NHL trade deadline: Breaking down Friday's deals

Quick-hit analysis of big-league moves completed Friday.

Maple Leafs get Carlo

Maple Leafs acquire: D Brandon Carlo
Bruins acquire: F Fraser Minten, 2026 first-round pick, 2025 fourth-round pick

Toronto needed to respond to recent moves by division rivals Florida and Tampa Bay, and bringing in Carlo and Laughton qualifies as a meaningful response. Carlo, a 6-foot-5, 217-pound right-handed defenseman, could be paired with struggling puck-mover Morgan Rielly to start his Leafs tenure. Could he help unlock something? Carlo, 28, has a great defensive stick, blocks a ton of shots, and is a playoff warrior. His contract ($3.5 million through 2026-27 thanks to the Bruins retaining 15% of his salary) will be a bargain in a rising cap world. The multi-timeline play here - Carlo for not only this year's playoff push but also future pushes - makes the deal palatable. The Leafs are giving up a top-five protected first-rounder and future third-line center in Minten. The Bruins were major sellers Friday, and based on the mix of young NHLers, prospects, and picks, they're attempting a Capitals-esque retool. They made out alright in this trade. They needed to get younger.

Panthers snag Marchand

Panthers acquire: F Brad Marchand
Bruins acquire: Conditional 2025 second-round pick

In a last-minute shocker, career-long Bruin and current captain Marchand is off to rival Florida. While it'll be strange to see Marchand in another uniform, the fit is chef's-kiss perfect. The Panthers have built a Cup-winning team around intensely competitive two-way forwards. Marchand is still that brand of player at age 36, even if the pending unrestricted free agent has lost half a step. Consider this: Come playoff time, Florida will be able to trot out all-world pests Marchand, Sam Bennett, and Matthew Tkachuk, potentially on the same line. It'll be interesting to monitor how Marchand and other newcomers Seth Jones, Nico Sturm, and Vitek Vanecek blend into the Panthers' lineup. The condition on the pick: The second-rounder becomes a 2027 or 2028 first if Marchand plays in at least 50% of games in the first two rounds of the playoffs and the Panthers advance to the conference final. That's an all right return for the Bruins considering Marchand's relative decline and uncertain current status (he's week-to-week with an upper-body injury) - plus the fact that the local folk hero could theoretically sign with Boston in the offseason.

Stars lock up Johnston

Stars sign F Wyatt Johnston to 5-year, $42-million extension

Apparently, Stars GM Jim Nill had another whopper up his sleeve. The Johnston extension doesn't hit quite as hard as the Rantanen trade, but it's very important to the long-term health of the franchise. Johnston, a crafty, wise-beyond-his-years two-way center, is now under contract through the 2029-30 season. The salary cap is rising, and Dallas now has six 28-or-under homegrown pieces signed through at least next season: Jason Robertson and Thomas Harley (RFAs after 2025-26), Miro Heiskanen and Johnston (UFAs after '29-30), Roope Hintz (UFA, '30-31), and Jake Oettinger (UFA, '32-33). Amazingly, no cap hit exceeds $8.5 million. That's how you build out your roster and leave enough room for a Rantanen-like splash.

Avalanche grab Coyle

Avalanche acquire: F Charlie Coyle, 2026 fifth-round pick
Bruins acquire: F Casey Mittelstadt, F Will Zellers, 2025 second-round pick

This trade perfectly represents each team's competitive timeline. Colorado, a true contender, is all-in and can't afford to be cautious in a top-heavy Western Conference. Boston, a fringe playoff team, is revamping its core on the fly. Coyle, 33 and signed through next year at $5.25 million annually, brings size and stability to the Avs' third line. Mittelstadt, 26 and signed through 2026-27 at $5.75 million annually, brings playmaking to the Bruins' third line. I give the Bruins the slight edge here for the inclusion of Zellers, a 2024 third-round pick with upside, and the second-rounder. That edge is only slight, though, because I admire the Avs' in-season retooling efforts. They've somehow managed to add two goalies (Mackenzie Blackwood, Scott Wedgewood), five forwards (Coyle, Brock Nelson, Martin Necas, Jimmy Vesey, Jack Drury), and one defenseman (Ryan Lindgren) to the lineup.

Jets trade for Tanev

Jets acquire: F Brandon Tanev
Kraken acquire: 2027 second-round pick

The Jets came into deadline week needing a middle-six center. Tanev, a winger, doesn't fill that hole, though "Turbo" is a nice addition to an already deep forward group. The speedy pending unrestricted free agent is a nightmare on the forecheck, can line up on either wing, and has penalty-killing utility. He'll thrive in the playoffs. The acquisition price is fine too. I like the trade for Winnipeg, but if this and Luke Schenn is it for the Jets, they'll be hearing it from their fan base. No center?

Stars win Rantanen sweepstakes

Stars acquire: F Mikko Rantanen; sign him to 8-year, $96-million extension
Hurricanes acquire: F Logan Stankoven, 2026 first-round pick, 2026 third-round pick, 2027 first-round pick, 2027 third-round pick

The Stars immediately become the winners of deadline day while rocketing to the top of the Cup favorite leaderboard because they've added the best player available by far - and locked him up. Rantanen, who arrives in Dallas on a long-term deal that kicks in next season, is a legitimate superstar. He's coming off two 100-point seasons and is on pace for 93 this year amid a whirlwind of trades and speculation. He's a power winger with excellent puck skills and gaudy playoff numbers. It's possible Rantanen joins Roope Hintz and Mikael Granlund on a wicked all-Finnish top line (the Stars now have five total Finns). Props to Dallas for being so aggressive and leveraging Texas' favorable tax situation to land the biggest fish. GM Jim Nill has been conservative over the years - but not in 2025, adding Granlund and Rantanen in the span of a month.

As for Carolina: I'm of two minds here. The two Rantanen deals amount to trading away Martin Necas, Jack Drury, a second-rounder, and a fourth and bringing in Stankoven, Taylor Hall, two firsts, and two thirds - that's solid. I really like Hall's and Stankoven's fits in coach Rod Brind'Amour's system. My issue is with the decision to trade Rantanen. The Canes' window to win the Cup is open, the East is up for grabs, and they sent out a top-10 forward in the NHL. Rantanen's a pending UFA, yes, but holding onto him and seeing where he and his finishing ability take your team in the playoffs is worth it. If he leaves in free agency, OK - use the cap space and all the draft capital you've built up over the years to be bold on the trade market again. Put another way: Is it just me or did the Canes overthink this?

Maple Leafs bring in Laughton

Maple Leafs acquire: F Scott Laughton, 2025 fourth-round pick, 2025 sixth-round pick
Flyers acquire: F Nikita Grebenkin, 2027 first-round pick

With Brock Nelson and Yanni Gourde off the trade board, Laughton was the obvious target for the Leafs. He can slide comfortably into the third-line center spot, bumping Max Domi to the wing where he belongs. Toronto's now got Auston Matthews, John Tavares, Laughton, and David Kampf down the middle. Laughton, 30, isn't exceptional at any one thing, but he's decent in all areas, has a feisty streak, and can kill penalties. The native of nearby Oakville is also a heart-and-soul addition. The Flyers are retaining 50% of Laughton's $3-million salary this year and next. GM Daniel Briere made the right move for the club's timeline; Grebenkin's only 21, and his ceiling is basically Laughton in his prime. The first-rounder is top-10 protected. I like this deal for both sides.

Jets pick up Schenn

Jets acquire: D Luke Schenn
Penguins acquire: 2026 second-round pick, 2027 fourth-rounder

The Jets have a rock-solid top four on defense. Schenn, a large, physical veteran, should push Logan Stanley or Colin Miller to the press box to form a reliable third pair. Schenn has now been traded six times in his 17-year career. His contract runs through next season at a manageable $2.75 million annually. The Penguins' side of the trade is fascinating: GM Kyle Dubas acquired Schenn from the Predators on Wednesday and has netted two picks for his two-day tenure. Pittsburgh owns a whopping 30 picks in the next three drafts - 12 in 2025, eight in 2026, and 10 in 2027. That's how you rebuild.

Senators, Sabres swap centers

Senators acquire: F Dylan Cozens, D Dennis Gilbert, 2026 second-round pick
Sabres acquire: F Josh Norris, D Jacob Bernard-Docker

Cozens, 24, was in dire need of a change of scenery, and I applaud Buffalo for pulling the trigger on some kind of impact move amid another brutal season. Otherwise, what an underwhelming trade. In moving Cozens for Norris, Buffalo takes on the older, less healthy, slightly more expensive middle-six center. It's hard to believe this Senators package would be the best the Sabres could get for Cozens if they exercised a little extra patience. Yes, Norris, 25, is more established, but he's dealt with a ton of injuries. His contract expires following the 2029-30 season - just like Cozens' - so it's not like one $7-million-plus-AAV deal is markedly better than the other. Right-handed defenseman Bernard-Docker does address a need, but he's bound for the third pair. Ottawa wins this deal.

Kings add Kuzmenko

Kings acquire: F Andrei Kuzmenko
Flyers acquire: 2027 third-round pick

If it wasn't obvious after Brian Dumoulin and Anthony Beauvillier each went for a second-round pick, Kuzmenko for a third confirms it: This is a seller's market. Kuzmenko exploded for 39 goals as a rookie in 2022-23 (riding shotgun with peak Elias Pettersson helped!). The Russian winger bounced from the Canucks to the Flames to the Flyers over the past two seasons, and now he's joining the Kings. A pending UFA, Kuzmenko should give Los Angeles' defensively focused bottom six some offensive juice. Perhaps he can also pitch in on the power play, which is tied for 30th in efficiency. The Flyers are retaining 50% of Kuzmenko's $5.5-million salary in the transaction.

Capitals grab Beauvillier

Capitals receive: F Anthony Beauvillier
Penguins receive: 2025 second-round pick

Beauvillier is off to his fifth team in two-plus years. The 27-year-old winger put up 20 points in 63 games in a depth role for the Penguins. He arrives in Washington as insurance. The Eastern Conference-leading Capitals are being awfully careful about disrupting chemistry around the deadline. On one hand, trading a second-round pick for a mediocre middle-six guy is an overpay; on the other hand, this Capitals team has earned the benefit of the doubt on player evaluation after hitting on basically every trade and signing over the past 18 months. (Also, Washington has another 2025 second-rounder - Boston's.) The Penguins, meanwhile, deserve an A+ for the return.

Sabres re-up Zucker

Sabres sign F Jason Zucker to 2-year, $9.5-million extension

The Sabres have taken an attractive pending unrestricted free agent off the market. This might seem like a weird move for the Eastern Conference's last-place team. But Buffalo's situation is unique. The club's desperate for committed veterans during a record-setting postseason drought, and Zucker, 33, is clearly invested in the program. He'll take a minor haircut to stay in Western New York, dropping to $4.75 million annually from $5 million. Zucker's a well-traveled winger with wheels, a good shot, and power-play utility. He has 44 points in 54 games since signing in the offseason. The attention now turns to Alex Tuch. Is the top-line winger part of the solution or a premium trade chip for Sabres GM Kevyn Adams? Tuch, 29 in May and on pace for 31 goals and 64 points, has one year and $4.75 million remaining on his contract.

Sharks cash out on Walman

Oilers acquire: D Jake Walman
Sharks acquire: 2026 first-round pick, F Carl Berglund

The Oilers needed help on the back end, and Walman will provide it. He's a puck-moving blue-liner with a heavy shot and good defensive stick. The price is a tad steep, especially because Walman is a 2026 unrestricted free agent, but I'm ultimately OK with this swap from Edmonton's perspective. They addressed a need. The larger takeaway: The rebuilding Sharks are masters at asset management. General manager Mike Grier acquired Walman, a perfectly fine top-four defenseman, in a dumbfounding offseason cap-dump trade by the Red Wings. Grier didn't send anything to Detroit, instead reeling in a second-round pick for taking on Walman's contract. Months later, Grier flipped Walman for a top-12 protected first (AHLer Berglund is an irrelevant piece). Two thumbs up for Mr. Grier. One thumb up for Oilers GM Stan Bowman. Two thumbs way down for Wings GM Steve Yzerman, whose team is in the middle of a playoff race and could use a player like Walman.

Avalanche land Nelson

Avalanche acquire: F Brock Nelson, F William Dufour
Islanders acquire: F Calum Ritchie, D Oliver Kylington, 2026 first-round pick, conditional 2028 third-round pick

The Avs win the bidding war for the top "rental" center on the market minutes before midnight Thursday. Nelson is a significant upgrade at second-line center as he bumps an overwhelmed Casey Mittelstadt to 3C. Nelson, a three-time 30-goal-scorer who snipes and facilitates, is one of the NHL's most complete forwards. At 6-foot-4, 205 pounds, he's lethal off the rush, a nuisance in front of the net, and defensively responsible. This trade is a huge blow to division-rival Winnipeg, another Stanley Cup contender that was hot for Nelson. The Jets are now forced to settle for Plan B - perhaps the Flyers' Scott Laughton. The Islanders, who are retaining 50% of Nelson's $6-million cap hit, did well here. Ritchie's a blue-chip prospect with 2C potential and the first-rounder (which could be bumped to 2027, depending on multiple conditions) is no small piece for a retooling franchise. Dufour is an unexciting 23-year-old AHL forward. Kylington is a non-factor for both teams; the fringe NHL defenseman was flipped hours later to Anaheim for future considerations.

John Matisz is theScore's senior NHL writer. Follow John on Twitter (@MatiszJohn) or contact him via email ([email protected]).