Making the early call on Oilers’ 2025 free agents: Who will sign? Who’s too expensive? – The Athletic

As the 2024-2025 NHL season progresses, the Edmonton Oilers are firmly entrenched in the playoff race, fueled by the dynamic duo of Connor McDavid and Leon Draisaitl. However, while the present is bright for the team, general manager Ken Holland and his staff are already turning their attention to the future—specifically, to the growing list of Oilers’ free agents who will hit the open market in the summer of 2025.

Free agency has always been an essential part of building a championship-caliber roster in the NHL, and with key players about to enter unrestricted and restricted free agency, it’s time to assess who will likely stay, who might move on, and who may prove too expensive for the team to retain. This article will examine several of the Oilers’ impending free agents and make an early call on whether they will stay in Edmonton or test the open market.

The Situation: The Oilers’ Salary Cap and Roster Construction

The Edmonton Oilers’ salary cap situation is something that has been a subject of scrutiny for years, especially with the massive contracts handed out to McDavid and Draisaitl, who each occupy a substantial portion of the cap space. Despite this, the Oilers have managed to surround their two stars with talent, thanks to smart cap management, timely trades, and some cost-effective signings.

The 2024-2025 NHL season will be pivotal in determining how the Oilers handle their finances moving forward. By 2025, the team will be looking to retain key players without completely breaking the bank, and this will require some difficult decisions. As players come up for new contracts, it’s clear that some will be easier to keep than others.

The Free-Agent Landscape: Who’s Up for Renewal?

Before diving into specific players, it’s important to break down the free-agent landscape for the Oilers in 2025. The team will have several high-profile players on expiring contracts, each presenting their own unique challenges in terms of negotiation and team needs.

1. Evander Kane (UFA)

One of the biggest names on the list of 2025 free agents is Evander Kane, the powerful winger who has brought physicality, goal-scoring, and playoff experience to the Oilers since joining the team in 2022. His combination of size, skill, and edge makes him a valuable asset for the team’s top-six forward group.

However, Kane’s contract situation is complicated. His current deal, which runs through the 2024-2025 season, pays him $5.125 million per year. At 33 years old in 2025, Kane may be looking for one last big payday in free agency, and it’s unclear whether the Oilers will be able to meet his demands, especially considering their cap constraints.

Will Kane Sign?
While Kane has been a key piece of the Oilers’ offense and brings a level of grit and goal-scoring that the team needs, his age and the rising cost of the Oilers’ other contracts may make it difficult for the team to re-sign him at the terms he likely desires. A long-term contract might be too expensive for the Oilers, who will need to balance cap space across the roster. It’s more likely that Kane could sign a short-term deal, but even that could prove tricky with the Oilers’ cap situation. Verdict: Likely Gone, but Possible Short-Term Extension.

2. Ryan Nugent-Hopkins (UFA)

Another key piece of the Oilers’ forward group is Ryan Nugent-Hopkins, who has been with the team since 2011. Nugent-Hopkins, known for his two-way play and excellent vision on the ice, has become a vital leader for the Oilers. While he’s not as flashy as McDavid or Draisaitl, his versatility makes him valuable in all situations, especially on special teams. His contract currently carries a cap hit of $5.125 million, and he will be 32 years old when he enters free agency in 2025.

Will Nugent-Hopkins Sign?
Given Nugent-Hopkins’ leadership role, his on-ice ability, and the fact that he is a fan favorite in Edmonton, it’s likely the Oilers will want to keep him in the fold. A reduced salary could be on the table to allow for more cap flexibility, but the Oilers’ front office will need to make sure Nugent-Hopkins is still a productive contributor at 32. Given his value to the team’s structure and how well he fits into their system, Nugent-Hopkins could likely agree to a shorter-term deal. Verdict: Likely to Stay.

3. Mattias Ekholm (UFA)

Mattias Ekholm has been an impactful addition to the Oilers’ defensive core since arriving in a trade with the Nashville Predators in 2023. His strong defensive play and leadership on the blue line have been critical for a team that has struggled with defensive consistency. Ekholm is signed through the 2024-2025 season, with a cap hit of $6.25 million.

Will Ekholm Sign?
As one of the most dependable defensemen on the Oilers, Ekholm is likely a priority for the team to retain. While his age (he will be 35 years old in 2025) may limit the length of the contract, the Oilers will likely look to bring him back on a shorter-term deal that allows for stability on the blue line as the team continues to contend. However, depending on his market value, the Oilers may face a challenge in re-signing Ekholm at his current cap hit. Verdict: Likely to Stay on a Short-Term Deal.

4. Jack Campbell (UFA)

Jack Campbell, the Oilers’ starting goaltender, has had an up-and-down tenure since joining the team in 2022. His inconsistency has been a concern, especially during high-pressure games. Campbell is signed to a long-term deal that carries a cap hit of $5 million per year, but with a player like Stuart Skinner emerging as a capable backup and potential future starter, Campbell may find himself on the outs.

Will Campbell Sign?
If Campbell’s performance doesn’t improve significantly by 2025, it’s unlikely that the Oilers will keep him around at that price. While they would love to keep a veteran presence in goal, Skinner has the potential to be the starting goaltender of the future. The Oilers will likely look for a cheaper, more reliable option to back up Skinner in the future. Verdict: Likely Gone.

5. Brett Kulak (UFA)

Brett Kulak has been a steady presence on the Oilers’ blue line since joining the team in 2022. Kulak is a defensive defenseman with a reasonable cap hit of $2.75 million, making him a valuable asset for the Oilers’ blue line. His two-way play and ability to contribute on both ends of the rink make him an important piece.

Will Kulak Sign?
Kulak has become a reliable part of the team’s defensive depth, and while he’s not a star, his consistency makes him an attractive piece to keep around. With the Oilers needing to maintain balance on their defensive unit, re-signing Kulak on a team-friendly deal is a strong possibility. Verdict: Likely to Stay.

Potential Departures and Salary Cap Constraints

While some players will be prioritized, the Oilers’ salary cap constraints will play a significant role in their ability to retain players. As McDavid and Draisaitl continue to eat up a significant portion of the cap, the Oilers will need to make some tough choices, particularly with their pending free agents. Kane’s potential asking price, Campbell’s inconsistency, and the rise of younger players all contribute to the challenge the Oilers face in building a sustainable roster.

Additionally, the Oilers will need to balance their future with the reality of keeping their competitive window open. For example, keeping Nugent-Hopkins or Ekholm around could provide leadership and experience for years to come, while Kane’s potential departure may make room for younger players to take on a more significant role.