The 2025 NHL offseason has already been a roller coaster, including several key players being traded, 224 prospects finding new homes via the draft, and a slew of re-signings.

As the free-agent deals continue to roll in, ESPN NHL reporters will be grading the big-name signings, including the player’s fit with his new team, terms of the deal and more.

We’ll continue to grade the most notable moves through the offseason, so check back for fresh grades as deals are consummated; the newest grades will be listed first. Contract terms are per year.

Draft recap: All 224 picks
Grades for all 32 teams
Winners and losers

June 30

The terms: Eight years, $6.1 million AAV

Grade: A-

Where does he fit?

On the same blue line where he’s fit since 2014, when the Panthers made him the first overall pick in the NHL draft. The 29-year-old defenseman wanted to remain with the Panthers after having won two straight Stanley Cups with the only franchise he’s known. He got his wish.

GM Bill Zito has been adamant that the team could still retain the career Panther, even with trade acquisition Seth Jones adding $7 million to their blue line. There are plenty of reasons they wanted him back. Ekblad has formed a formidable first pairing with Gustav Forsling on both of Florida’s Cup winners. He’s a skilled puck-moving defensemen who plays the Panthers’ system well. Ekblad had 33 points with an average ice time of 23:31 in 56 games this season, which was truncated by a 20-game suspension for violating the terms of the NHL/NHLPA performance-enhancing substances program.

He fits the lineup, he fits the system they play and he’s an important part of their culture, in both camaraderie and swaggering on-ice play. It was just a matter of whether Zito could fit the term Ekblad wanted — and if Ekblad could fit into Zito’s financial framework. The answer, less than 24 hours before he hit unrestricted free agency, was affirmative on both.

Does it make sense?

In every possible way.

• It makes sense from a roster standpoint because it keeps the defense corps exactly how Zito envisions them. Ekblad and Forsling are a rock-solid defensive duo, having played over 866 minutes together at 5-on-5 in the regular season and giving up only 1.98 goals per 60 minutes. Their continued partnership should allow Jones to continue to thrive as a second-pairing defenseman with Niko Mikkola — internally, the Panthers believe Jones is better suited for second-pairing matchups and minutes.

• It makes sense from a competitive standpoint because Ekblad is essentially the Sam Bennett of defensemen — good but not elite results in the regular season, but a player who elevates his game to the stratosphere in the postseason. Ekblad and Forsling went from 2.85 goals per 60 minutes in the regular season to 4.02 in the playoffs, while remaining solid defensively in matchups against the likes of Connor McDavid. Ekblad wins puck battles, plays with physicality and is a solid contributor in the offensive end.

• It makes the most sense from a financial standpoint. Get ready for another several rounds of Floridian state tax advantage discourse, as Ekblad signed way under market value to remain with the Panthers. With options such as Jakob Chychrun having re-signed ahead of free agency (eight years, $72 million with Washington), Ekblad was easily the best big-name D-man available — and one with two Stanley Cup rings, no less.

His value as a puck-moving righthanded defenseman is palpable. Evolving Hockey had him predicted for a $7.7 million cap hit on a six-year term as a free agent. Zito landed him for $6.1 million annually. It’s a remarkable discount, but an understandable one for Ekblad: From the comforts of home to a great defensive partner to annual Stanley Cup contention, the Panthers offered a lot. As we say every free agent season, his stuff is there.

What’s keeping this grade at an A-minus instead of something higher is stability. Ekblad has played through injuries and missed time for them in the past for Florida. It’s an eight-year term for a player who turns 30 next season. That the risk, but it’s not a huge one the Panthers have taken here, considering the overall value of the deal.

And one only needs to look at the Stanley Cup and see Ekblad’s name on there twice to understand the reward.