Mitch Marner moves to Vegas in a sign-and-trade for an eight-year, $96M extension, reshaping VGK’s forward corps as cap space benefits from the new $95.5M ceiling. Free agency was quiet, but the trades were sizable: Ehlers to Carolina, Boeser back with Vancouver, Gavrikov to NYR, Granlund to Anaheim, Orlov to San Jose, and Dobson to Montreal. Miller lands in Carolina, Dobson fuels Montreal's blue line, Zegras heads to Philly, and Detroit/Caps/Edm shuffle key pieces. The market tilted defense-first, with Ducks and Hurricanes vaulting their depth while others recalibrate under the flat-cap reset.