2025 NHL trade deadlines lacked quantity, making up for quality. After all, there aren't many long-term dramas like Mikko Rantanen Saga. And the stunning acquisition of Brad Merchand of the Panthers is one of the biggest buzzer barters in deadline history.
It's deeper
NHL Trade Deadline: All trades have completed this trade season
Now that the dust has settled down, and we know enough that the true winners and losers are not known until mid-June, let's see who has improved the most, who has won the biggest chance, and who has fallen on the face on the deadline.
Winner: Florida Panthers
Imagine both Brad Marchand and Matthew Tokachuk are caught up in it. Good luck with that. Panthers GM Bill Jeet added Seth Jones early in the week, and at the very end he made the most of his cap space with a Tkachuk gro caliber injury.
While Marchand may not be the 100-point player he was six years ago, he is still a great all-round player and one of the game's greatest pests of all time. After a big victory in South Florida this spring, you can resort to getting fake mice. Both Marchand and Tokachuk are hurting right now, but both are expected to return to the postseason. This is important in Florida. And Jones was supercharged as the Blackhawks' number one defender, but he could go third in Florida (and could be second as Aaron Eckbrad hit unlimited free agency this summer).
Winner: Mikko Lantanen
Lantanen was a member of the Carolina Hurricane for about six weeks. He spent his first week on the road. He spent the next two weeks with team Finland in Montreal and Boston. He had all six home games for Raleigh. It is perfectly reasonable that he was not prepared to commit the next eight years of his life to a franchise and a city he barely knows. And he wanted a nine-figure contract, which further complicated the matter.
Lantanen then went and signed an eight-year deal with Dallas. And it's $96 million, reportedly less than in Carolina. As if they doubt that tax-free state teams have inherent advantages to other parts of the league.
It wouldn't have happened if he must be happy with the deal as Lantanen had full control of his situation. It would have been fun to see people like Lantanen reaching the open market – players like him rarely reached that point – he joined one of the best and best teams in the league, and he has earned generational wealth to do so. How can you see it as something other than victory?
Winner: Dallas Star
Jim Nir painted himself in the corner, handing over $96 million to Lantanen, with Tyler Seguin having long-term injury reserves (LTIR) and Jason Robertson, Wyatt Johnston and Thomas Hurley being significantly raised over the next two years. Then there's Captain Jamie Ben. Jamie Ben is a pending unlimited free agent. Anything. He will eventually get to it, and given Nir's history, he will certainly make it all work. The key is that this is now a favorite of the Stanley Cup, the best team in the NHL. Getting the Lantanen is a massive coup for the star, with far less than he gets to the open market. The NHL's center of gravity continues to move south.
Loser: Carolina Hurricane
This is not rotated as positive for the hurricane. GM Eric Tarsky did well enough to save something concrete from it. And going back to the initial deal with Colorado, it may even be net profit, but it's all the same bad beats. The Hurricanes gave up on their premium talent in another year on a team-friendly contract with Martin Nekas to win the Lantanen, kicking out 13 small games from him (only seven of them win), and flipping him over to Dallas for Logan Stancoven for two first-round picks. Stankoven is an exciting young player, but will he even be at Necas' level, let alone Rantanen's? In fact, this may have been the best chance that Carolina could break through the widespread Eastern Conference. Instead, they are farther from competition than they took them years.
The Hurricane broke the team's tradition last year by getting Jake Gunzel on loan, but we'll just see him leave for Tampa (another team in the tax-free state!). It clearly surprised Carolina, so Lantanen's ambiguity about Raleigh as a long-term home prompted this rather dramatic course of action. That's a shame. Rantanen's production was Subpar (6 points in 13 games), but he was creating a huge amount of scoring chances. The goal will come, and Rantanen is a playoff monster. Carolina may have gone for that, the outcome is outrageous. Instead, the hurricane was hedged and left to try to make the most of the bad situation.
Winner: Mitch Marner
With Lantanen away from the board, who do you think is the bell for the ball this summer in free agency? Get that bag, Mitch.
Winner: Colorado Avalanche
Trade deadlines are usually an incomplete tool for filing holes, and teams often settle down to add something as the clock clicks. Perfect fits are rare for a team, and it's even more unusual for such a deal to happen. But Brock Nelson was perfect for the avalanche and gave them the second line center they very clearly needed.
The prices were high (top prospect Calum Ritchie in the first round), and the islanders could feel as good about the deal as Colorado did. However, Avalanches can win the Stanley Cup this season. Nelson makes them that good. Just replace Casey Mittelstadt for Charlie Coyle. No one will hear any more complaining about the lack of avalanche centers.
Loser: Colorado Avalanche
Lantanen has been in eight years, $96 million? That's what it is reportedly an avalanche offered him before they sent him to Carolina. There is clearly a tax-free side, but if Lantanen didn't want to leave, and Colorado was willing to hit the same number, the initial trade with Carolina looks premature in hindsight.
Winnipeg took a small step forward today, adding players of wise depth to Brandon Tanev and Luke Shen.
However, the West moved wildly under Winnipeg's feet. A small step was a big step. It's a week that started with the Jets as Division favourites end in disappointment.
– Murat Ates (@wpgmurat) March 7, 2025
Winner: Chicago Black Hawks
Trading Jones exacerbates the Blackhawks. There is no way to avoid that fact. Again, it could get worse before it gets better in Chicago. However, Spencer Knight's 41 Zeve debut brings Chicago fans to hope for the first time since the 2023 draft lottery. For Kyle Davidson, it's undeniable that he will only maintain $2.5 million on Jones' contract for the next five seasons.
With Jones forced this issue and Chicago lacking leverage, it seemed like all the retaining futures cap dump the Blackhawks could expect. Instead, they scored a potential No. 1 goalkeeper and their first round without any nasty retention. Unloading Petr Mrázek and landing Joe Veleno's young, controllable ex-round is a great bonus that not only moves bad contracts, but avoids a nasty 3-gory situation. A great job by Davidson.
Loser: Chicago Blackhawks
Davidson flashed in the cap space and frantically tried to make a difference before turning to Lantanen as Connor Bedard's ideal linemate. With Lantanen off the board, Davidson can expect Toronto to not attack his deal with Marner.
Winner: Tampa Bay Lightning
One day there will be calculations for Julian Blycebore and lightning. This is the day when all the core players suddenly roll down the aging curve and the cupboards are completely naked. But that day is not today.
Tampa has won 10 of his last 11 games and is back in the true NHL contenders. And when you have a chance to win, you go for it. Brisebois' complete disregard for draft topics is almost comical at this point. Tampa has had his first round pick in the final five drafts and has handled the first round of 2025, 2026 and 2027 (the last two of the top 10 protections), but that's definitely the right attitude for the Penennial candidate as well.
Neither Yanni Gourde nor Oliver Bjorkstrand are franchise-changing needlemovers, but Lightning knows that it's the second depth addition that often makes a difference in the postseason.
All hockey fans should want their team's GM to think this way.
Loser: Buffalo Sabres
The Sabres had to do something as they were rushing towards the 14th straight spring without a playoff look. And they did something. But they really did nothing different.
At best, it's the wash that replaces Dylan Causen (and Deep Defender Dennis Gilbert) for Josh Norris (and Deep Defender Jacob Bernard Docker). In the worst case, players with very high ceilings sell low sales. It is baffling that the Sabres sent a second rounder to Ottawa for privilege.
Instead of actively recreating the talented but consistently low-performing roster, dealing with Jason Zucker and Alex Tuch, the Sabres are running in place. And that place is the last one.
They are in the same position as after the trade deadline and before the trade deadline – defeat.
Winner: Toronto Maple Leafs
The Leafs didn't have the flashiest deadline. At some point in the day, while chaos swirled, you wanted to try Brad to train with the stick to see if he was still awake. But Scott Luffton and Brandon Carlo have got the sleazy good that makes Toronto a better defensive team first and foremost.
The Roughton is certainly an upgrade to Max Dommy, who can move to the wings. With the Flyers holding half of Loughton's salary, the Leafs will win a reliable two-way third-line center with just $1.5 million cap hits and two playoff runs. And none of their top prospects or young players cost them. Even the 2027 first rounder is protected in the top 10.
The Loughton is good at ice and the rooms are great. It's not the most exciting move, but for the team that was made by the lack of forward depth in the previous Postseasons, it's something that's familiar.
Loser: Vancouver Canucks
It seems there's progress towards blockboser extensions, but what are these canucks? They aren't aiming for that. Earlier in the season, they replaced the JT Miller and locked out Carson Sousey to the Rangers to the deadline. They were holding Boser and Elias Petterson, so they didn't go back. Their captains and the best players have been injured, they are in the vicinity of the playoffs and they don't seem to take their slow anywhere.
Winner: San Jose Sharks
Shark GM Mike Grier won 50 solid games from Jake Walman (as a cap dump sweetener last summer) and first round picks (from Edmonton for Walman on Thursday) for absolutely nothing. Steve It-to-Man never could.
Loser: Edmonton Oilers
Dallas went outside and added the best players available in the Lantanen, locking them up for the long term. Colorado went outside and added top rentals available in Nelson. Edmonton added a solid second-pair defenseman to Walman and a third-line forward to Trent Frederick. If this is an arms race, Edmonton is losing. The Oilers were the defending conference champions and were preseason favorites to win everything. Now they look like the fifth best team in the West. It's stupid to doubt Leon Draysightle and Conor McDavid, but the Oilers have a difficult climb to return to the finals.
(Illustrated by Kelsey Petersen / Athletic;Bill Whipper, Mike Stove, Josh Lovellie / Getty Images)
