Winners of First Week of NHL Free Agency

There were several winners during the first week of NHL free agency.

Apr 9, 2024; Boston, Massachusetts, USA; Carolina Hurricanes center Jake Guentzel (59) is congratulated by his teammates after scoring a goal during the third period against the Boston Bruins at TD Garden. Mandatory Credit: Bob DeChiara-USA TODAY Sports / Bob DeChiara-USA TODAY Sports

The NHL free agency period got off to an exciting start. According to TSN, the league handed out over $745 million in contracts in the first hour alone.

Unfortunately, money spent doesn't equal more success in the NHL. So, who spent their money wisely? Let's take a look at three winners after the first week of free agency.

Edmonton Oilers

The Oilers were in a pickle after losing the Stanley Cup finals to the Florida Panthers. Pressed for cap space, it seemed nearly impossible for the team to improve over the summer. They proved the doubters wrong through the first week.

They signed two key veteran forwards in Viktor Arvidsson and Jeff Skinner. By adding both players, the team significantly upgraded their forward depth without overspending. Skinner is still a quality goal scorer despite being bought out by the Buffalo Sabres. Similarly, if Arvidsson can stay healthy, he gives the Oilers a dynamic middle-six option.

The Oilers are still very much in win-now mode entering the 2024-2025 season, and their moves so far are only strengthening that.

San Jose Sharks

Drafting a player like Macklin Celebrini is enough for the San Jose Sharks to have a successful summer, but they haven't stopped there. In an effort to insulate their young core, the Sharks pursued and signed two crucial veterans.

Tyler Toffoli signed a four-year, $24 million deal to be a top-six option for the Sharks. He's a consistent 30-goal scorer and Stanley Cup champion who will add a huge leadership and winning mentality to a team starved for it.

Similarly, the team signed centerman Alex Wennberg to a two-year, $10 million deal. It may have been a bit of an overpay for a player with just 30 points last season, but the Sharks had money to spend. In Wennberg, they get a reliable, two-way center who can be the second or third-line pivot for the next two years while Celebrini and fellow first-round pick Will Smith come into their own.

Tampa Bay Lightning

When you sign the best player available, you had a good start to free agency. The Lightning were aggressive, trading for Jake Guentzel's negotiating rights from the Carolina Hurricanes and parlaying that into a seven-year, $63 million deal. It's a fantastic deal for one of the game's most underrated scorers and gives the Lightning a younger top-six with just as much firepower.

The team also added some nice depth options in veteran Zemgus Girgensons and Cam Atkinson, who can provide some scoring on the cheap.

They were also able to extend the contract of defensive leader Victor Hedman, keeping him in town through the 2028-2029 season. The team will look very different in 2024-2025, but the Lightning will be a force again in the NHL.

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