How 2025 NHL Free Agency Significantly Reshaped Edmonton Oilers’ Roster, Cap Sheet, and Stanley Cup Hopes Heading Into New Season
The 2025 NHL offseason has been nothing short of transformative for the Edmonton Oilers. After falling just short of hoisting the Stanley Cup in recent seasons, general manager Ken Holland — and his successor, depending on when an official transition is finalized — entered free agency with a clear mandate: reshape the roster without gutting its core, and do so within the confines of an unforgiving salary cap. With several key players departing, a few smart-value signings arriving, and the balance between veteran leadership and youthful energy being recalibrated, the Oilers’ 2025-26 roster looks very different from last season’s iteration. Whether it’s better or worse remains to be seen, but there’s no denying the impact free agency has had on every level of this team’s construction.
First, it’s important to acknowledge the key players Edmonton lost due to cap constraints. Veteran winger Warren Foegele, who provided secondary scoring and physicality, signed a multi-year deal with the Chicago Blackhawks. Defenseman Brett Kulak, a trusted bottom-four blueliner who could play both sides and log penalty kill minutes, found a new home in Philadelphia. And perhaps most notably, goalie Calvin Pickard — who provided stability as a backup down the stretch and earned the coaching staff’s trust in key games — inked a two-year contract with Buffalo, leaving a hole behind Stuart Skinner.
These departures, while not earth-shattering on their own, collectively weakened the Oilers’ depth. The silver lining, however, came in the form of cap flexibility. For a team that had previously been hemmed in by expensive contracts and limited wiggle room, the exits opened up over $7 million in space. Holland and his front office used it wisely.
The Oilers acted quickly, signing Andrew Mangiapane to a three-year deal worth just under $4.5 million annually. The former Calgary Flame brings speed, a defensive conscience, and the potential to produce 20+ goals if slotted next to a playmaker like Leon Draisaitl or Ryan Nugent-Hopkins. While Mangiapane’s numbers dipped last season in Calgary, many insiders believe that was more a function of systemic dysfunction than a decline in his skillset. For Edmonton, he represents a prototypical middle-six winger who can play both special teams and complement stars without demanding the puck.
In a more under-the-radar move, Edmonton also brought in Curtis Lazar, a journeyman forward who has built a reputation as a reliable fourth-liner and faceoff specialist. At under $1.5 million annually, Lazar’s value lies in his ability to eat up tough minutes, kill penalties, and win draws — three areas where the Oilers struggled during stretches of the 2024-25 season. He may not move the needle on paper, but over an 82-game season and into the playoffs, those micro-contributions can make a meaningful difference.
The Oilers weren’t done there. They took a calculated gamble on former top pick Kaapo Kakko, whose development in New York stalled but whose skillset remains intriguing. Signed to a one-year, “show-me” deal at $1.1 million, Kakko gives Edmonton a potential low-risk, high-reward swing. If he clicks in a new system — especially alongside elite passers like McDavid or Draisaitl — he could rejuvenate his career and add a new offensive layer to the team. If not, the cap hit is minimal, and the Oilers can move on with little pain.
With the forward group rounded out by these additions, the biggest remaining question mark is in net. As of early July, the Oilers have not made a high-profile goaltending acquisition. Stuart Skinner remains the presumed starter, but behind him lies uncertainty. Jack Campbell, who cleared waivers last year and spent most of the season in the AHL, is still under contract at $5 million annually — an albatross that management continues to explore ways to shed. If Holland can find a trade partner willing to take on some of that contract (likely with a sweetener attached), it could open the door to signing a more reliable veteran to push Skinner or serve as injury insurance.
There were rumors connecting Edmonton to veterans like Jaroslav Halák or Martin Jones, but neither has materialized yet. Internally, Olivier Rodrigue might be given a look in camp, but relying on a prospect goalie as your primary backup for a Cup-contending team is a risky play. The expectation is that some form of goaltending reinforcement will arrive before opening night, though perhaps via trade rather than free agency.
On defense, the Oilers re-signed Vincent Desharnais to a two-year deal, preserving his size and physical edge on the right side. But Kulak’s departure leaves a left-side vacancy in the bottom pair. Philip Broberg, who showed flashes in the postseason, is expected to finally claim that role full-time, but consistency will be the key. Edmonton also brought in depth defenseman Travis Dermott on a league-minimum deal — a smart insurance policy with NHL experience and puck-moving ability, especially if injuries strike.
One name that continues to draw attention in Edmonton is Evan Bouchard. Fresh off another productive season and becoming one of the league’s premier power-play quarterbacks, Bouchard’s next contract looms large. He’s eligible for an extension this summer, and if Edmonton locks him in long-term, the cap implications will ripple through every other decision. Conversely, if they choose to bridge him again, it could delay a future crunch — but likely at the cost of paying a premium later. The choice they make here will shape their cap structure for years to come.
Meanwhile, the core remains intact. Connor McDavid, Leon Draisaitl, Ryan Nugent-Hopkins, Zach Hyman, and Darnell Nurse are all under contract. Hyman’s career year in 2024-25, where he surpassed 50 goals, solidified his value on the top line. McDavid and Draisaitl remain among the top five players in the world, and their presence ensures that any roster built around them will be competitive. The question is how long Draisaitl will remain — with his contract expiring in 2026, the Oilers are on the clock to convince him this team can win it all. The free agency strategy this summer, built on affordability and versatility, was clearly designed to extend that window.
The biggest intangible free agency has affected is identity. Last year, Edmonton’s roster was offensively potent but lacked bottom-six bite and consistent checking. This year’s additions — Lazar’s grit, Mangiapane’s two-way play, even Kakko’s potential defensive growth — suggest a team consciously trying to round out its personality. They’re no longer just looking to outscore opponents. They want to grind, win tight games, and wear teams down. It’s a subtle shift, but one that echoes the blueprint of recent Cup champions.
As training camp approaches, the Oilers will use the preseason to answer lingering questions: Can Broberg anchor the third pair? Does Kakko earn a top-nine role or fall out of favor again? Who backs up Skinner, and can the goaltending tandem hold up for a full season and deep playoff run? The answers will determine whether the free agency reshaping was enough or simply a good start.
One thing is certain: the 2025-26 Edmonton Oilers look different. They’re younger in some areas, more experienced in others, and certainly more flexible financially. For a team chasing the Cup with urgency, this summer’s free agency wasn’t about making a splash — it was about smart, surgical moves that align with both immediate needs and long-term sustainability. Whether that balance proves championship-caliber is the question that will define their season.
In a league where margins are razor-thin and injuries can upend even the best-laid plans, Edmonton has positioned itself for another legitimate run. The cap gymnastics may not be over, and trade deadline reinforcements are always a possibility. But for now, the foundation is set. Free agency, with all its chaos and opportunity, has left the Oilers stronger in some areas, vulnerable in others — but still right there in the conversation. And that, for a franchise long desperate for a second banner, is enough to dream.
