2023 NHL Free Agency: Live Grades for All the Biggest Signings (2024)

The NHL's annual free-agent market opened at noon ET on Saturday. In the coming days, hockey fans can expect a number of contract signings as general managers try to outbid each other for the best available talent.

With the salary cap rising by just $1 million to $83.5 million for 2023-24, it will be difficult for a number of teams to get into the bidding. Of the 32 teams, 14 have less than $10 million in projected cap space with another nine carrying less than $15 million. Some will have to rely on long-term injury reserve to find additional wiggle room.

This year's free-agent pool depth is shallow compared to previous years. Many of the big-name stars such as Ryan O'Reilly and Vladimir Tarasenko are aging while others like Tyler Bertuzzi and Dmitry Orlov are second-tier talent. Nevertheless, that's unlikely to prevent teams from pursuing them.

The following is our live grades for this summer's most significant signings. Feel free to express your thoughts on this topic in the comments below.

The top defenseman in this year's shallow free-agent pool, Dmitry Orlov seemed poised to pursue a lucrative long-term contract. Instead, the 31-year-old defenseman opted for a two-year, $15.5 million deal with the Carolina Hurricanes.

The high number of teams with limited salary-cap space likely factored into Orlov's decision to accept a shorter term with the Hurricanes. With the salary cap expected to significantly rise over the next two years, he will get another opportunity to cash in with a longer-term deal within a short period of time.

Orlov gets a substantial average annual value increase, rising from $5.1 million on his previous contract to $7.8 million with the Hurricanes. A physical defenseman who plays a solid shutdown game and can also contribute offensively, he netted a career-best 36 points in 66 games split between the Washington Capitals and Boston Bruins in 2022-23.

The Hurricanes are in "win-now mode" as one of the top teams in the Eastern Conference. Adding Orlov to their blue line could help put them one step closer to the Stanley Cup without breaking the bank to do so.

Grade: A

OnFriday, the Nashville Predators bought out the final three years ofMatt duch*ene's seven-year, $56 million contract. The 32-year-oldforward didn't have to wait long to find a new home, inking aone-year, $3 million contract with the Dallas Stars.

duch*eneis a versatile forward who can play center or on the wing. He'sreached or exceeded 55 points nine times in his 14 NHL seasons,including a career-best 86 points in 2021-22. Nevertheless, he tendsto be an erratic scorer which contributed to the Predators opting tobuy out his contract.

TheStars, meanwhile, were looking for additional experienced scoring forthe coming season. Taking on duch*ene could provide that extra boostthey're seeking provided he can mesh well with his new teammates andavoid the streakiness that dogged him in Nashville. Best of all, theydidn't have to overpay for his services.

duch*eneis also looking beyond the coming season with this signing. A solidperformance could help him land a long-term extension with the Starsor with another club next summer when the salary cap is projected torise by at least $4 million for 2024-25.

Grade:A-

On June 2, Boston's 98.5 The Sports Hub's James Stewart claimed Tyler Bertuzzi would seek $7 million per season on his next contract. A month later, the former Boston Bruins winger accepted much less than that, inking a one-year, $5.5 million deal with the Toronto Maple Leafs.

Bertuzzi, 28, is an oft-injured, but feisty scoring forward. He reached or exceeded 21 goals and 47 points three times in his seven seasons with the Detroit Red Wings, including a career-best 30 goals and 62 points in 2021-22. Traded to the Bruins on March 2, he had 16 points in 21 regular season games and 10 points in seven postseason contests.

Given the high number of clubs with limited salary-cap space for 2023-24, Bertuzzi likely found it difficult to land a lucrative long-term contract. By signing a one-year deal with the high-scoring Leafs, he's betting on himself in hopes of landing a much bigger payday for 2024-25 when the cap is projected to jump by $4 million.

The addition of Bertuzzi brings the Leafs a physical top-six forward who proved himself as a reliable playoff performer during his brief tenure in Boston. If he can stay healthy, his presence could bring some much-needed grit and clutch production that's been lacking from some of their stars in their previous playoff appearances.

Grade: A-

It didn't take long for one of the biggest names on the free-agent market to get snapped up. The Nashville Predators signed Ryan O'Reilly to a four-year contract with an average annual value of $4.5 million. He replaces Matt duch*ene, who was bought out of his contract on Friday.

Limited by injuries during the 2022-23 regular season, O'Reilly managed just 30 points in 53 games split between the St. Louis Blues and Toronto Maple Leafs. However, he had a solid postseason effort with the Leafs, netting nine points in 11 games. With the Predators retooling, they'll look to him to help them return to playoff contention.

O'Reilly, 32, is a former Conn Smythe Trophy and Frank J. Selke Trophy winner. Despite a decline in his offensive production since his career-best 77 points in 2018-19, he remains a solid defensive presence, especially on the penalty kill and in the faceoff circle. He's taken a significant pay cut from his previous AAV of $7.5 million.

The Predators are making this investment in O'Reilly based on his previous accomplishments. If the two-way center can stay healthy and reasonably productive he should improve their defensive game while bringing additional veteran leadership to their lineup. However, there is the risk that this signing could become burdensome as he ages.

Grade: B+

After 12 seasons with the Winnipeg Jets, Blake Wheeler was bought out of the final year of his contract on Friday. TSN's Pierre LeBrun reports the New York Rangers wasted little time rounding up the 36-year-old winger, inking him to a one-year contract with a base salary of $800,000 plus a maximum bonus of $300,000.

Wheeler departs Winnipeg as their leading scorer in franchise history. A skillful playmaker, he has nine seasons with 60-plus points, including back-to-back 91-point performances in 2017-18 and 2018-19.

Since those career-best numbers, however, Wheeler's production has declined, dropping to 55 points in 72 games for 2022-23. With his foot speed slowing, he could struggle this season to exceed 50 points.

The Rangers, however, are willing to take the chance given their salary-cap limitations. His contract is very affordable even if he reaches his bonuses. They're in need of experienced scoring at right wing. Skating alongside forwards such as Mika Zibanejad, Artemi Panarin and Chris Kreider could help Wheeler remain a productive winger.

Grade: B+

After 11 seasons with the Tampa Bay Lightning, Alex Killorn will be playing with a new NHL club. The 34-year-old winger signed a four-year, $25 million contract with the Anaheim Ducks with an average annual value of $6.25 million.

Killorn is coming off a career-best 27-goal, 64-point performance. A durable, versatile two-way forward, he's reached or exceeded the 40-point plateau seven times. He was an important part of the Lighting's rise as a Stanley Cup contender and their back-to-back championships in 2020 and 2021.

The Ducks, meanwhile, are a rebuilding team focused on young talents such as Trevor Zegras, Mason McTavish and Jamie Drysdale. Those youngsters could benefit from the addition of an experienced leader and Cup champion such as Killorn, who can help them learn what it takes to win.

At his age, however, Killorn is at the stage of his career when a decline is inevitable. The $6.25 million average annual value is a significant raise over the $4.5 million of his previous contract. While the Ducks can afford to carry it now, it could prove a drain on their salary cap payroll if his performance drops over the course of the deal.

Grade: B

The Detroit Red Wings entered the free-agent market in need of additional depth at center behind team captain Dylan Larkin. They got it by inking J.T. Compher to a five-year, $25.5 million contract.

Compher, 28, enjoyed a career-best 52-point performance with the Colorado Avalanche in his contract year. The limited number of quality centers in this summer's free-agent market ensured he'd draw plenty of interest. His new average annual value of $5.1 million is a significant raise over the $3.5 million of his previous contract.

In most of his seven seasons with the Avalanche, Compher filled a third-line role as a versatile, hard-working two-way forward who could play center or right wing. The improvement in his stats this season was the result of his promotion into their second-line center role.

Compher is young enough to fit in with the rebuilding Red Wings while bringing Stanley Cup experience to their roster. While the cap hit is a little high, this is an affordable signing for a club flush with cap space seeking quality middle-six depth.

Grade: B

TheCarolina Hurricanes made one big splash in the free-agent market bysigning defenseman Dmitry Orlov. They made another by signing MichaelBunting to a three-year contract with an average annual value of $4.5million. That's a substantial raise over the $950,000 AAV on atwo-year contract with the Toronto Maple Leafs.

Ascrappy, high-energy left winger with a decent scoring touch, Buntingjoined the Leafs as a free agent in 2021. He tallied a career-best 23goals and 63 points in his first season skating alongside stars suchas Austin Matthews and Mitch Marner. He netted 23 goals again lastseason but his points dropped to 49 points.

Bunting'sfeisty style, however, can lead to costly undisciplined penalties.The 27-year-old was handed a three-game suspension during the Leafs'first-round series against the Tampa Bay Lightning and saw littleplaying time after that.

Alack of physical scoring forwards contributed to the Hurricanesgetting swept by the Florida Panthers in the 2023 Eastern ConferenceFinal. If Bunting plays as well with their best players as he did inToronto with Matthews and Marner, he could provide a welcome edgeprovided he brings a little more discipline to his game.

Grade:B-

The Ottawa Senators' rebuild has been hindered by a lack of reliable goaltending. They're hoping they've finally addressed that issue by signing Joonas Korpisalo to a five-year, $20 million contract with an average annual value of $4 million.

Korpisalo spent eight seasons with the Columbus Blue Jackets backing up Sergei Bobrovsky and Elvis Merzlikins. Shipped to the Los Angeles Kings at the 2023 trade deadline, he won seven of 11 starts with a 2.12 goals-against average and .921 save percentage. However, he was inconsistent in the Kings' first-round playoff series against the Edmonton Oilers.

The Senators are taking a gamble on the 29-year-old Korpisalo. They're betting that he'll bring some stability between the pipes and backstops them to the playoffs after six seasons of rebuilding. Perhaps the security of a long-term contract and the opportunity as a full-time starter will bring consistency to his game.

However, Korpisalo's body of work thus far suggests little justification for such a substantial raise over the $1.3 million he earned in 2022-23 for such a lengthy period. If he fails to play up to expectations the Senators could be stuck with a highly paid backup.

Grade: C+

After seven seasons with the Pittsburgh Penguins, it appeared Tristan Jarry was heading to free agency. Instead, the 28-year-old goaltender is staying put, signing a five-year, $26.9 million contract with an average annual value of $5.4 million.

The Penguins' starting goalie since 2020-21, Jarry won at least 24 games in each season but struggled with injuries and inconsistency. With Kyle Dubas having taken over as president of hockey operations, it was assumed he would let Jarry walk and seek a more reliable starter via a trade or a free-agent signing.

Given the limited depth among quality goaltenders in this summer's trade and free-agent markets, Dubas opted to bring back Jarry. He's getting a significant raise over the $3.5 million AAV of his previous contract. A shorter term for around $4 million annually would've been a better option, but the Penguins seemed to have little choice but to overpay Jarry.

When healthy, Jarry proved he can put up solid numbers like his career-best 34-win performance in 2021-22. However, there's no certainty that he'll be able to avoid injuries going forward.

Grade: C