeal sets a new high-water mark for superstar salaries, finally aligning the NHL more closely with other leagues where true game-changers command astronomical sums.

As the season looms, fans and analysts alike will be watching closely. Will Ingram seize his second chance? Will Hughes rise into the elite tier? Will Kaprizov justify his record-breaking payday? One thing is certain: the NHL offseason may be winding down, but the drama is only heating up.