Why the 2026 NHL Free Agent Frenzy is Already Over

Just a few short months ago, the hockey world was buzzing. The summer of 2026 was circled on every insider’s calendar, primed to be one of the most chaotic periods of NHL free agency in recent history. We were talking about a seismic shift in league power, with a long list of franchise-altering superstars set to hit the open market.

Now, that frenzy is looking more like a quiet afternoon. The “Summer of 2026” board took its biggest blow yet with Martin Necas signing that massive eight-year, $92 million extension with the Avalanche. This isn’t just a one-off; it’s the final nail in the coffin of a trend we’ve been watching all season.

The Star Power That Won’t Hit the Market

Necas is just the latest domino. Before him, Kirill Kaprizov, Connor McDavid (on a shorter-term bridge), Kyle Connor, and Jack Eichel all put pen to paper, taking their elite talents off the board. GMs aren’t willing to play chicken with their cornerstone players anymore. The risk of losing a superstar for nothing is just too high, and they are moving decisively to lock in their guys long before the free agency circus ever comes to town.

This is a fundamental shift. The new reality of the NHL, with a rising salary cap, is that teams are prioritizing certainty. They are identifying their core and paying them market value—or even a premium—to avoid the drama and bidding wars of July 1. It’s smart asset management, but it absolutely kills the buzz for fans hoping to see a superstar swap jerseys.

So, Who Is Actually Left?

With that star-studded list now off the market, the 2026 UFA class has been severely downgraded. The two biggest names remaining are Artemi Panarin and Adrian Kempe.

From my perspective, these are two very different situations. Kempe is 29 and flying out of the gate this season; the Kings are smart to be in talks with him right now. I’d be surprised if he makes it to market.

Panarin is the real wild card. He’ll be 34, and the Rangers are (rightfully) taking their time. They want to see how this season plays out under a new coach before committing huge term and dollars to a player on the back half of his career. He might be the only true “frenzy” left, but he’s an aging winger, not the class of young centers we all expected.

Beyond those two, the list is largely composed of aging, secondary players. Names like Malkin (39), Ovechkin (40), and Giroux (37) are legends, but they aren’t the franchise-altering pieces they were a decade ago. The 2026 “frenzy” is dead. The new story is about which veterans will find their final one- or two-year contracts.

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