NHL free agency in 2025 has been a whirlwind, with teams scrambling to bolster their rosters for the upcoming season. With the salary cap increasing from $88 million to $95.5 million, teams had more flexibility to make significant moves. Some teams navigated this period more successfully than others, making strategic acquisitions and re-signings that position them for future success. Here are three teams that appear to have "won" free agency based on their activity.

1. Vegas Golden Knights

The Vegas Golden Knights, fresh off a few seasons of success, including a Stanley Cup, have once again positioned themselves as a top contender by acquiring Mitch Marner. The Golden Knights landed Marner in a trade with Toronto, signing him to an eight-year, $96 million contract. Giving up only middle-six center Nicolas Roy to get Marner, Vegas has significantly upgraded their forward group, adding a player who tallied a career-high 102 points last season. Securing Marner for an average salary of $12 million annually is considered a coup, as projections had him pegged for a higher price. This move solidifies the Golden Knights' status as a Stanley Cup-worthy team.

2. New York Islanders

The New York Islanders have quietly had an excellent free agency period. General Manager Mathieu Darche made a shrewd move by signing winger Jonathan Drouin to a two-year, $8 million deal. Drouin, who has averaged 0.76 points per game over the past two seasons, represents excellent value at a $4 million annual salary. The Islanders also locked up their top two restricted free agents, inking defenseman Alex Romanov to an eight-year, $50 million contract and winger Simon Holmstrom to a two-year, $7.25 million deal. These signings, combined with a strong NHL Draft, have positioned the Islanders as a team on the rise.

3. Carolina Hurricanes

The Carolina Hurricanes have made several key acquisitions that solidify their status as a top team in the Eastern Conference. They traded for defenseman K'Andre Miller from the New York Rangers and promptly signed him to an eight-year, $60 million deal. The Hurricanes also won the Nikolaj Ehlers sweepstakes, luring the winger away from the Winnipeg Jets with a six-year, $51 million contract. Ehlers' speed and style are expected to fit in well with the Hurricanes' system. Additionally, Carolina extended Logan Stankoven and brought in Tyson Jost and Cayden Primeau, further bolstering their roster. With $10.6 million in remaining cap space, the Hurricanes are well-positioned to compete for the Eastern Conference title.

While other teams have made notable moves, these three stand out for their strategic acquisitions and prudent use of cap space. The Vegas Golden Knights have added a superstar in Mitch Marner, the New York Islanders have secured excellent value with Jonathan Drouin and their re-signings, and the Carolina Hurricanes have bolstered their roster with the additions of K'Andre Miller and Nikolaj Ehlers. These moves should pay dividends as they aim for a deep playoff run in the upcoming 2025-2026 season.