The Vegas Golden Knights made the biggest splash of NHL Free Agency a day before the market even opened. The Golden Knights signed Mitch Marner to an eight-year contract in a sign-and-trade deal with the Toronto Maple Leafs. Once the market opened, Vegas had little else to do. Still, they made a few moves.
The Golden Knights are hoping to get back to the pinnacle of the NHL world. Vegas won the Stanley Cup in 2023, defeating the then-upstart Florida Panthers in five games. Since then, Vegas has not come close to the Cup. They were one-and-done in 2024, and went out in the second round to the Edmonton Oilers in 2025.
Vegas hopes its NHL Free Agency moves help them take the next step. Whether this gets them past some of their Western Conference rivals certainly remains to be seen. In any event, let's take a look at what the Golden Knights did in free agency, grade the notable signings, and give an overall grade for their work on the open market.
Golden Knights seal the deal with Mitch Marner
There has been a longstanding flirtation between Mitch Marner and the Vegas Golden Knights. It was one of the worst-kept secrets in the NHL, in fact. So much so that the Maple Leafs essentially strong-armed Vegas into doing a sign-and-trade in order to avoid a tampering charge.
There is a lot to be made about this move and Marner as a player. On one hand, Vegas undoubtedly added one of the league's best players to their roster. Marner is an elite defensive presence who can score 100 points a season. Players like this do not grow on trees.
However, Marner has struggled to score goals in the playoffs. Yes, he is mostly a playmaker, and he is still a playmaker come playoff time. In saying this, Vegas has lofty expectations. The Golden Knights have missed the playoffs once in their short history and already have a Stanley Cup to their ledger.
Beyond the history, Marner counts for $12 million against Vegas's salary cap. In 2024-25, his total salary is $15 million, and he'll be paid more than $12 million in total salary for the first three seasons of this contract. The Golden Knights are, rightfully, going to expect more than eight goals across 50 playoff games.
Overall, this is a good deal for the Golden Knights. They avoided making him the highest-paid player in the NHL. And they have a formidable center-wing duo with him and Jack Eichel. Their grade is knocked down slightly because they traded a roster player to get him. But this is fantastic work, even with the concerns in mind.
GRADE: A-
Vegas retains pair of veteran wingers
Vegas had some important depth pieces they needed to re-sign as well. Once Marner was signed, the Golden Knights were able to turn their attention to them. Vegas re-signed wingers Reilly Smith and Brandon Saad to matching one-year, $2 million contracts.
Smith re-joined the Golden Knights through trade at the NHL Trade Deadline. He is one of the original Golden Misfits, skating with the organization in its inaugural season in 2017-18. He won the Stanley Cup with Vegas in 2023 before being traded to the Pittsburgh Penguins that offseason.
Saad, meanwhile, signed as a free agent with the Golden Knights during the 2024-25 season. The veteran winger struggled with the St. Louis Blues. But he was solid in the Sin City, scoring six goals and 14 points in 29 games.
Neither winger is going to move the needle for the Golden Knights. However, they are important depth scorers who can play in the middle-six. Vegas didn't spent too much to keep them around, so it's more solid work from this front office.
GRADE: B+
Overall grades and final thoughts
The Golden Knights receive high marks for their work in NHL Free Agency. Signing Mitch Marner could be the final piece to a championship puzzle. Especially if he can find his scoring touch in the postseason. They also kept their most important depth players from leaving town. And they didn't overpay to keep them around, either.
Golden Knights free agency grade: A-
