Panthers' Celebration Comes with Future Cost

The Florida Panthers did it! The back-to-back Stanley Cup champions are at the top of the NHL, and with free agency opening, they have managed to resolve multiple expiring contracts. Instead of three top players hitting the open market, Panthers' General Manager Bill Zito negotiated new contracts for forwards Brad Marchand and Sam Bennett and defenseman Aaron Ekblad.

It may feel like a huge victory right now for the Panthers, but Zito just made a massive mistake. The Panthers' GM put this team in position to win Stanley Cups and assume the top of the Eastern Conference by being ahead of everyone else.

These extensions do the exact opposite for the Panthers. Signing Brad Marchand to a six-year contract with an average annual salary of $5.25 million and a no-movement clause for the first four seasons sticks out as an immediate issue. The 37-year-old winger was instrumental during the 2025 postseason, but this deal ensures he will play in Florida into his 40s. It's infrequent for a Stanley Cup-winning team to pay their fifth-best forward, who is also the oldest on the team, one of the highest salary cap hits.

Then there's the dual eight-year extensions for Sam Bennett and Aaron Ekblad. Each player is 29 years old, so the duration isn't as concerning. It's the no-movement clauses that strike fear. What happens when this core takes a step back and there are no movable contracts?

The organization now has nine players with some variation of a no-movement clause in their contracts, and those deals count for just over $67 million annually. That is 70% of the Panthers' cap space for the 2025-2026 season. Now, that percentage of the cap will decrease over the following seasons as the upper salary cap limit increases, but it won't change that over half of their cap space is taken up by less than half of the roster.

That's the cost of winning. When you capture back-to-back Cups, you get guarantees in your contracts. You earn a long-term commitment from the organization, and the Panthers are now paying the championship tax, so to speak.

The Panthers just fell into the trap that so many championship teams fall into. The Pittsburgh Penguins did it after winning back-to-back Cups. The Tampa Bay Lightning did the same thing after their second straight championship. Now, Florida is the latest victim of their own making. It's all celebrations and confetti right now, but their hamstrung salary cap situation will eventually come back to ensnare them. For now, the party continues.