NHL insider weighs in on relatively quiet market amid ongoing offseason - "Buyer’s market makes things bit more difficult"

The 2025 NHL offseason has been uncharacteristically quiet due to a lack of high-profile signings and big-ticket trades.

NHL insider David Pagnotta of the Fourth Period offered his insights into why the 2025 NHL offseason has been devoid of heart-pumping action. During a July 21 appearance on Melnick in the Afternoon, Pagnotta had this to say:

“I think I, along with a lot of people, expected a little more activity to this point, but you mentioned the cap space. There aren’t many teams in significant cap trouble at the moment. They’re fixable.”

Pagnotta’s comments highlight how the lack of cap constraints by most teams has precluded the need for major moves. That situation has been evident by the bone-dry trade market. That’s why teams haven’t had the need to move on from big names and contracts.

He added:

“Montreal’s over; they can fix that with putting Carey Price on LTIR. Vegas is over, but they can fix that by putting Alex Pietrangelo on LTIR.”

These situations underscore why the NHL seems to be at a standstill. Pagnotta ultimately pinned the slow movement due to what he deems to be a “buyer’s market,” stating:

“When you’ve got a full market that is trying to improve, everyone’s buying. Well, a buyer’s market makes things a little bit more difficult. So, these conversations, I believe, are still ongoing throughout the league. Teams are still looking to improve and find ways to make their clubs better, but it’s going to continue to be spread out because of the lack of urgency…”

Pagnotta’s words offer a perspective into what could be coming down the pipeline. Fans can expect moves to happen, but they just won’t happen in quick succession. Big moves could still be coming, though fans will have to be patient.

Few NHL teams are “sellers” at this point in the offseason

Penguins GM Kyle Dubas seems like the only active "seller" at this point in the offseason - Source: Imagn

Few teams could be seen as “sellers” at this point in the summer. The reason for that lies in some clubs’ belief they can be competitive this upcoming season. Clubs like the Chicago Blackhawks and San Jose Sharks are still mired in a rebuild. So, they won’t be selling off very many pieces at this time.

But there are various clubs like the Vancouver Canucks, Philadelphia Flyers, Nashville Predators, and Calgary Flames who could quickly pivot and become sellers if things don’t go well next season.

A piece by Marco D’Amico published on July 19 in RG Media highlighted this point. Some NHL teams are encouraged to enter the race to the bottom to land a chance to draft Gavin McKenna in the 2026 NHL Draft.

Some other clubs, however, find themselves in the mushy middle. Their strategy will depend on how they start the season. If a club like the Canucks, Flyers, or Predators crashes in the early going, they could be compelled to start selling.

That situation could trigger a cascade effect in the league, as contenders look to capitalize on suddenly available pieces on the trade market.

D’Amico set Thanksgiving as the signpost that could determine the initiation of NHL clubs selling off pieces, setting off an unofficial tanking for a shot at drafting McKenna.

It’s worth pointing out that the hype surrounding McKenna is quite high. Teams will be lining up for a shot at landing McKenna. So, an exciting winter could make for a dull offseason.

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Edited by Nestor Quixtan