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Panthers’ nightmare scenario in 2025 NHL Free Agency

Originally posted on NHL on ClutchPoints
By Christopher Hennessy | Last updated Jun 6, 2025 2:51 PM ET

The Florida Panthers lost to the Edmonton Oilers in Game 1 of the Stanley Cup Final on Wednesday. Even as they prepare to defend their title, it’s not too early to look ahead to the summer. The Panthers have spent money in NHL free agency recently, and it has worked to perfection. It’s nearly impossible to call them losers of any offseason in the past half-decade. But what would be the disaster situation be for the Panthers this year? They have to suspend nostalgia and not overpay Sam Bennett and Aaron Ekblad.

The Panthers have already extended many of their important players from this core. Carter Verhaeghe, Matthew Tkachuk, and Aleksander Barkov are just a few of the players signed through at least 2030. Considering they have already won a Cup and have a chance to win another, these deals are well worth it. But that does not mean every player needs long-term extensions. With the salary cap going up, Bennett and Ekblad are going to command massive salaries.

Even though they have locked in many of their top players, the Panthers will have $19 million in cap space this offseason. But they will still want to improve in the summer, even after winning their third straight conference title. This year, they brought in Brad Marchand and Seth Jones during the season to improve. Bringing back Bennett and Ekblad could cost them the opportunity to improve at the deadline or in free agency.

The Panthers have to pick either Bennett or Ekblad to re-sign. Bennett has not seen his price tag go down during the postseason, playing the physical style that head coach Paul Maurice preaches. He knows exactly where the line is and goes up to it, routinely annoying opponents in his path.

The Panthers must part with Aaron Ekblad

Florida Panthers defenseman Aaron Ekblad (5) skates with the puck against the Nashville Predators during the second period at Bridgestone Arena. Steve Roberts-Imagn Images

This successful run in Panthers history started with drafting Aaron Ekblad first overall in 2014. Since then, it’s been a forward march to the playoffs, winning their first playoff series since 1996 in 2022, and now in their third straight Cup Final. Ekblad is an alternate captain and a key defender still in his 11th season. But this offseason, it is time to part ways.

At the NHL trade deadline, the Panthers traded for right-handed defenseman Seth Jones. Unlike most deadline acquisitions, Jones is not on an expiring contract. He is signed through 2030 on a deal given to him by the Blackhawks. Florida had Chicago retain some of Jones’ salary to fit him under the salary cap. He counts for $7 million against their cap, which is exactly what they paid Ekblad on his deal that is expiring.

Seeing that ‘one-in-one-out’ math on the cap sheet makes Ekblad seem good as gone. But he made comments before Game 2 that he wants to stay in Florida and would die for the Panthers. If that is true, then maybe Florida can get him on an extremely cheap contract. If not, their defensive system allows them to pick physical players off the scrap heap and let them flourish. Oliver Ekman-Larsson, Gustav Forsling, and Nate Schmidt are all examples of that.

The Panthers may bring Sam Bennett back on a contract that makes him one of the highest-paid players on the team. Considering the cap is going up, it could be an $11 million deal if he plays his cards right. Every team that has lost already in the playoffs is convinced Bennett is the type of player they are missing. Meanwhile, Florida knows that it gets the most out of Bennett, and he is beneficial to their team.

The Panthers can add another scorer like Nikolaj Ehlers or Brock Boeser if they handle their salary cap correctly this summer. That involves letting one of Bennett or Ekblad, most likely Ekblad, walk this summer.

This article first appeared on NHL on ClutchPoints and was syndicated with permission.

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