How the Panthers Built Their 2024-25 Championship Roster

Looking back, of course, it is clear that general manager Bill Zito executed a brilliant piece of business with this move. Reinhart blossomed into one of the NHL’s elite scorers, while Levi has struggled to perform at the NHL level. The first-round pick in this deal became the 28th overall selection in the 2022 Draft, which the Sabres used on Jiri Kulich, a fringe NHLer nowhere near Reinhart’s level.

Sam Bennett

Acquired via trade, 2021. Florida traded a 2022 second-round pick and Emil Heineman to the Calgary Flames for Bennett and a 2022 sixth-round pick

This is another trade that, in retrospect, provided fantastic value for the Panthers. In 402 games with the Flames, Bennett produced at 0.35 points per game (P/G), while in 289 games for the Panthers, he has upped that considerably to 0.68 P/G. Of course, even beyond the offensive production, Bennett is a physical, responsible player that is a pain to play against.

All the other pieces in the trade are pretty insignificant. The Panthers traded their sixth-round pick to the Sabres for Robert Haag, who played just 16 games for the Panthers. Heineman was ultimately traded to the Canadiens as part of the Tyler Toffoli deal and has become a bottom-six NHLer. The second-round pick was traded by the Flames for Calle Jarnkrok, who struggled mightily as a Flame. All of this is to say that the Panthers won the trade overwhelmingly with the acquisition of Bennett.

It is also important to note that after the trade, Zito signed Bennett to a four-year extension worth $17.7 million. Considering Bennett’s value to the Panthers and his postseason heroics, this turned out to be one of the most valuable contracts in the NHL.

Matthew Tkachuk

Acquired via trade, 2022. Florida traded Jonathan Huberdeau, MacKenzie Weegar, Cole Schwindt and a 2025 first-round pick to the Calgary Flames for Tkachuk and a 2025 fourth-round pick

The Tkachuk trade is the biggest and most famous roster move in recent Panthers’ history. At the time, many people thought that the Panthers overpaid for Tkachuk, especially given the fact that Huberdeau was coming off a 115-point season the year before.

Of course, the Panthers have won this trade in overwhelming fashion, primarily because of Huberdeau’s decline. Huberdeau has put up 55, 52, and 62 points in each of the last three seasons, respectively, and is on one of, if not the, worst contracts in the NHL. Meanwhile, Tkachuk has provided a crucial mix of goal-scoring, net-front presence, grit, and physicality vital to any contending team, all on a reasonable $9.5 million cap hit.

Brad Marchand

Acquired via trade, 2025. Florida traded a 2027 second-round pick (which has now converted to a first) to the Boston Bruins for Marchand

The move to acquire Brad Marchand was a low-risk, high-reward acquisition that has ultimately paid off for both teams involved. For the Bruins, Marchand was a 36-year-old player on an expiring contract. Given the fact that the Bruins were well out of playoff contention, it made sense for them to get value for Marchand.

For the Panthers, they added a hard-working, skilled veteran on a reasonable $6.125 million expiring contract for their playoff push. The return was better than they could have ever imagined, with Marchand scoring 10 goals and 10 assists in 23 playoff games and fitting in perfectly with the style of game the Panthers play.

Gustav Forsling

Claimed off waivers by Florida in 2021

After bouncing around several teams at the start of his NHL career, Forsling was waived by the Carolina Hurricanes and eventually claimed by Florida in 2021. He was originally signed to a three-year, $8 million contract extension that was followed by an eight-year, $46 million extension in 2024.

Forsling has emerged as one of the most difficult defensemen to play against in the NHL. He is a terrific skater with elite gap control and a great defensive stick. He is the perfect postseason defenseman: reliable, consistent, and able to keep up with the speed of the opposing team’s best forwards. The fact that Florida was able to claim him off waivers and then employ him on a three-year $8 million contract makes this perhaps the most cost-effective move of Zito’s tenure as GM.

Anton Lundell

Drafted: Round 1, #12 overall in 2020

Anton Lundell was drafted 12th overall after a shortened 2020 season. He has provided commensurate draft value at that position, emerging into a productive, dependable third-line center that can win faceoffs. Last season, he produced 45 points and had a 53% faceoff percentage in the regular season along with 18 points in 23 playoff games.

Carter Verhaeghe

Free agent signing, 2020

Carter Verhaeghe has had a really interesting path to the NHL. In his first two seasons of professional hockey, he split time between the AHL and ECHL. The next two seasons he was a full-time AHLer. It was not until his fifth season that he got his first chance in the NHL. He played for the Tampa Bay Lightning that season and put up 13 points in 52 games.

After that season, he signed with Florida as a free agent on a two-year, $2 million deal and immediately began his ascension to becoming one of the best goal scorers in the NHL, putting up 36 points in 43 games his first season with the Panthers. He is another great example of Florida being able to identify talent and bring them in for incredible value.

Eetu Luostarinen

Acquired via trade, 2020. Florida traded Vincent Trochek to the Carolina Hurricanes for Erik Haula, Lucas Wallmark, Chase Priskie and Luostarinen

This is one of the more interesting trades to look back on. At the time, Luostarinen was arguably the least talked-about player that the Panthers received in their package for Trocheck: Haula was an established NHLer, Priskie was an exciting young defenseman playing well in college, and Wallmark was a really skilled forward in the process of finding his footing in the NHL.

While none of those three would become long-term Panthers, it was Luostarinen who eventually emerged as a Panthers mainstay. He is owed $3 million for each of the next two seasons, a very team-friendly deal considering his size, consistency and postseason production (19 points in 23 games this postseason).

Seth Jones

Acquired via trade, 2025. Florida traded Spencer Knight and a 2026 first-round pick to the Chicago Blackhawks for a 2026 fourth-round pick and Jones

This is a somewhat complicated trade to analyze, as Chicago is retaining 26% of Jones’ salary and Knight is still a young goalie with a lot of potential. What is important here is that Jones immediately slotted in as a top-pair, power-play defenseman for Florida who played big minutes in their postseason run. He went from an oft-criticized player on a bad team to a defensive stalwart on the league’s best team. The cost was not that steep: Knight had struggled in Florida and needed a change of scenery, and the first-round pick will likely be at the end of the first round.

Takeaways

Built Their Roster From Trades and Signings, Not the Draft

Other than Barkov, Ekblad, and Lundell, all of the Panthers’ top contributors were acquired via trades or free agent signings.

Smart Trades

All of the Panthers’ major trades over the last several years have paid dividends. They have been able to properly identify players that fit their culture and bring them in at value.

Player Improvements

So many of the players that the Panthers acquired experienced massive jumps in production as soon as they arrived in Florida. Verhaeghe, Bennett, Reinhart, Forsling, and even Jones are prime examples. Their jump in production allowed Florida to sign them for less than the value they ultimately produced.

Cheap and Dependable Depth Pieces

This article did not touch on Florida’s depth players: players like Niko Mikkola, Dmitry Kulikov, A.J. Greer and Jonah Gadjovich. All of these players played their role well and were on team-friendly deals.

No Bad Contracts

So many teams have one or two really bad contracts. The Edmonton Oilers have Darnell Nurse at $9.25 million and Jack Campbell’s buyout, the Dallas Stars have Tyler Seguin at $9.85 million, the Toronto Maple Leafs had Tavares at $11 million, and the list goes on. Florida does not have any contracts like this. There was a time that Bobrovsky’s contract looked to be really bad, but he has flipped the script on that narrative.

Final Thoughts

The Panthers got critical pieces early in the draft, gave them time to develop, and then shaped their roster with advantageous trades and team-friendly free agent signings. This strategy seems rudimentary, but it is really difficult to properly execute over the course of several years. They have, and the result has been a powerhouse team that will continue to be relevant for the foreseeable future.