Countdown to Free Agent Frenzy: Will Arvidsson be next to go in Edmonton?

The NHL's off-season has arrived for all 32 teams who are preparing for the NHL Draft starting on June 27 and Free Agent Frenzy on July 1. TSN.ca keeps you up to date with all the latest rumours and speculation from around the NHL beat.

Kane traded, Arvidsson next?

The Edmonton Oilers made the first big move of their off-season on Wednesday, trading Evander Kane to the Vancouver Canucks for a fourth-round pick.

While trading Kane cleared $5.13 million in cap space, TSN Hockey Insider Pierre LeBrun reports the Oilers are on the hunt for more. 

LeBrun reports that with restricted free-agent Evan Bouchard in need of a new deal as a restricted free agent and Leon Draisaitl's cap hit rising in the first year of his new deal, the Oilers are also looking to move Victor Arvidsson to clear another $4 million from their books. 

LeBrun reports the Oilers will also look to trade Viktor Arvidsson this summer and clear an additional $4 million from their books. 

Edmonton has $17.1 million in space after trading Kane, per PuckPedia, with 19 players under contract for next season. Forwards Corey Perry, Connor Brown, Trent Frederic, Kasperi Kapanen and Jeff Skinner are all slated for unrestricted free agency, while defenceman John Klingberg is also set to hit the open market after signing with Edmonton in January. 

Reports have indicated that the Oilers are closing on a long-term deal with Frederic worth in the area of $4 million. 

Arvidsson, 32, recorded 15 goals and 27 points in 67 games last season with the Oilers. He added two goals and seven points in 15 playoff games before his team was eliminated by the Florida Panthers in the Stanley Cup Final. 

The 5-foot-10 winger is entering the final season of a two-year, $8 million contract with an annual cap hit of $4 million. He is scheduled to become an unrestricted free agent at the end of the 2025-26 campaign. 

Drafted 112th overall by the Nashville Predators in 2014, Arvidsson has 194 goals and 389 points in 613 career games split between the Predators, Los Angeles Kings, and Oilers. 

Kane, 33, missed the entire regular season while recovering from abdominal and knee surgeries. He recorded six goals and 12 points in 21 playoff games before his team was eliminated in the Stanley Cup Final.  The 6-foot-2 winger had 24 goals and 44 points in 77 games in 2023-24 and added four goals and eight points in the Oilers’ run to the Stanley Cup Final. 

Could Karlsson be on the move?

TSN Hockey Insider Pierre LeBrun broke down the many moving parts of a possible Erik Karlsson trade by the Pittsburgh Penguins for a piece Wednesday in The Athletic.

Among the complications of a possible trade are Karlsson's full no-move clause, his $10 million cap hit and a $5 million bonus payment due on July 1.

LeBrun reports Karlsson is believed to open to waiving his no-move for a move to a contender after missing the playoffs in each of the past six seasons, the last two of which have been with the Penguins. He adds that he believes the sweet spot on a Karlsson trade would be the Penguins retaining salary to bring his cap hit down to $7.5 million. 

On the $5 million bonus, LeBrun writes other teams would rather acquire Karlsson after it's paid out, while the Penguins will be less inclined to trade him paying it unless compensated for doing so. He notes the Penguins would want an additional asset for paying it out, as well as an asset for taking on salary.

It remains to be seen how many suitors there will be for Karlsson, with suitors potentially being formed among those who fail to fill their blueline needs on July 1. 

Karlsson, 34, had 11 goals and 53 points in 82 games with the Penguins this season while averaging 23:14 of ice time. The 6-foot, right-shot defenceman is entering the seventh season of an eight-year, $92 million contract for an AAV of $11.5 million.

He was acquired by the Penguins, along with forwards Rem Pitlick and Dillon Hamaliuk, and two draft picks, as part of a three-team trade that saw the San Jose Sharks acquire forwards Mikael Granlund and Mike Hoffman, and defenceman Jan Rutta while the Montreal Canadiens received defenceman Jeff Petry, goaltender Casey DeSmith, forward Nathan Legare, and a draft pick in 2023. The Sharks retained $1.5 million in the deal to bring Karlsson's cap hit down to the current $10 million. 

Karlsson is a three-time Norris Trophy winner, winning the award twice with the Senators (2012, 2015), and once with the Sharks (2023).  As noted by LeBrun, he shined as member of Team Sweden at the 4 Nations Face-Off, posting a goal and three points in three games while averaging 18:09 of ice time. 

Sharks staying at No. 2, mum on Marner chase

San Jose Sharks general manager Mike Grier said Tuesday he planning to stay at No. 2 in the NHL Draft, but he was less open about his plans in free agency.

Grier said, as of now, he expects to make the second-overall selection Friday night and added he has not touched base with the New York Islanders on their plans with the first-overall pick. 

Matthew Schaefer is the favourite to be selected by the Islanders, with Michael Misa falling to Sharks based on TSN Hockey Insider Bob McKenzie's final draft rankings.

The Sharks have been listed a possible bidder for Mitch Marner's services on July 1. Grier would not comment Tuesday on whether he plans to go big-game hunting in free agency, but reiterated he is not willing to hand out a seven-year max deal to any unrestricted free agent this summer.

Marner, for what it's worth, is believed to be considering signing a shorter-term deal of four years or less to cash in again in the near future. 

San Jose missed the playoffs for a sixth straight season this year, finishing with a 20-50-12 record under head coach Ryan Warofsky.

Oil Watch 

Edmonton Oilers general manager Stan Bowman said last week that changes at goaltender are on the table after the team fell short in the Stanley Cup Final for the second straight year this month.

Stuart Skinner and Calvin Pickard are both entering the final year of their contracts after sharing starts in the Stanley Cup Final. 

LeBrun reported Tuesday that the Oilers are among the teams expected to show interest in pending unrestricted free agent Jake Allen, though they will competition with the Philadelphia Flyers and San Jose Sharks also bidding with the New Jersey Devils, who will look to retain his services.

TSN Hockey Analyst Martin Biron believes Allen is the best free-agent option for the Oilers, but points to two other options on the trade market.

Biron believes that Anaheim Ducks veteran John Gibson and Columbus Blue Jackets netminder Elvis Merzlikins would both be upgrades for the Oilers between the pipes. Both goaltenders, who are signed for two more years, have been part of trade speculation, with rumours circling Gibson for multiple years now. 

Gibson, 31, is entering the seventh season of an eight-year, $51.2 million deal with an annual cap hit of $6.4 million. 

The 6-foot-2 netminder had a 11-11-2 record in Anaheim last season with a 2.77 goals-against average and .912 save percentage. He missed the first 13 games of the season after undergoing an emergency appendectomy during training camp. 

Merzlikins, also 31, is going into the fourth season of a five-year, $27 million deal with an annual cap hit of $5.4 million. 

The 6-foot-3 netminder had a 26-21-5 record in Columbus last season with a .892 save percentage and 3.18 goals-against average. He requested a trade in January of 2024 after citing concerns about his playing time in Columbus. 

Watch Biron's full breakdown below: