The Florida Panthers entered the off-season with another Stanley Cup championship and three big-name players on expiring contracts: Sam Bennett, Aaron Ekblad and Brad Marchand.
Bennett and Ekblad have been part of the Panthers' back-to-back Cup-winning core. Marchand joined in at the 2025 NHL trade deadline. Panthers GM Bill Zito has said they're discussing ways to keep all three of them, but there's little to no cap flexibility to make that happen.
Now, Bennett and Ekblad signed eight-year contract extensions, with the latter's coming to fruition the day before free agency at around a $6.1-million cap hit, according to Sportsnet's Elliotte Friedman and TSN's Pierre LeBrun. It wouldn't have been a surprise if Ekblad got a raise on his previous $7.5-million cap hit had he hit the UFA market. Instead, the 29-year-old took a pay cut of $1.4 million annually for a total of $11.2 million.
Bennett, 29, agreed on an eight-year contract worth $8 million per year. The Conn Smythe Trophy winner was one of the top pending UFA centers after recording 22 points in the playoffs and a career-high 51 points during the regular season.
That means the Panthers have about $4.9 million in projected cap space, according to PuckPedia. They acquired goaltender Daniil Tarasov from the Columbus Blue Jackets to fill in the backup role, but he's a pending RFA who also needs a new contract.
If the Panthers want Marchand to stay, they don't have much room to pull it off.
Marchand, 37, finished an eight-year contract with a $6.125-million cap hit. He had 20 points in Florida's Cup run and 51 points in 71 games between the Panthers and Boston Bruins during the regular season.
The Bruins' former captain is expected to get a raise, not a pay cut. TSN projects Marchand to make $8.1 million per year on his next contract, with Darren Dreger reporting the Bruins, Toronto Maple Leafs and Utah Mammoth having strong interest in trying to sign him if he hits free agency. But Dreger also reported that the outside messaging expects Marchand to stay in Florida.
Since Marchand is over 34 years old, he could sign a one-year contract loaded with performance bonuses. The bonuses don't count toward the cap hit unless a team's potential bonuses exceed 7.5 percent of its total cap hit, according to PuckPedia. If the bonuses would have brought the team over the salary cap, that extra money would carry over to the following season, with the salary cap ceiling is expected to rise again.
Marchand could be the only Panthers player to carry performance bonuses if both parties agree on that structure. Another option includes deferred salary, which is expected to be banned in the next collective bargaining agreement.
Time will tell whether the Marchand and the Panthers stay together after a memorable run to the Stanley Cup. But one thing's for sure: if there's a will, there's a way.
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