ESPN·United States·Friday, September 25, 2026 at 02:36 PM

Lapsed fan's guide to the NHL season: Top teams, players and storylines for 2026-27

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Greg Wyshynski

Greg WyshynskiSep 25, 2026, 08:00 AM ET
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The 2025-26 NHL season was a heck of a ride. Especially for Jaccob Slavin.

The veteran defenseman played a key role for the U.S. men's Olympic hockey team, which defeated Canada for its first gold medal since the 1980 Miracle on Ice as the NHL returned to the Winter Games.

A few months later, Slavin became just the second American-born player -- and ninth player overall -- to win Olympic gold and the Stanley Cup in the same season, as the Carolina Hurricanes eliminated the Vegas Golden Knights and hoisted the chalice for the first time since 2006.

Then the real fun began in the NHL, with one of the most drama-filled and unpredictable offseasons in recent history.

If you haven't kept up with the NHL in the past few months, don't fret, we've got you covered. Here's a chance to catch up on everything that has happened -- the hirings, firings, signings, trades and the unfinished stories that could reach intense conclusions.

It's all in our guide to the 2026-27 season for lapsed fans. Read up before the puck drops!

The Stanley Cup favorites

The Hurricanes will try to become the fourth team in the last 11 seasons to repeat as Stanley Cup champions, but it's not going to be easy. The Florida Panthers, the last team to go back-to-back (2024, 2025), are back with a vengeance after injuries derailed their push for a three-peat to the point that they missed the playoffs entirely.

Over in the Western Conference, the Colorado Avalanche are once again the favorites after finishing with the league's best record in 2025-26. Right behind them are the Edmonton Oilers, as stars Connor McDavid and Leon Draisaitl attempt to carry their team to a third Stanley Cup Final appearance in four seasons.

Here are the top contenders based on their DraftKings odds to win the Stanley Cup, as of Thursday:

Also of note: the Montreal Canadiens (+2200), who were Eastern Conference finalists last season; the New Jersey Devils, Los Angeles Kings and Buffalo Sabres all at +3000; and Macklin Celebrini's San Jose Sharks at +3500. The longest odds: the Vancouver Canucks and Calgary Flames, both at +100000.

Trade demands granted ... and ignored

The NHL is in an age of player empowerment and that was never more evident than during this offseason. A half dozen players requested trades from their current teams, directly or indirectly. Some of those requests were granted. Some were not, leading to uncomfortable times for three American Olympians.

The Ottawa Senators traded captain Brady Tkachuk to the Panthers, where he finally unites with his brother and podcast co-host Matthew. Brady Tkachuk claimed his trade request was fueled by a desire to play for a Cup contender in Florida, which he helped force with his trade protection. Senators owner Michael Andlauer had another take: "Blood is thicker than water, and let's just say that his father and his brother got in his kitchen," he told The Athletic.

Goalie Connor Hellebuyck is another gold medal winner seeking an exit from a Canadian franchise. The three-time Vezina Trophy winner, considered the best goalie in hockey, informed the Jets he wanted to be traded after last season, despite the 33-year-old being under contract through 2030-31. His no-movement clause limits the field, and the Jets haven't found an offer yet to their satisfaction.

Both the Jets and Hellebuyck released statements before training camp acknowledging the stalemate. He's currently suspended from the team and will begin losing salary on opening night. The Jets say the door is open for him to remain with Winnipeg.

Dylan Larkin, another U.S. national team player, had his trade request with the Detroit Red Wings go public late last season, despite having five years left on his contract. Multiple reports claimed that Larkin, who has a no-trade clause, limited his desired destinations to Minnesota, Florida and Vegas. Detroit has yet to fulfil that request, and in the process saw GM Steve Yzerman step away from that role. Larkin reported to Red Wings camp and was stripped of his captaincy.

Finally, U.S. Olympian Zach Werenski, who won the Norris Trophy as the NHL's top defenseman last season, reportedly informed the Columbus Blue Jackets that he didn't intend to sign an extension with the team when his contract is up in summer 2028. GM Don Waddell took the proactive approach and tried to trade Werenski to the Dallas Stars, only to have Werenski block the trade with his no-movement clause.

As all of this was made public to fans, Werenski and the team released statements in July that attempted to defuse the situation. Werenski said that "everything got blown out of proportion" and reaffirmed his commitment to win in Columbus, which has missed the playoffs in six straight seasons.

Two other players were more successful in their trade requests. Defenseman Darnell Nurse told the Edmonton Oilers he wanted a change of scenery after 12 seasons, and they sent him to San Jose. Defenseman Simon Nemec, the second overall pick in the 2022 draft, had his long-standing desire to move on granted by the New Jersey Devils, who sent the restricted free agent to the Calgary Flames.

Other faces in new places

Some of the big names that moved on to new teams this season include:

Center Vincent Trocheck, whom the New York Rangers (finally) traded to the Utah Mammoth in a deal that included defenseman Sean Durzi. Utah also added former New York Islanders captain Anders Lee as a free agent (three years, $5.4 million AAV) and traded winger JJ Peterka to the Boston Bruins after just one season with the franchise.
The Tampa Bay Lightning signed Darren Raddysh to an eight-year deal ($8.5 million AAV) and then shipped him to the Toronto Maple Leafs, who acquired him before Raddysh was expected to be the top unrestricted free agent defenseman on the market.
The Anaheim Ducks traded 23-year-old center Mason McTavish to the St Louis Blues for two first-round picks.
After goalie Sergei Bobrovsky decided to test free agency, the Panthers traded for Devils starting goalie Jacob Markstrom in a deal involving forward Evan Rodrigues.
The Capitals traded for Blues star winger Jordan Kyrou and added Sabres winger Alex Tuch via trade before inking a long-term deal (eight years, $10.5 million AAV).
Former Capitals star John Carlson, who was traded to Anaheim at last season's deadline, signed a two-year deal ($8.5 million AAV) with the Lightning.
Vegas traded leading goal scorer Pavel Dorofeyev to the Rangers, who signed the restricted free agent winger to a seven-year deal ($11 million AAV).
Valeri Nichushkin was acquired via trade by the Blue Jackets from the Avalanche, who added another veteran winger in Jaden Schwartz (three years, $3.25 million AAV).
Goalie Frederik Andersen, the 36-year-old who helped the Hurricanes win the Stanley Cup, became the latest possible solution to the Oilers' goalie issues on a one-year free agent deal ($1 million AAV).
The Chicago Blackhawks acquired puck-moving defenseman Bowen Byram from the Sabres and signed him to a six-year contract extension ($12.5 million AAV). But it's a reunion with another free agent that really captured the hockey world's attention: Franchise icon Patrick Kane is back in Chicago, on a two-year deal ($8 million AAV).

The Leo Carlsson offer sheet drama

If there was one moment that defined the 2026 NHL offseason, it was when Ducks star Leo Carlsson put pen to paper on a five-year, $90 million offer sheet from the Philadelphia Flyers.

Ducks GM Pat Verbeek said he anticipated there could be an offer sheet tendered to the 21-year-old center ... just not one that massive. "Did we expect the offer sheet to be this high? No. We did not see that one coming," he said.

Verbeek had told his peers that Anaheim ownership would match any offer sheet given to Carlsson, and the Ducks did just that to keep their young center from bolting to Philly.

But the reverberations from that signing were felt all over the league -- and within the Ducks' own roster. Anaheim signed defenseman Pavel Mintyukov (five years, $7.2 million AAV) to avoid any potential poaching, and handed 22-year-old Cutter Gauthier a six-year deal with a $13.5 million AAV after Carlsson raised his price.

The mega-extensions

Carlsson's offer sheet deal gave him the largest cap hit in the history of the NHL ... for about a minute. Macklin Celebrini, the 20-year-old San Jose Sharks phenom, signed a five-year extension that begins in 2027-28 and carries an $18.8 million cap hit. But about a month after that, Colorado defenseman Cale Makar became the first $20 million AAV player of the salary cap era, signing an eight-year extension worth $163.2 million that begins in 2027-28.

Other young stars that signed big extensions included Chicago's Connor Bedard (five years, $15 million AAV) and Columbus center Adam Fantilli (six years, $13.75 million AAV).

Had he agreed to play for the Seattle Kraken, Jason Robertson could have joined the mega-contract club, too. Multiple reports stated that the Kraken would have given the restricted free agent winger eight years and upward of $15 million annually, but Robertson wouldn't agree to a sign-and-trade. Instead, he and the Stars ended a prolonged contract standoff with a one-year, $12 million deal that keeps the 45-goal scorer in Dallas before unrestricted free agency next summer.

Two contract situations are dominating the discourse as the season begins. There's Minnesota defenseman Quinn Hughes, who can become an unrestricted free agent next summer. What's his desire to try and win a Stanley Cup with the Wild versus potentially playing with his brothers in New Jersey? There's also Nikita Kucherov, who won NHL MVP for the second time last season. The Tampa Bay star winger can become an unrestricted free agent next summer.

The coaching (and GM) carousel

There was plenty of movement off the ice as well since last season, from the bench to the boardroom.

Five teams named new head coaches. Former Kings coach Jim Hiller replaced Craig Berube in Toronto, with the well-traveled Peter Laviolette taking over in Los Angeles. AHL coach Ryan Craig is the bench boss in Vegas after replacing John Tortorella, who took over with eight games left in the 2025-26 season and led the Golden Knights to the Stanley Cup Final. Former Canucks player Manny Malhotra earned his first NHL head coaching gig with Vancouver, replacing Adam Foote.

But the most notable hiring came in Edmonton, where Mike Babcock made an unlikely return to the NHL to succeed Kris Knoblauch.

Babcock, a Stanley Cup champion who has been accused of mental abuse by multiple former players, resigned from the Blue Jackets in 2023 before ever coaching a game for them, after his requests to look at personal photos from players' phones drew criticism. But the Oilers turned to Babcock after the Golden Knights refused to let former coach Bruce Cassidy -- who was still under contract -- fill the Edmonton job opening. The NHL investigated Babcock's time with Columbus, found "no current basis to restrict his employment," and cleared the way for Edmonton to hire him.

What makes the situation ever more peculiar is that the Oilers' veterans leaders -- Connor McDavid, Leon Draisaitl and Zach Hyman -- drove the effort to hire Babcock, having vetted the controversial coach personally.

The NHL saw several changes among general managers, too. Colorado's Chris MacFarland left to take over the Nashville Predators from Barry Trotz; that led to Joe Sakic, whom MacFarland replaced with the Avalanche, moving back in as general manager. Ryan Johnson (Vancouver), Sunny Mehta (New Jersey) and Alex Steen (St. Louis) became first-time general managers. Shawn Horcoff became the interim GM in Detroit when Steve Yzerman abruptly stepped down after seven seasons. And former Arizona Coyotes GM John Chayka was named the new head of hockey operations for the Maple Leafs.

Turning over new leafs in Toronto

The Maple Leafs had a transformative offseason, having missed the playoffs for the first time in 10 seasons and still searching for their first Stanley Cup win since 1967.

After Toronto dismissed general manager Brad Treliving, the team stunned fans with his replacements: Chayka, who left the NHL after resigning as Coyotes general manager in 2020; and Maple Leafs Hall of Fame player Mats Sundin, who was brought on as a senior executive adviser in hockey operations. Chayka then hired Hiller, who was fired after 59 games by the Kings last season, to replace Berube.

On the ice, Chayka made more than a dozen moves to reshape the Leafs' roster behind returning stars Auston Matthews and William Nylander. He acquired Darren Raddysh in a sign-and-trade with Tampa Bay. He signed several free agents, most prominently goalie Sergei Bobrovsky of the Panthers and Jack Roslovic from the Oilers. Chayka also picked up forward Nicholas Paul from the Lightning.

The team's most intriguing acquisition arrived courtesy of its NHL draft lottery win: Gavin McKenna, the Penn State winger selected first overall in June.

Rookie class of 2026-27

McKenna is part of a deep rookie class at forward. It's led by Philadelphia Flyers winger Porter Martone, who was a late-season star for them during Philly's playoff run. It's a class that also includes:

Sharks winger Ivar Stenberg, the second overall pick in June's draft
Blackhawks center Anton Frondell, the third overall pick in 2025, and winger Roman Kantserov, a point-per-game player in the KHL
Bruins center James Hagens, the Boston College player drafted seventh overall in 2025
Capitals forward Ilya Protas, brother of Capitals winger Aliaksei Protas
Sabres forward Konsta Helenius, who was an energizing presence as a late-season reinforcement

The top rookie defenseman is Washington's Cole Hutson, whose brother Lane is a star for the Canadiens. In goal, there are rookies worth monitoring: Montreal's Jacob Fowler and Pittsburgh's Sergei Murashov.

New CBA goes into effect

The new four-year collective bargaining agreement between the NHL and the NHLPA officially kicked in on Sept. 16, although some of its rules were fast-tracked in last season. Among the rules that kicked in this month:

An 84-game season, with two additional games added to the schedule thanks to a shorter preseason. NHL opening night is Sept. 29, the first time since 1993 that the league is opening its full regular season in September.
Long-term contracts are capped at seven years for a player re-signing with their current team and six years if they sign a contract with another club.
The total signing bonus money across a contract is capped at 60% of the total value of the deal. Leo Carlsson's offer sheet contract -- signed before the new rules kicked in -- had $85.3 million of his $90 million paid in bonus money, or around 95% of the total compensation.
Every team will now have its own emergency backup goalie (EBUG) who will travel with the team. These goalies can't have played in the NHL before under contract, can't have more than 80 games of pro experience and can't have played professionally anywhere in the past three seasons. Expect most of them to be team staff members.

Farewell skate for Alex Ovechkin?

It didn't feel like goodbye for Alex Ovechkin after last season, his 21st in the NHL. The league's all-time leading goal scorer with 929 tallies, Ovechkin said he was "pretty sure" the Capitals' season finale wasn't his last game and that his children wanted him to continue playing. But he did want to make sure that he was returning to an improved Washington team, after the Capitals missed the playoffs last season.

After a busy start to the offseason for Washington, Ovechkin officially announced he'd return for another NHL campaign, signing a one-year contract with a base salary of $1 million and bonus money that brings his compensation to $9 million.

The 41-year-old captain's return for a 22nd season was overshadowed in the preseason by his controversial appearance in a video for Russian President Vladimir Putin's political party. Capitals general manager Chris Patrick told ESPN's Robert Klemko that if Ovechkin had told the team he planned to film the ad, "we would have worked to avoid the situation very hard."

Finally, expansion is on the NHL's radar

While the NHL is not officially in an expansion phase, commissioner Gary Bettman said the league has received "expressions of interest" about landing a new franchise.

That interest is most intense in Texas. In June, the Friedkin family began a six-month process to evaluate Houston and Austin as potential locations for a second NHL team in the state, joining the Dallas Stars. At the time, Bettman said it would take an approximately $3.5 billion investment to acquire a franchise, including an expansion fee and the cost of the new arena.

There are three groups in Atlanta that have discussed a bringing an expansion franchise there. It would be the third time the NHL has put a team in A-Town; the Flames moved to Calgary and the Thrashers moved to Winnipeg.

Also seeking another chance at an NHL franchise: Phoenix, where the NHL has talked with multiple groups about a successor to the defunct Coyotes. But Bettman said, "It doesn't make sense to talk about it" unless there are firm plans to build an arena there."

Expect further clarity on expansion at December's board of governors meeting. But keep in mind that along with where these teams might play and who will own them, there are some NHL owners that aren't completely sold on adding a 33rd and 34th team to the league. After all, it's hard enough to win the Cup with 31 other opponents as it stands.

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