The 2023 NHL free-agent market officially opens at noon ET on July 1. While that date remains months away, several clubs carrying hefty payrolls for 2023-24 should consider clearing room to pursue some of the notable talent potentially available next summer.
Stars such as the Boston Bruins' David Pastrnak, Chicago Blackhawks' Patrick Kane and the St. Louis Blues' Vladimir Tarasenko are eligible to become unrestricted free agents. They should draw considerable interest if they hit the open market next July.
Signing such players can be an expensive undertaking. NHL Commissioner Gary Bettman has hinted the cap might rise by $4 million if the players' share of escrow debt to the owners is repaid by season's end. If it isn't, the cap will only increase by $1 million to $83.5 million, making it more difficult for teams to pursue big-ticket talent.
Some franchises could have more of a need to clear cap room for free agency than others. The Montréal Canadiens, for instance, might consider adding a free-agent star to accelerate their rebuild. Others, like the New York Islanders, could use free agency to address a need such as goal scoring.
The following is our listing of five NHL clubs we believe should consider freeing up cap room in order to be active in next summer's free-agent market.
Columbus Blue Jackets
Signing high-scoring free-agent winger Johnny Gaudreau last offseason was a significant achievement for the Columbus Blue Jackets. The move was an indication that the front office, led by general manager Jarmo Kekalainen, was speeding up what had been a two-year retool of their roster.
Gaudreau's played well for his new club, but injuries have walloped the lineup, with such notables as Zach Werenski, Jakub Voracek, Patrik Laine and Elvis Merzlikins on the sidelines. Rather than jockeying for a playoff position in the Eastern Conference, they're near the bottom of the standings at 7-12-1.
No one could've foreseen the plethora of injuries. However, they were struggling through the season's opening month with just three wins in their first 12 games before several of those core players became sidelined.
A porous defense was largely to blame for the Blue Jackets' woes before the injuries struck and has since become a growing concern. They've given up the second-most shots against per game (36.3) while their 4.20 goals against per game is the league's worst.
Jackets management could chalk this up to bad luck and look toward another free-agent signing for next season. Tempting options include Minnesota's Matt Dumba or New Jersey's Ryan Graves. However, their payroll for 2023-24 sits at $73 million invested in 13 players.
That would mean freeing some cap space if they're out of playoff contention approaching the March 3 trade deadline. Perhaps shopping someone such as Jack Roslovic ($4 million) or finding a taker for Voracek and his $8.25 million for next season could address that issue, though in Voracek's case it could mean retaining part of his cap hit.
Montréal Canadiens
In July 2019, the New York Rangers signed Artemi Panarin to a seven-year deal worth an average annual value of $11.6 million. The general manager of the Rangers at that time was Jeff Gorton, who is now the executive vice president of hockey operations for the Montréal Canadiens.
When the Rangers signed Panarin they were nearly 17 months into rebuilding their roster. Adding the playmaking Russian winger provided a boost to that process as he played a crucial role in the Blueshirts' march to the 2022 Eastern Conference Final.
Gorton and general manager Kent Hughes are rebuilding the Canadiens following their disastrous 2021-22 season. They've focused on constructing the roster around rising young stars Nick Suzuki and Cole Caufield and bringing in promising youngsters such as Kirby Dach and Juraj Slafkovsky.
The 11-9-1 Canadiens have exceeded expectations this season. That might spur Gorton and Hughes to consider accelerating their rebuild via next summer's free-agent market.
That will involve shedding salary as they have $69.5 million invested in 18 players for 2023-24. One of those is Carey Price, who carries a $10.5 million cap hit. The 35-year-old goaltender's career is in jeopardy because of a knee injury. That would allow the Habs to put him on permanent long-term injury reserve, providing them with much-needed cap flexibility.
The Canadiens could also explore the trade market for some cost-cutting deals. That could include shopping forwards such as Mike Hoffman ($4.5 million) and Joel Armia ($3.4 million) and perhaps defenseman Joel Edmundson ($3.5 million) if those veterans no longer fit into the club's long-term plans.