The 2025 NHL trade deadline has come and gone. While there were significant trades going back to the fall, the “trade season” really kicked off in a big way in late January when the Colorado Avalanche shocked the hockey world by trading Mikko Rantanen to the Carolina Hurricanes.

We’ve been dishing out trade grades analysis ever since.

Panthers swoop in to nab Brad Marchand from Bruins

Panthers get: Forward Brad Marchand (at 50 percent salary retention).
Bruins get: Conditional second-round pick in 2027 (becomes a 2027 or 2028 first-rounder if Florida wins two rounds of the playoffs this year and Marchand appears in at least 50 percent of the team’s playoff games).

Marchand may not be the player he once was, but in tough minutes he can still put up points. On a team like Florida, he won’t have to be the guy driving play either and having less of a burden in that way could squeeze more value out of the player he currently is. On the Panthers, he’s a tremendous fit, a game-changer that cements Florida as the team to beat in the East and a Stanley Cup co-favorite.

This is a no-brainer for Florida and a serious head-scratcher for Boston.

Maple Leafs and Bruins pull off a blockbuster at the buzzer

The Bruins did very well for moving essentially their No. 4 defenseman during a down season. Getting a first-round pick and a quality prospect in Fraser Minten is a solid haul, even in this inflated market and with 15 percent retention (roughly $600,000) for the next two years.

The Leafs, meanwhile, desperately needed an upgrade on the back end, especially given how their depth defenders had struggled of late. Carlo will get a chance to come in and stabilize the second pairing with Morgan Rielly, who’s had a really tough season with a variety of partners.

The Penguins rounded out the deal by acquiring a couple Toronto castoffs for not a whole lot. Possibly they can convert those players into picks in the offseason or a year from now at next year’s deadline, when they’ll likely continue to be very bad.

Avalanche keep loading up, swap Casey Mittelstadt for Charlie Coyle

Colorado’s spending is risky because the team can do all this to fall short in Round 1. But the Avs at least get two playoff runs out of Coyle.

As valuable as Coyle has been in Boston over the last few years, this team needs a retool and a 32-year-old isn’t a part of that. The Bruins have to make difficult decisions because realistically, they only have so many trade assets. Adding Zellers and a 2025 second-rounder helps replenish the Bruins’ depleted pipeline. Mittelstadt may be having a down year, but he is the exact type of reclamation project Boston should be targeting.

Blackhawks resolve logjam by dealing Petr Mrázek to Red Wings

Petr Mrázek was fabulous last season. Behind one of the worst defenses we’ve seen in the modern NHL, Mrázek kept the Blackhawks competitive more often than not and was far better than his pedestrian numbers would suggest. But he crashed down to Earth this season. He’s been the worst goalie in the league since Dec. 1, with an .866 save percentage and a minus-14.95 goals saved above expected, per Evolving Hockey.

He carries a $4.25 million cap hit, he’s signed through next season, and Chicago was out of salary retention spots. A trade seemed like a long shot. So, to get out from underneath that contract less than a week after acquiring Knight — and to get a 25-year-old, controllable former first-rounder in Joe Veleno, to boot — is nifty work by Chicago GM Kyle Davidson.

Maple Leafs fill a need by getting Scott Laughton from Flyers

Laughton slips into the lineup on a bargain cap hit of just $1.5 million through to the end of next season. He also is a significant upgrade over who the Leafs have been playing on an often-overmatched third line, bringing the type of edge and heart-and-soul game that the organization has been looking for in the postseason.

The Flyers, meanwhile, did well to wait this one out until the finish line. In a sellers’ market, they pulled out strong value for a third-line player who has topped 40 points only once in his career.

Stars get Mikko Rantanen from Hurricanes and become Cup favorites

Dallas has been two wins away from the Stanley Cup Final in each of the last two years and was two wins from a championship in 2020. The time is now, and GM Jim Nill knows it. It’s never a bad idea to add one of the best players in the world, damn the consequences.

Penguins, Kraken soak up sellers’ market in 2 deals with Jets

In Schenn, the Jets got themselves a physical right-shot defenseman who can kill penalties and clear the net-front. In a vacuum, that’s fine — it’s certainly a player profile that they can use. Given how the Western Conference is shaping up, he should help the Jets along the way.

Still, they need to be careful about how much they put on Schenn’s plate. He’s 35 years old now and was never going to win any foot races in the first place.

You could say something similar about Tanev. He can still skate and still seems like a player who can be a factor over the course of a playoff run, but his overall game has dipped over the past two years.

Kings overpay for Kuzmenko, but he might fit

Even with 50 percent salary retention, a third-round pick is a bit much to give up for Andrei Kuzmenko. So this is a nice move for the rebuilding Flyers, because the winger was never going to be a long-term fit there.

Finding an ideal fit for Kuzmenko is tricky, but there’s actually some juice with the Kings.

Senators land Dylan Cozens as Sabres sell low on young center

At a first, surface-level glance this is a trade of similar players: two young-ish second-line centers with strong pedigrees who have had a hard time matching 30-goal career years a few years back.

But a few key things that separate Norris and Cozens make this one a win for the Senators.

Penguins get strong return for flipping Anthony Beauvillier to Capitals

Capitals get: F Anthony Beauvillier.
Penguins get: Washington’s 2025 second-round draft pick.

Beauvillier has scored his share of goals this season. He shoots the puck a bunch. He can skate. The Caps, meanwhile, aren’t getting a ton of production from their bottom six. Beauvillier, if nothing else, can help in that particular space.

Pittsburgh couldn’t have played it any better. Beauvillier was signed to be traded, and everything fell into place for a pretty impressive return.

Avalanche pay big for Brock Nelson, but he’s worth it

Avalanche get: F Brock Nelson (50 percent of salary retained), F William Dufour.
Islanders get: First-round pick in 2026 or 2027, conditional third-round pick in 2028, F Calum Ritchie, D Oliver Kylington (then traded to Anaheim Ducks for future considerations).

Nelson is an elite second-line center whose effectiveness sometimes goes under the radar. Nelson is a reliable goal-scorer and his play-making is top-notch. What separates him from Mittelstadt is his reliability in his own zone. As much as Nelson meant to the Islanders, management actually did what needed to be done.

Oilers gamble on Jake Walman bolstering their blue line

Oilers get: Defenseman Jake Walman.
Sharks get: Conditional first-round pick in 2026, forward Carl Berglund.

Walman isn’t a perfect fit — he’s another lefty and his game can be a bit inconsistent — but he represents a huge upgrade for the Oilers at a reasonable cost, especially considering the extra year of term he has left on a modest $3.4 million cap hit.

Wild add big winger Justin Brazeau in deal with Bruins

Wild get: Forward Justin Brazeau.
Bruins get: Forward Marat Khusnutdinov, forward Jakub Lauko, sixth-round pick in 2026.

Brazeau is enjoying a breakout season with 20 points in 57 games as an everyday NHL player for the first time in his career. The 27-year-old pending free agent is one of the slowest players in the NHL but makes an impact with a heavy playing style and genuine net-front utility.

Khusnutdinov was a highly touted prospect from the KHL and while he’s struggled to make an offensive impact in his first full NHL season (seven points in 57 games), he’s still only 22, boasts an impressive speed/work rate combo and is already a very solid defensive player.

Penguins, Predators pair up for puzzling deal

Penguins get: Forward Tommy Novak, defenseman Luke Schenn.
Predators get: Forward Michael Bunting, fourth-round pick in 2026.

Tommy Novak is the best player involved in this deal. If that signpost matters to you — and it probably should — the Penguins are your winner. Beyond that, two bad teams exchanged a few players who are varying degrees of mediocre.

the deal is more proof Pittsburgh isn’t necessarily punting on next season, either. Novak is a decent player signed to a reasonable contract ($3.5 million AAV for two more seasons). He might not be more; he’s certainly nothing less. If you’re prioritizing your lottery odds, you do not go out and acquire the Tommy Novaks of the world to play on your bottom six.

Lightning go all in for Yanni Gourde and Oliver Bjorkstrand

Lightning get: Forward Yanni Gourde, forward Oliver Bjorkstrand, fifth-round pick in 2025, prospect Kyle Aucoin.
Kraken get: First-round pick in 2026, first-round pick in 2027 (both top-10 protected), Toronto’s second-round pick in 2025, forward Michael Eyssimont.
Red Wings get: Fourth-round pick in 2025 (earlier of Tampa or Edmonton’s pick) for taking on 25 percent of Gourde’s cap hit.

The Atlantic arms race is fully in motion. First, the Panthers addressed their biggest need by acquiring Seth Jones. Now the Lightning do the same with a massive swing, adding Oliver Bjorkstrand and Yanni Gourde.

The cost was not cheap, but it’s hard not to love what Tampa Bay did here.

Oilers take a chance on injured Bruins forward Trent Frederic

Oilers get: Center Trent Frederic and forward Max Jones.
Bruins get: Second-round pick in 2025 (from Blues), fourth-round pick in 2026, defenseman Max Wanner.
Devils get: Rights to forward Shane LaChance for retaining 50 percent of Frederic’s salary.

This is an intriguing roll of the dice for the Oilers.

Frederic is a big-bodied winger with above-average speed and a gritty, abrasive playing style. The 27-year-old is a wrecking ball physically and a top-notch forechecker, which are two ingredients that the Oilers needed more of in their lineup. This size and sandpaper will instantly make Edmonton a harder team to play against. Frederic is a versatile player who can play both wing and center.

Blackhawks grant Seth Jones’ trade wishes as Panthers press on

This could easily be a win-win for both sides.

This had the potential to drag out into an awkward, ugly saga. Instead, the Blackhawks found a swift solution and got a couple of intriguing pieces.

Spencer Knight is enjoying a breakout season. Landing a first-round pick on top of Knight is impressive work for the Blackhawks.

However, the Panthers desperately needed more help on the blue line. Their bottom-four defense has looked compromised without Brandon Montour and Oliver Ekman-Larsson. Jones is a polarizing player, but most of that is because he was miscast and paid to be an elite No.1 defenseman on an awful team.

Wild’s pickup of Gustav Nyquist from Predators is a worth a shot

Will playing for a better Wild team unlock the Gustav Nyquist of old? Or, at least, the Nyquist of last season?

Minnesota can only hope so. But if this really is the year that the Wild break out of the mushy middle and win a playoff series for the first time in a decade, they’re going to need more than just a third-line depth scorer.

Rangers flip pending UFA Ryan Lindgren to Avalanche in sensible deal

Colorado Avalanche get: Ryan Lindgren, Jimmy Vesey, prospect Hank Kempf
New York Rangers get: Juuso Parssinen, Calvin de Haan, 2025 second-round draft pick, 2025 fourth-round draft pick
Rangers retain 50 percent of Lindgren’s salary.

This trade threads the needle for both the Rangers and Avalanche, just in different ways.

The Rangers could have kept battling it out in the Eastern Conference playoff race and bet on their goaltender to drag them into Round 1. But maybe the Adam Fox injury was the final straw that persuaded management to take a step back and start loading up for next year.

While there is some risk to Lindgren’s game, between his on-ice decline and durability (thanks to his playing style), the Avalanche should be able to maximize him better. At 50 percent retention, he should be an upgrade over Calvin de Haan, because he can step up into a bigger workload if needed.

Hurricanes acquire Mikko Rantanen in stunning blockbuster with Avalanche

The Avalanche give up the best player in the deal, and traditional reasoning in the NHL is that means they lose the trade. But the reality is there had been rumors all season they weren’t going to meet Rantanen’s asking price — said to be Leon Draisaitl-ish — and it made no sense to walk him to UFA status in July. But this one will sting, big time, on the ice, as Rantanen was one of their heart-and-soul leaders, an all-situations superstar playing the second-highest minutes for a forward in the league.

Necas has had a nice offensive breakthrough this year, but he’s not the all-around player Rantanen is and there remains some debate about how high the 26-year-old’s ceiling really is given his limitations.

Stars land Mikael Granlund and Cody Ceci

Dallas Stars get: F Mikael Granlund, D Cody Ceci.
San Jose Sharks get: 2025 first-round pick, 2025 fourth-round pick (becomes third-round pick if Dallas makes Stanley Cup Final).

If the Stars get the Granlund who has thrived on a bad Sharks team with a scoring resurgence, they are adding someone who can help retrieve puck from his own zone and transition the puck up the ice. Last year, his passing was up in San Jose and this season he seems to be emphasizing his shot volume more. Dallas may need some depth to navigate the Miro Heiskanen injury, but Ceci isn’t the answer. He is a one-dimensional defensive defenseman who tends to play in roles that are above his head.

Getting a first-rounder in return is a great bit of business for the Sharks, especially without any salary retention.

NHL trade grades: Stars land Mikael Granlund and Cody Ceci. Was the price too high?

Canucks pay Penguins steep price for Marcus Pettersson, Drew O’Connor

Vancouver Canucks get: D Marcus Pettersson, F Drew O’Connor.
Pittsburgh Penguins get: F Danton Heinen, D Vincent Desharnais, F Melvin Fernström, 2025 first-round pick (via New York Rangers, top-13 protected).

After it looked like Vancouver was set to take a step back by sort of punting with the J.T. Miller trade, it flipped the Rangers’ first-rounder and picked up exactly what the team needed: another top-four defender who can play significant minutes and take some of the pressure off Quinn Hughes.

O’Connor, meanwhile, has been mired in a season-long slump and brings at least some potential to offer physicality and depth scoring off the wing after he had 16 goals and 33 points last season.

It’s obviously a lot for the Canucks to pay for two rentals, but their need on D was so glaring that it threatened their season, even with all the focus on the Miller drama.

Canucks finally send J.T. Miller to Rangers in big swing for both teams

New York Rangers get: F J.T. Miller, D Erik Brännström, D Jackson Dorrington.
Vancouver Canucks get: F Filip Chytil, D Victor Mancini, 2025 first-round pick (top-13 protected).

A high-risk, high-reward trade for both sides.

For the Rangers, this comes down to what version of Miller they’re going to get. Miller has been an excellent player for the Canucks through six seasons, but he’s alternated between two different versions of himself. The upside for New York is that it didn’t give up a lot and that Miller could give them a home run-like jolt if he regains last season’s form.

For the Canucks, this is an underwhelming return on paper for a player of Miller’s stature.

Flames bet on upside, Flyers hope for short-term Andrei Kuzmenko spark

Calgary Flames get: F Joel Farabee, F Morgan Frost.
Philadelphia Flyers get: F Andrei Kuzmenko, F Jakob Pelletier, 2025 second-round draft pick, 2028 seventh-round pick.

The Flames, wild-card spot aside, are an abysmal offensive team, enough for Morgan Frost and Joel Farabee to represent upgrades. These aren’t world-beaters. They’re not going to make the Flames good. Better, maybe, but not good.

Kuzmenko is a creative, skilled player. He’s had offensive success in the past, most notably the 39 goals he scored with the Vancouver Canucks in 2022-23, but that was a flash in the pan, given that he scored on an outrageous 27.3 percent of his shots playing next to Pettersson. Kuzmenko’s defensive habits are poor, and he’s a very slow forechecker.