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Bryan Rust, Pittsburgh Penguins (Jess Starr/The Hockey Writers)

Could NHL’s Trade Market ReIgnite in August?

Originally posted on The Hockey Writers
By Alex Chauvancy | Last updated Aug 1, 2025 9:55 AM ET

Has this been the worst NHL offseason in recent memory? Free agency was a dud, especially since most of the top UFAs re-signed before the market opened on July 1. Not only was free agency a snooze, but there haven’t been many notable trades. Sure, some players moved (John Gibson and Noah Dobson, to name a couple), but there’s been a general lack of anything spicy in the trade market.

With the calendar having flipped to August, there’s only so much more time before teams’ rosters are what they are heading into training camp. Could that lead to some trade activity this month, as we saw last year? I wouldn’t get my hopes up for a Matthew Tkachuk/Jonathan Huberdeau-like trade, but there could be some action over the next few weeks before Labor Day in the U.S.

There’s Still Plenty of Money Available in the System

We are entering a new era in the NHL. Out is the flat cap and in is a salary cap ceiling that’s expected to reach as high $115-120 million in the next few years. Even this summer, the salary cap ceiling rose sharply to $95.5 million, and because of the lack of activity, there are still plenty of teams with room to do damage and improve their rosters.

As we sit here today, there are 16 organizations with $5 million or more in cap space, which was unheard of just a couple of years ago. You’d be hard-pressed to find half the league sitting with more than $5 million in cap space. But of course, there are some caveats.

The New Jersey Devils have $6-7 million in cap space, but have yet to re-sign restricted free agent Luke Hughes, which will likely take up the rest of their remaining cap space. Similar to the Devils, the Minnesota Wild have yet to re-sign Marco Rossi. This one is a bit more complicated because the two sides seem far apart on a new contract, but if they don’t find a trade partner for Rossi, the two sides will have to find common ground on an extension. Granted, they have $14.7 million in cap space, so any contract they sign Rossi to shouldn’t be an issue.

Not only are there 16 teams with $5 million or more in cap space, but there are ten with $10 million or more. The San Jose Sharks aren’t even to the floor yet, and they do not have any RFAs left to re-sign, so something will have to give there, whether it’s a trade or another free-agent signing.

You have to think that at some point, there will be a second wave of trades (and even UFA signings) since there’s so much money available in the system, even though every team wants to make a playoff push, other than the Pittsburgh Penguins.

Which Players Could Be Available?

Speaking of the Penguins, they may hold the cards to the trade market unclogging itself. GM Kyle Dubas has made it known they’re in rebuild mode, and they possess some of the most valuable trade chips in Bryan Rust and Rickard Rakell, who have been in the rumor mill all summer long. Josh Yohe, who covers the Penguins for The Athletic, seems to think Dubas will eventually pull the trigger on a deal:

“Again, the goal is to get younger. Rust and Rakell are good enough that they’ll not only hurt the Penguins’ chances of earning a top-five pick, but they should also fetch a significant return. They could both be on the opening night roster, of course, but I’d be surprised if that happens.”

– From ‘What I’m hearing about Mario Lemieux’s Penguins ownership comeback attempt’ – The Athletic, 7/28/2025

The Penguins trading Rust and/or Rakell could be the domino that reignites the trade market, but who else could be on the move? Nazem Kadri’s name has been in the rumor mill lately, though that could be a complicated move to complete because of his contract. The Flames also have $15.1 million in cap space, so that’s unlikely to be a futures trade if they move Kadri. They will need some NHL talent in return.

Yegor Chinakhov recently indicated, through his agent, that he would prefer a change of scenery, so he’s another trade candidate. Even though the Buffalo Sabres re-signed Bowen Byram to a two-year bridge deal, his name has been in the rumor mill all summer long. Could they deal him in return for some top-nine forward help?

Of course, there’s Rossi, but if the Wild had received an offer they liked, they would have traded him by now. Maybe a team finally steps up to the plate and meets the Wild’s asking price, but that doesn’t seem like a sure thing.

Matthew Tkachuk could begin next season on LTIR, which would give the Florida Panthers some temporary cap relief. But they will need to clear money eventually, as they’re one of two teams currently over the cap ceiling. Evan Rodrigues is a prime trade candidate, so he’s one player they could move.

We’re not going to go through every player who may still be available, but you get the point. There’s still work to be done for some teams, and it’s not just ones that may be looking to sell off some pieces.

Which Teams May Be Looking to Make More Moves?

Even though many playoff contenders improved their rosters as best as they could to this point, there are a few who would like to do more. The Toronto Maple Leafs don’t appear ready to call it an offseason, so GM Brad Treliving may still have something up his sleeve. They’ve been rumored to have interest in Jack Roslovic, but they will most likely need to trade a contract to sign him as a free agent.

In the Metropolitan Division, the Devils could still use another top-nine forward, and they will probably have to shed some salary once Luke Hughes signs an extension; Ondřej Palát’s $6 million cap hit is a prime salary dump candidate. One of their rivals, the Carolina Hurricanes, could still use a second-line center. Rossi has always made sense for them, and so could Kadri.

Detroit Red Wings GM Steve Yzerman stated in his post-free agency press conference that he’d still like to add a top-four defenseman before the season starts, preferably a right shot if he can. Erik Karlsson has been in the rumor mill this offseason, and with the Penguins selling, there could be a deal to be had with the Red Wings, who have the necessary cap space to fit in Karlsson’s $10 million cap hit.

As mentioned, the Sharks still need to hit the floor, and the Sabres have also been on the prowl for more scoring help. Other teams are likely looking to fill out some of the gaps on their rosters before the 2025-26 season, so the potential for a busier-than-normal August is there.

We need to look no further than last August, too. For those who don’t remember, the Montreal Canadiens acquired Patrik Laine last August, while the St. Louis Blues signed Dylan Holloway and Philip Broberg to offer sheets. Smaller trades such as Rutger McGroarty for Brayden Yager, Cody Ceci for Ty Emberson, and Cody Glass to the Penguins occurred last August, as did the Nashville Predators dealing Yaroslav Askarov to the Sharks. There is some precedent for August trades, so perhaps history will repeat itself this year, and there are elements to suggest it could.