Many of the pending free agents were able to get deals done with their current teams in the days leading up to July 1, and the NHL's general managers have been working magic to get some talented skaters on very cap-friendly contracts.
There have been both contract extensions and free agent signings that truly encapsualte the phrase "getting the most bang from your buck," and here are three of the best.
Jake Allen: 5 years, $1.8 million AAV
Less than an hour before hitting the open market on July 1, Allen decided to remain with the New Jersey Devils on an astoundingly afforable five-year deal carrying an annual average of $1.8 million. Allen could have gotten upwards of $4 million from another team, so that speaks to his desire to stay in New Jersey even if it means taking a pay cut.
GM Tom Fitzgerald did leave some Devils fans scratching their heads at the term on this deal, as five years is certainly on the longer side for a 34-year-old goalie. Still, it gives New Jersey the opportunity to deal Allen in the future if necessary because Fitzgerald was able to get such a cost-effective contract finalized.
There were doubts that the Devils could get it done with Allen as the team carries limited cap space and still have RFAs like Luke Hughes to re-sign. Being able to lock down the top goalie on the free agent market is a pleasant surprise. Allen had a 13-16-1 record, 2.66 GAA, and .906 SV% along with four shutouts during this season with New Jersey and has proven to be a formidable backup for Jacob Markstrom.
Corey Perry: 1 year, $2 million
This is a very standard contract for a 40-year-old winger, but Perry has proven that there is plenty of gas left in the tank. The Los Angeles Kings snatched up Perry on a smart, team-friendly deal that has an additional $2 million worth of bonuses built in, so it could turn into a low-risk, high-reward contract if Perry does not perform the way the Kings expect him to.
The veteran skater spent a lot of time in the playoffs skating on the Edmonton Oilers' top line alongside Connor McDavid, and he thrived in that situation. Not surprising that someone playing with the NHL's best scorer would result in an improvement in his game. Nevertheless, Perry was a standout in the postseason with 10 goals and 14 points in 22 games, a leap from his 30 points in the regular season.
Perry could have gotten up to $3 million on the open market, but the price the Kings got him at is the perfect contract for what he's worth and a great fit for their secondary scoring needs.
John Tavares: 4 years, $4.38 million AAV
Tavares didn't technically make it to UFA status, signing an extension with the Toronto Maple Leafs on June 30. Still, just a day away from hitting the open market, Toronto GM Brad Treliving was able to get the 34-year-old signed to an incredibly high-value deal.
Insider Jeff Marek reported that both the Anaheim Ducks or Utah Mammoth would have been prepared to offer Tavares a two-year, $16 million deal. That shows how much Tavares believes in the Maple Leafs' system: enough to collect nearly half of what he could have fielded elsewhere.
As the second line center producing a point per game for the Leafs, this deal will continue to be a bargain for its entire duration. Tavares scored at least 60 points in all but one of the last 11 seasons, excluded the COVID-shortened 2020-21 campaign. He tallied the second-most goals of his career this year, lighting the lamp 38 times and totalling 74 points in 76 games.
The loss of Mitch Marner to the Vegas Golden Knights is going to be tough for Toronto to overcome, but the team now has money to be spent elsewhere thanks to the reasonable contract Tavares was signed to.