NHL trade grades: Report cards for Devils, Flames ...

The 2026 NHL offseason trading period has begun.

>As the deals continue to roll in, ESPN reporters will be grading all the moves with the biggest impacts, including instant reaction on how the GMs involved did.

>The Toronto Maple Leafs and Tampa Bay Lightning kicked things into high gear with the Leafs landing pending free agent defenseman Darren Raddysh on Friday. Then the Florida Panthers and Ottawa Senators turned the knobs up to 11 with a blockbuster trade that sent Brady Tkachuk to the Sunshine State, with four high draft picks heading back to Canada's capital.

>On Tuesday, the New Jersey Devils traded 2022 No. 2 pick Simon Nemec to the Calgary Flames in exchange for future first-round picks. Then, the Sens flipped the No. 9 pick (part of the Tkachuk haul) to the San Jose Sharks for William Eklund, and the Washington Capitals dealt a package including the No. 16 pick to the St. Louis Blues for Jordan Kyrou. And if all of that wasn't enough, the Buffalo Sabres traded defenseman Bowen Byram and forward Jordan Greenway to the Chicago Blackhawks for the Nos. 4 and 45 picks and Louis Crevier.

>Read on for more, and keep this page bookmarked as the trade volume rises ahead of the NHL draft on June 26-27 and free agency on July 1.

>Note: The most recent trades will appear highest up on the page.

>Jump to a trade:

Nichushkin to CBJ

Tuch to WSH

Byram to CHI

Kyrou to WSH

Eklund to OTT

Nemec to CGY

Tkachuk to FLA

Raddysh to TOR

>JJ Peterka is now on his third team in 12 months with the Utah Mammoth moving the winger to the Boston Bruins on Friday.

>The Bruins sent their 2026 first-round pick and a 2028 first-round pick (via FLA) that's top-10 protected to Utah.

>Right now, the Bruins are in that place of being a playoff team that is comfortable moving on from draft capital for the right price.

>Given Peterka likely slots in as their first line left winger next to Pavel Zacha and David Pastrnak, it's a price that appears to make sense given the alternative.

>The alternative in this case being the Bruins were able to retain the Toronto Maple Leafs first-round pick they have for next year.

>So, to still get a top-six winger without having to give up that pick might be one of the most crucial pieces of this trade for the Bruins.

>Boston was picking 23rd this year and Florida, after extending its window following the Brady Tkachuk trade, could be expected to pick in that same range come 2028.

>Not that talent can't be had at that place in the draft, but Peterka is a proven player who can help the Bruins now. There's also the fact that he's under contract for the next four years at $7.75 million annually.

>The 24-year-old gives them a three-time 20-goal scorer. But the objective for the Bruins is seeing if they can receive the version of Peterka who averaged 0.88 points per game throughout his final season with the Buffalo Sabres rather than the iteration who averaged 0.57 points per game in his lone year in Utah.

>There are a few items that make this trade rather complicated.

>It starts with what the Mammoth gave up last year to get Peterka and how that compares to the return they received for him after one season in Salt Lake City.

>Utah gave up Josh Doan and Michael Kesselring to get Peterka. Doan had 25 goals and 52 points in his first year in Buffalo -- the same number of goals and five more points than what Peterka had with the Mammoth. Kesselring only lasted a year with the Sabres but was part of a deal that saw them also swap first-round picks with the San Jose Sharks.

>Going after Peterka came with the belief that he'd give them another young player who could be part of their long-term core. But the season he had in Utah saw him struggle at times which forced the Mammoth to switch gears.

>While it might be cold to move on just one year after signing Peterka to such a large deal? It's also a bit calculated.

>Well? It could be calculated depending upon what happens next. Shedding Peterka's salary means they'll now have $21.025 million in projected cap space, according to PuckPedia.

>Having that much space while in need of another top-six option on the wing allows the Mammoth to enter some conversations for players they might not have been able to when the day began. -- Clark

>The pre-free agency trade market for wingers continued to churn on Thursday, when the Columbus Blue Jackets sealed a deal with the Colorado Avalanche for forward Valeri Nichushkin, with a 2026 second-round pick, 2027 third-round choice and 2028 fifth-round selection going back to the Avs.

>How does this infusion of veteran talent for the Blue Jackets look compared to what they offered in return? Let's take a look.

>The Blue Jackets needed to add to their depth scoring after a 19th-place finish offensively last season (averaging just three goals per game). Nichushkin was a viable option to help in that respect, and given the lack of undeniable top-six or top-nine skaters projected to be available in free agency on July 1, it made sense to part with future potential in return for a surer thing. And Nichushkin is that -- even with a $6.125 million annual cap hit over the final four years of his contract.

>The 31-year-old has collected 20-plus goals in three of his past five seasons, and is a reliable performer in the postseason, particularly when Colorado won the Stanley Cup back in 2022. Nichushkin's numbers did take a dip last season, to 17 goals and 49 points in 72 games, but much of that can be attributed to the Avalanche's awful power play (sixth worst in the NHL at 17.1%). Nichushkin was strong at 5-on-5, and brings a physicality with his 6-4 frame that gives Columbus another element to its attack up front.

>Mason Marchment and Boone Jenner -- two pending UFAs -- have provided some of that physicality in the past, but whether they'll remain in the Blue Jackets' mix is still unknown. The fact that GM Don Waddell went after Nichushkin suggests he isn't sure about bringing one or both of them back, either.

>Finding a way to fit Nichushkin into the lineup did cost Columbus its only second-round choice in this upcoming draft. But if he can be a 20-goal scorer again for the Blue Jackets and fire up their power play like he has done before in Colorado, it'll be worth the investment.

>The advantage here for Colorado is shedding Nichushkin's contract to create cap space for other maneuvers. The Avalanche are still smarting from that Western Conference finals sweep by Vegas, and there are gaps to be filled in that will benefit Colorado in a larger sense than simply keeping Nichushkin.

>The Avs didn't have a first- or second-round pick in the upcoming draft prior to dealing with Columbus, and now at least they can target a decent prospect -- or leverage that selection in another trade to improve right now. And it never hurts to have some draft chips squirrelled away to use in the future.

>The success of this transaction primarily hinges on how the Avalanche make good use of that newly found cap room, and what further changes that will bring to a team that certainly doesn't feel its Cup contention window is anywhere close to closing just yet. -- Shilton

>The Alex Tuch sweepstakes came to an early climax Wednesday when the Washington Capitals grabbed the winger in a sign-and-trade with the Buffalo Sabres that saw Tuch agree to an eight-year contract extension carrying an AAV of $10.5 million.

>Meanwhile, Buffalo adds to its draft stores with a third-round pick in this weekend's draft, and the rights to UFA forward David Kampf.

>How did each side do in this one? Let's take a peek.

>Washington isn't fooling around. Less than 24 hours ago, the Caps acquired Jordan Kyrou from St. Louis to improve their top six, and now Tuch is coming on board to do the same. It's apparent the Capitals aren't letting last season's disappointment in missing the playoffs deter them from maintaining a win-now mentality. And this is quite an investment in Tuch -- and a significant raise from his last deal (carrying a $4.75 million AAV).

>Tuch stands to be worth the price Washington is paying -- or at least the Caps hope he is. Because giving Tuch such a rich deal could easily backfire into an overpay situation if he can't live up to it.

>But for right now, the 6-foot-4 skater brings size and speed to the Capitals' lineup, and he is coming off another impressive regular-season performance, having collected 33 goals and 66 points in 79 games to help guide Buffalo back to the playoffs for the first time since 2011.

>The knock on Tuch there is that he didn't do much to help the Sabres advance once in the postseason. He notched just four goals and seven points in 13 games -- and had zero points in Buffalo's second-round series loss against Montreal.

>But at his best, Tuch will improve a Capitals team that is still waiting to find out whether Alex Ovechkin will be part of the mix come fall. The veteran is a pending unrestricted free agent who hasn't yet committed to another season. Perhaps the acquisition of talents like Kyrou and Tuch will persuade Ovechkin -- who turns 41 in September -- to come back for one more kick at the can.

>Buffalo fleeced Chicago in a trade Tuesday night, sending Bowen Byram to the Blackhawks primarily in exchange for the fourth overall pick in the 2026 draft.

>Now, with the Tuch business handled, the Sabres have even more room to operate over the coming weeks as they keep retooling the roster. It was clear to both sides that Tuch wasn't going to be part of that. He and the Sabres had attempted negotiations on a new deal that were ultimately fruitless. Better to get something back for Tuch than see him walk away for nothing on July 1.

>Buffalo didn't previously have a third-rounder in the coming draft, so it's one more piece to wield -- as a selection or as a trade chip -- over the next few days.

>Kampf has been a solid fourth-line center option in the past and could be again for the Sabres if they can extend him. Should the Sabres get something done with Kampf before he hits free agency, it will give them a boost on the bottom end that's perhaps an upgrade, or at least insurance going into next season. -- Shilton

>The Chicago Blackhawks acquired defenseman Bowen Byram and forward Jordan Greenway from the Buffalo Sabres for the No. 4 pick and the No. 45 pick in the 2026 draft and defenseman Louis Crevier.

>Let's start with the good news: Byram is the kind of dynamic offensive defenseman and general talent upgrade that GM Kyle Davidson needs to target. He had 42 points in 82 games last season, skating 22 minutes, 20 seconds per game and matching his career high with 11 goals. That would have easily made him the highest-scoring defenseman on the Blackhawks this past season. Crevier's 25 points led all Blackhawks defensemen ... and he's now a Sabre.

>Byram's numbers should grow with more opportunity. Byram averaged only 1:36 per game on the power play for the Sabres, one reason why he had only one goal and seven helpers with the man advantage. The Blackhawks should hand him the keys to the top power play, along with top-pairing defenseman minutes.

>He's still only 25 years old and has a ton of untapped potential offensively, especially if coach Jeff Blashill just lets him play with the puck as a de facto fourth forward out there. After six seasons, Chicago sort of knows what Byram is and what he could still become.

>Which is to say that he's a known quantity -- which a draft pick is not. That's the only charitable justification for Chicago trading the No. 4 pick in the 2026 draft for Byram. They don't know how Chase Reid, (Sault Ste. Marie, OHL) or Alberts Smits (Jukurit, Liiga) or Carson Carels (Prince George, WHL) or Keaton Verhoeff (North Dakota, NCAA) will turn out to be as NHL players.

>The Carolina Hurricanes are Stanley Cup champions! Here's a look back at how we celebrated every Stanley Cup champion going back to the 2018 season:

>• Panthers 2025 | Panthers 2024

• Knights in 2023 | Avalanche in 2022

• Lightning in 2021 | Lightning in 2020

• Blues in 2019 | Capitals in 2018

>Connor Bedard is in his fourth season, never having come close to the playoffs. Davidson told The Athletic that he had "an extra bit of willingness or aggressiveness in trying to explore what's out there" this offseason. Waiting for another prospect to gestate could test Bedard's patience.

>That said ... this is the No. 4 pick in the NHL draft. A recent study noted that 55.7% of the players drafted there play more than 500 NHL games.

>Cale Makar was a No. 4 pick. So were Alex Pietrangelo, Sam Bennett, Mitch Marner, Brady Tkachuk and Lucas Raymond. The defenseman selected No. 4 in 2013 has played 912 games and won a Stanley Cup. His name is Seth Jones, and Davidson traded him to Florida for goalie Spencer Knight and a conditional first-round pick that was lottery-protected. And so the Panthers were able to use that pick to trade for Brady Tkachuk.

>The No. 4 pick from 2019 has played 328 games so far. His name is Bowen Byram, and the Blackhawks just traded the No. 4 pick in this year's draft for the 2026 version of him.

>Perhaps the most frustrating thing about this trade is that the Blackhawks are very much still in a rebuild. This is not the Utah Mammoth or the Anaheim Ducks, who both made the playoffs, or the San Jose Sharks, who were in the hunt until the final games of the season. This is a team that had the second-worst points percentage in the NHL last season (.439). The draft lottery gave them the No. 4 pick. And then they traded that pick to the Sabres. Astonishing.

>Byram makes $6.25 million against the cap in 2026-27, and is an unrestricted free agent next summer. He'll sign an extension with Chicago, right? Right?

>Greenway had one goal and five assists in 40 games last season for Buffalo, skating 12:27 per game. He's a fourth-liner with an expiring contract after next season.

>It's startling to see Byram actually be traded after years of rumors about him moving. He wanted a bigger role as a No. 1 defenseman, knowing that Rasmus Dahlin and Mattias Samuelsson are locked in until 2029-30. As a pending UFA next summer, he could walk away to find that role somewhere else. The Sabres weren't keen on losing him, but the depth chart is the depth chart.

>I know you're supposed to hold judgment on a trade involving draft picks until one has a sense of how the team receiving them ends up using them ... but Jarmo Kekalainen just got the No. 4 and No. 45 pick, and the Blackhawks' 25-year-old leading scorer on the blue line for Byram and a fourth-liner in Greenway.

>Is he a hypnotist? Did Chicago think Buffalo was throwing Tage Thompson into the deal and it ended up being Greenway?

>There has to be an explanation, because on its face, this the greatest fleecing in recent NHL history.

>The Sabres can now use the No. 4 pick as the centerpiece in a trade for someone better than Byram. Or they could use the pick on someone who could eventually replace Byram on their blue line.

>Crevier is a restricted free agent after next season, standing at 6-8 and breaking out with 25 points in 78 games last season.

>In fairness, we can't go A-plus here because there's always the chance a subsequent blockbuster doesn't happen or that the No. 4 pick ends up being someone like Jesse Puljujarvi or Griffin Reinhart. But we can safely go "A" here for Kekalainen and the Sabres, if only for the fodder they gave to social media comedians on Tuesday night. -- Wyshynski

>The long-rumored trade of Jordan Kyrou finally materialized Tuesday when St. Louis sent the forward to Washington in exchange for pending RFA Connor McMichael, forward prospect Milton Gastrin and the 16th pick in the 2026 draft.

>The Blues didn't retain any salary on Kyrou, who has five years remaining on his deal with an $8.125 million AAV. He also waived his no-trade clause to see the transaction go through.

>Who came out on the winning end of this one? Let's take a look.

>The Blues had been stagnant for too long. It was going to take a significant swing -- like, say, trading one of their top forwards -- in order to put St. Louis back on track. Consider the Kyrou deal an addition by subtraction.

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>There aren't many top-tier offensive talents available in free agency this summer, so it made sense for St. Louis to dangle this specific carrot to a team like Washington. It's no secret the Capitals were looking for an influx of scoring talent considering the murky future of Alex Ovechkin and their recent history of seeing a key player lost to injury -- like Pierre-Luc Dubois was for too much of last season -- and having it derail their offensive attack.

>Washington paid a premium for Kyrou by sending Connor McMichael -- the 25-year-old center who is an RFA with arbitration rights -- along with a high draft choice. The pick is critical for St. Louis here because its prospect cupboard needs restocking, and now the Blues have four first-round choices in this upcoming draft. They can either make picks with each of them or swap those choices for other NHL-ready skaters.

>If the Blues had to give up one of Kyrou or Robert Thomas, then this was likely the savvier move, too. Thomas has been hampered by injuries but still has a higher upside than Kyrou, whose numbers dwindled significantly last season (to 18 goals and 46 points in 72 games). This is a fresh start for both sides, and St. Louis made out well with the return and not having to retain any salary -- even if it might be worse on paper (right now) without Kyrou in the mix.

>McMichael -- assuming a deal gets done -- will be a fine addition to the Blues' forward core and will inject some new life into the team as it attempts to turn the corner.

>The Capitals have been searching for another top-six forward for over a year. They finally landed their man in Kyrou.

>Is there some risk here on the Capitals' end? Yes. Kyrou hasn't thrived like the Blues expected when inking his eight-year, $65 million contract extension three years ago. And the fact that Kyrou is 28 and just finished the worst statistical season of his career since 2020-21 isn't ideal when this should be his time of peak performance. Kyrou's defensive game has been an issue, and too often he is only as good as the skaters around him.

>However, there is no denying Kyrou's skill and that he can excel again (like he did in three consecutive 30-plus-goal seasons from 2022 to 2025) under the right circumstances.

>Fortunately, the Capitals have some good linemates for him. Dubois, Tom Wilson, Dylan Strome, Aliaksei Protas and possibly Ovechkin could all be potential companions for Kyrou in some capacity, and it's nice for coach Spencer Carbery to have options in helping Kyrou return to form.

>Washington had the draft capital to get its business done thanks to first-round choices at No. 16 and No. 18 in this weekend's prospect expo. Sending McMichael away had to be the toughest part. He has been an integral piece of the Capitals' success the past few seasons and was increasingly coming into his own despite a slight dip in production during the 2025-26 campaign.

>Still, you can't get something for nothing, and Washington made the most of this season's lack of high-end free agent forwards with a tidy transaction. -- Shilton