The rumor mill around the NHL has turned into a full-blown reshuffle, with Chris Kreider, Alex Formenton, Connor Hellebuyck and Quinn Hughes all sitting in very different kinds of limbo.
The cleanest resolution may come first in Anaheim, where Kreider is on unconditional waivers for the purpose of terminating his contract. The expectation is that he and the Ducks will land on a mutual termination, a move that would clear his $6.5 million cap hit off Anaheim’s books this season. That kind of room matters, especially as the Ducks keep working toward a contract with restricted free agent Cutter Gauthier.
Kreider is said to be willing to give up roughly $4 million in salary to get the chance to pick his next landing spot. He has been linked to a return to the Eastern Conference, and teams such as Boston, Philadelphia, Montreal and the New York Islanders are expected to be in the conversation. Even with the contract termination, the market may not leave him far from the money he is walking away from now.
In Edmonton, the Oilers made a quieter but still notable addition by signing Alex Formenton to a one-year deal worth $850,000 AAV. The 26-year-old spent the last three seasons in Switzerland with HC Ambri-Piotta, where he put up 52 points in 88 games. Before that, he played 109 NHL games with Ottawa, scoring 23 goals and adding 16 assists.
Formenton’s pitch to Edmonton is straightforward: speed and penalty-killing help. Whether that earns him a roster spot is another matter. He’s not being handed anything heading into training camp.
He also spoke publicly about the controversy around his signing, saying, “Throughout this whole process I’ve been open and honest about my actions and that has granted me an opportunity today.” Formenton added that he spent the summer training and skating hard and feels ready for the next step.
There was some visible support around him, too. Connor McDavid and Evan Bouchard were both seen backing Formenton at the captain’s skate, and McDavid spent about 10 minutes talking with him before the media session.
The most tangled situation may be in Winnipeg, where Connor Hellebuyck’s trade request is still hanging out there. Elliotte Friedman has said the issue has become more complicated than it looked earlier in the offseason. Hellebuyck and his agent already confirmed that the request was made months ago, and the goaltender reportedly wants it settled before training camp.
The challenge now is that some of the pieces that might have helped get a deal done earlier are no longer available. Florida used major assets to land Brady Tkachuk, and Buffalo’s fourth-overall pick - once viewed as a key part of a possible package - disappeared when the Sabres took Daxon Rudolph.
Pierre LeBrun has identified Carolina, Buffalo and Utah as teams that could still be in the mix.
Then there’s Quinn Hughes, whose future with Minnesota still isn’t settled. TSN’s Chris Johnston reported that the defenseman does not appear ready to sign an extension, and that may include a short-term deal as well. Hughes reportedly liked his time after being acquired from Vancouver, but his long-running interest in the possibility of playing with his brothers remains part of the picture.
Johnston said Hughes has spent the summer figuring out what he wants next, while Minnesota is prepared to make a serious financial push. A shorter contract had been the early assumption, but the latest read suggests Hughes may be keeping everything open and could even steer toward unrestricted free agency. With the signing-bonus deadline getting closer, the decision may come down to how much flexibility he wants.
In Other News...
Oilers Fans Just Got Clarity On The Teams Long Term Home
The Oilers got a little more certainty around their future off the ice this week, with Rogers and the club announcing an extension to their naming-rights agreement for Rogers Place. The downtown arena has been the teams home since it opened, and the new deal keeps that partnership intact for years to come while Rogers also continues to hold the broadcasting rights for Oilers games through the 2037-38 season via Sportsnet.
For fans, it means the familiar building on the skyline is staying that way for the long haul, even as the business side of the sport keeps moving. Rogers also said it plans to reward 1,500 tickets to customers this season, with a chunk set aside for the home opener, a nod that should give some supporters a little extra incentive to be in the building when the next chapter begins. [Read more 🡒]
Oilers Camp Injuries Put Stan Bowman To A Tough Preseason Test
Training camp is barely underway and the Oilers are already dealing with a roster puzzle, as injuries have thinned out the group and forced management to look harder at what the opening-night lineup could still become. For Stan Bowman, the early-season pressure is not just about getting healthy bodies back on the ice, but about deciding whether the current roster needs outside help before the regular season begins.
The options are wider than a simple internal shuffle, with Edmonton weighing its depth at right-handed centre and keeping an eye on Spencer Stastneys roster status on defense. At the same time, the conversation around possible additions has begun to tilt toward younger impact pieces, a sign the Oilers may be looking for more than short-term patchwork if they decide to make a move. [Read more 🡒]
Oilers Add A Familiar Name With Plenty Of Baggage
The Oilers have brought in forward Alex Formenton on a one-year contract carrying a league-minimum cap hit of $850,000, adding a player whose NHL path has been on hold for a while. Formenton has not appeared in the league since the 2021-22 season, and his rights were relinquished by the Ottawa Senators earlier this year, making him an unrestricted free agent before Edmonton stepped in.
Formentons return also comes with plenty of off-ice context, since he was acquitted in a 2025 sexual assault trial and spent time away from the NHL playing professionally in Europe. The move gives Edmonton another low-cost option to sort through, but it also arrives with a complicated backstory that makes his next chapter in the organization worth watching closely. [Read more 🡒]