Ryan Johansen’s Flyers chapter ends with an arbitrator upholding the team’s termination of his SPC for a material breach, wiping out the $4 million owed last season and preserving cap space for Philadelphia as it navigates an offseason that included a trade for him at the deadline. The Flyers acquired Johansen and a 2025 first-round pick for Sean Walker and a 2026 fifth-rounder, with Philly initially agreeing to retain half of the final year and a half of the contract. The NHLPA had argued the waiver that led to termination was unlawful because Johansen’s non-reporting to Lehigh Valley stemmed from a legitimate injury; the ruling rejected that view, reinforcing the SPC termination language and the club’s leverage. Johansen, a 13-year veteran, will become a free agent having never played for the Flyers, which simultaneously clears cap room and protects the organization’s image. The decision underscores how teams navigate the delicate balance of asset management, injury risk, and public perception in a salary-cap era, especially after high-profile deadline moves.