Why the New Jersey Devils Might Overpay for These Free Agents in 2025
The New Jersey Devils are entering the 2025 offseason with pressure to make real changes. After a first-round playoff loss to the Carolina Hurricanes in just five games, the team knows its current roster isn’t enough. They made the playoffs, but it looked like one of the weakest teams to get in. The season felt like a failure. Injuries played a role, but the front office expected more. Now, General Manager Tom Fitzgerald must act.
He has a little over $12 million in projected cap space. Eight unrestricted free agents are coming off the books, which creates some room. However, Luke Hughes needs a new contract, and that could take up a large portion of the cap. The team also needs to replace multiple bottom-six forwards. So, the cap space is already tight.
Fitzgerald’s not shy about spending to get what he wants. Back in 2022, he gave Ondrej Palat a five-year, $30 million deal—a move meant to bring in playoff experience, though the price raised eyebrows then and looks even heavier now. Erik Haula’s contract came with some questions, too. And while Stefan Noesen seemed like a gamble, he ended up having a solid first year.
Now, the Devils are in danger of repeating those kinds of signings. Three players stand out as possibly overpaying this summer: Sam Bennett, Brock Boeser, and Mikael Granlund.
Starting with Sam Bennett. He is currently playing for the Florida Panthers and is deep in his third straight playoff run. He plays a physical style and is known for stepping up in the postseason. He has been mentioned in Selke Trophy discussions this year for his defensive play. Nonetheless, Bennett has never scored more than 21 goals in a season. He turns 29 before signing his next contract. Based on playoff exposure, he could ask for more than $8 million per season, which is a high number for someone who usually scores around 20 goals a year. For a team like the Devils, who still need more reliable scoring and better depth, the price is risky. A deal that big could hurt the team’s cap flexibility for years.
Then there’s Brock Boeser. He’s a proven goal scorer—he hit 40 two seasons ago and put up 25 this year on a Canucks team that didn’t give him much support. On paper, he checks a box the Devils need: scoring. But he’s a limited player. Defense isn’t a strong suit, and his skating has always been a knock. He’ll likely want north of $7 million a year, which is a big commitment for a guy who doesn’t bring much beyond goals. If the Devils go after him, they’ll need to be sure he fits what Sheldon Keefe wants.
Next is Mikael Granlund. He played this season with the Dallas Stars after being traded from San Jose. Before that, he was part of the Erik Karlsson trade from Pittsburgh and was seen as a throw-in at the time. Granlund is now 33 and has not scored more than 13 goals in a season since 2017. But this season, he scored 22 goals. In the playoffs, he scored a hat trick against Connor Hellebuyck of the Winnipeg Jets. He also had multiple game-winning goals during the regular season. Because of that, his value is rising fast.
The problem is that Granlund’s recent success may not be repeatable. He is past his prime and had several down years before this one. If the Devils sign him expecting 20-goal production, they could be stuck with another expensive contract for a player who can’t keep up long-term.
While free agency is the obvious path, the Devils may also explore offer sheets. Fitzgerald mentioned this in his May 8 press conference. He pointed to what St. Louis did last year when they signed Oilers restricted free agents Philip Broberg and Dylan Holloway. Edmonton didn’t match the offers, so St. Louis got both players and sent draft picks back.
Offer sheets are rare, but the process is simple. After June 30, if a team qualifies a restricted free agent (RFA), another team can offer that player a contract. If the player signs it, the original team has seven days to match. If they don’t, the new team gets the player and sends draft pick compensation based on the contract’s average annual value (AAV).
For 2025, here are the compensation levels set by the NHL:
- AAV under $1,544,424 = no compensation
- AAV between $1,544,425 and $2,340,037 = third-round pick
- AAV between $2,340,038 and $4,680,076 = second-round pick
- AAV between $4,680,077 and $7,020,113 = first and third-round picks
- AAV between $7,020,114 and $9,360,153 = first, second, and third-round picks
- AAV between $9,360,154 and $11,700,192 = two firsts, a second, and a third
- AAV over $11,700,192 = four first-round picks
Not all players are eligible. They need enough professional experience, which is usually at least 10 games in a season for three seasons if they signed their first NHL contract at age 18 to 21. Luke Hughes, for example, is not eligible because he played only two games in 2022–23.
The Devils are not expected to be targeted by offer sheets themselves. Most of their RFAs, like Cody Glass or Nolan Foote, are not top-tier players. If another team signs them, New Jersey might just take the draft picks.
However, the Devils could use offer sheets against other teams. They own all their key picks from 2026 onward, so they can afford the compensation. For example, the Rangers might be vulnerable. They have around $8.42 million in cap space and several RFAs to sign: Matt Rempe, Arthur Kaliyev, Zac Jones, Will Cuylle, and K’Andre Miller. Miller could demand a large raise after Will Borgen’s recent extension.
Will Cuylle stands out. He plays a physical style and contributes offensively. If the Devils offer him a contract in the $2.3 to $4.6 million range, the compensation would only be a second-round pick. If the Rangers match, they lose flexibility. If not, the Devils get a solid middle-six forward at age 22.
Fitzgerald should focus on smaller offer sheets. A low offer—say $1.1 million to a bottom-six forward stuck in negotiations—would cost no picks. It’s a way to add young talent for cheap, and it helps keep the team competitive without hurting the cap.
Alongside free agency and offer sheets, trades will also be key. The Devils have a logjam on defense. Five defensemen are signed through at least 2027, which leaves little room for their top prospects: Luke Hughes, Simon Nemec, and Seamus Casey. Trading Casey makes sense. He played 14 NHL games this year and looked ready. Hughes and Nemec are untouchable.
The Seattle Kraken could be a trade partner. New GM Jason Botterill may want to get younger. Eeli Tolvanen, a middle-six winger who becomes a free agent in 2026, plus a draft pick, could be a fair return for Casey.
Cody Glass might also be traded. He spent most of the year injured and is a restricted free agent. His $2.5 million salary is likely going up, but the Devils have cheaper options. Trading him for a pick frees up more space.
As the goalie situation goes, since Cory Schneider left in 2020, the Devils have not had a reliable long-term starter. Jacob Markstrom is solid but aging, and the team could move him in a deal similar to the one that sent Yaroslav Askarov to San Jose – a trade involving a veteran goalie, a pick, and a prospect going to a team with a young starter and a backup ready to emerge.
Teams like the Minnesota Wild (with Jesper Wallstedt), the Buffalo Sabres (with Devon Levi), or the Canadiens (with Cayden Primeau and Jacob Fowler) may be good targets. If one of them is willing to take Markstrom’s salary and a prospect, the Devils could get a young goalie with long-term upside.
Finally, there’s the coaching angle. Sheldon Keefe is now the Devils’ head coach. Last year, Toronto fired him after another Game 7 loss, replacing him with Craig Berube. Toronto won the Atlantic Division and made the second round, but lost again in Game 7 to the Florida Panthers.
