We are now 35 days removed from the opening of the NHL free agency period. Signings continue to occur, but they are only trickling in at this point in the cycle. Now is a good time to assess what has happened in free agency from a data perspective and evaluate how next year’s cap ceiling increase of $4.5 million may have impacted signings compared to previous seasons.
Day 1 free agency spend
The 2024 NHL free agency market saw a Day 1 increase of 72 percent over 2023, marking the biggest NHL spend on the opening day of free agency ever. These numbers represent total committed dollars over the length of the contracts and include non-extension RFA contract signings.
This spike should not be much of a surprise, considering the NHL and NHLPA added a collective $144 million in cap space per season. This increase is expected to continue in perpetuity, with substantial increases anticipated in the coming seasons.
Cumulative spending
Here is how the cumulative spending continued compared to previous seasons.
The 2024 cumulative committed dollars remain the highest ever but have not maintained the same momentum as 2021 and 2022. The 2021 free agency period saw a substantial spike between days 30 and 45, thanks to a series of significant RFA signings, including Andrei Svechnikov, Anthony Beauvillier, Drake Batherson, Filip Hronek, Ilya Sorokin, and Jesperi Kotkaniemi.
Here is how the 2024 NHL free agent spending looks by team.
Nashville made a huge splash in free agency with the signings of blue-chip free agents Jonathan Marchessault, Steven Stamkos, and Brady Skjei. Meanwhile, the Kraken committed the second most dollars in free agency with a pair of seven-year commitments to Chandler Stephenson and Brandon Montour. The Kraken are also expected to sign Matty Beniers to an amount that could make them the biggest spenders this offseason.
Other notable signings
- Unrestricted free agent Elias Lindholm received the most financial commitment, netting $54.3 million over seven years with Boston.
- Anton Lundell netted the most money among restricted free agents this offseason, signing with Florida for $30 million over six years.
- Detroit still needs to re-sign restricted free agents Lucas Raymond and Moritz Seider.
- Other big-ticket RFAs that are unsigned include Seth Jarvis (CAR), Jeremy Swayman (BOS), Dawson Mercer (NJD), and Beniers (SEA).
Speaking of Matty Beniers….
Status of Matty Beniers
Many fans are concerned about the lack of an announcement regarding Matty Beniers re-signing, 35 days into the free agency period. The concern is reminiscent of 2020 when fans responded to every tweet and post with a generic comment of “name?” which has now turned into “Status of Beniers?”
However, there is no need to worry. Without the looming presence of an arbitration hearing, there is no sense of urgency for either side of the negotiating table. Historically, it is common for RFAs without arbitration rights to sign 30 to 90 days into free agency, especially those with an AAV of over $4 million per year.
There could be several valid reasons for not signing Matty right now. Hypothetically, if the team were to sign Matty tomorrow to a contract with an AAV over $7 million, it would put the Kraken over the salary cap. This would signal to other NHL teams that the Kraken need to clear cap space before finalizing their roster in October, giving those teams leverage in trade negotiations.
Ron Francis is known for never tipping his hand, so the quietness around Matty is consistent with his approach. Additionally, Matty’s appearance at the NHL Draft and Dan Bylsma’s comments about discussions with Matty suggest that the relationship with the organization is fine.
Despite concerns from fans, historical trends indicate that the delay in signing Matty Beniers is not unusual. This deal will get done.