Nearly two years ago, before the horn even sounded, all the players, coaching staff, and fans alike were celebrating. It was a monumental moment for a franchise that had only existed for six seasons and after a resonating 9-3 win over the Florida Panthers, the Vegas Golden Knights were crowned Stanley Cup champions.
Las Vegas was atop the hockey world, and now, heading into the 2025 NHL Draft and free agency, that feeling seems so long ago, with an extensional number of questions to answer.
Related: 2025 NHL Draft Guide
Kelly McCrimmon has been all in ever since he was named general manager, but after falling to the Edmonton Oilers in five games in Round 2 of the Stanley Cup Playoffs, the pressure is starting to mount.
However, this offseason will answer a lot of those questions. Will Mitch Marner sign with the Golden Knights? What comes of the 2025 NHL Draft? What about Alex Pietrangelo? These are only a few of a litany of questions.
Here are three storylines to watch as the draft and free agency rapidly approach. We examine the draft capital Vegas has heading into Los Angeles.
1. Limited Capital Isn’t Likely to Hinder Draft Approach
If anything is certain, it’s that limited draft capital won’t hinder the Golden Knights’ approach to the 2025 NHL Draft because it’s nothing new. Without a first-round pick, the Golden Knights will have to find talent elsewhere, something they’ve gotten good at over the past few seasons.
In Nashville, during the 2023 NHL Draft, they nabbed forward Mathieu Cataford. Since then, he has looked to be a steal in the third round. The 20-year-old pops out with his high IQ and is a name to watch in the coming seasons. If his development continues, he could blend perfectly into a third-line role.
Abram Wiebe is another name that isn’t rendering nearly enough attention in the Golden Knights pipeline. Most of that is because of where he was selected (in the seventh round), but there is legit talent.
The soon-to-be junior at North Dakota University recorded 24 points in 38 games this past season while playing upperclassmen minutes. When the Fighting Hawks came to Arizona State University, he was one of a few defensemen who continued to stand out, in a good way.
These are just two examples of a list that will look to grow even larger at the 2025 NHL Draft in Los Angeles. The Golden Knights have six draft picks, with their first at No. 58 in the second round.
2. Mitch Marner to Vegas Growing Traction
When Marner was drafted in 2015, just about a decade ago, the Toronto Maple Leafs found their next superstar. They then drafted Auston Matthews to the fold, and suddenly, Toronto’s future looked as bright as ever.
After endless rumors, drama, and playoff mishaps, Marner is set to hit the open market on July 1, with nearly every team in the NHL interested in his services. Among those teams is the Golden Knights, who are looking for another offensive weapon.
Marner had the best season of his career, finishing with 102 regular-season points and 13 in 13 playoff games. The 28-year-old is entering the prime of his career, so it’s no surprise to see the Golden Knights in on him.
“Let’s look at a few things, starting with Mitch Marner,” NHL insider Elliotte Friedman said on 32 Thoughts Friday night. “Teams are preparing for Marner to meet with teams starting July 1 (probably virtually, unless someone wants to come to Toronto), and then him visiting a team or two before announcing a decision. When I mentioned that on the podcast last week, a few sources reached out to say it’s a good plan with one flaw: what if a team Marner likes says, ‘We don’t have time for this. We need to know if you’re coming. If you’re not, we can’t wait for Plan B. Sorry, give us an answer.’”
Friedman continued, “Toronto was offered a meeting, but I’m not sure they’d feel the need to go through with it. I got pushback on the idea Marner could opt for a four-year deal — giving him another payday at age 32 — but a few teams said they’d heard about it. Lots of twists and turns on this file over the next two weeks. Barring a sudden change in philosophy, Carolina is expected to push all chips into the pot. I’m watching Vegas, with several of their Western Conference brethren pushing hard.”
As Friedman points out, Vegas is one of the teams to keep tabs on, and given McCrimmon’s track record, it’s no surprise to see him in on Marner. Vegas doesn’t have a ton of cap space, as they are projected to have $9,615,000, which won’t be enough to suit Marner’s needs.
We’ll see how this situation unfolds, and given Friedman’s timeline, we may not know until after July 1.
3. Free Agency Will Spell Major Decisions for Vegas
Marner no doubt highlights the crop of the 2025 free agency class, but if Vegas swings and misses on the gifted winger, who else could be available? Let’s look at the Golden Knights’ unrestricted free agents (UFAs) and restricted free agents (RFAs). Who’s likely to return, and who’s not?
Better Chance Than Not to Return
- Reilly Smith (UFA)
- Jonas Røndbjerg (RFA)
- Brandon Saad (UFA)
Not Very Likely to Return
- Nicolas Hague (RFA)
- Victor Olofsson (UFA)
- Ilya Samsonov (UFA)
- Tanner Pearson (UFA)
For guys like Olofsson and Pearson, the problem is money; at the end of the day, change needs to happen. Vegas has an abundance of talented bottom-six forwards, and at some point, between cap space and having an overflow, you can’t re-sign everyone.
The free agent crop is not necessarily the strongest, but it’s also not the weakest. They could look at veteran wingers Corey Perry and Brandon Tanev as depth options. But the bigger names, such as Sam Bennett, Brad Marchand, Brock Boeser, and Nikolaj Ehlers, highlight the scene.
Defensively, they could also be active. They could look at names such as Ivan Provorov (I’m not sure how this would work with cap space, but hey, you never know), Ryan Lindgren, and Matt Grzelcyk.
If Marner is their guy, a lot of these won’t make sense, as they don’t have the cap space to make multiple big signings. However, if Marner doesn’t work out, they could turn to some of these as backup options.
Marchand and Bennett seem destined to stay in South Florida with the Panthers, but a guy like Ehlers is an interesting possibility. July 1 will be crazy and hectic, and it’s no secret that the Golden Knights will look to add talent across the board after a disappointing end to their season.
Loose Pucks
- Jack Eichel is eligible for an extension on July 1, and all signs point to both sides coming to terms sooner than later. Eichel had his best season as a Golden Knight this season with 94 points in 77 games.
- Friedman mentioned again that Pietrangelo’s future is in question, harping that he may not play again next season or in his career. It’s possible he could be put on long-term injured reserve (LTIR), and his $8.8 million cap hit would be off the books, making more room for bigger moves this offseason.
- Hague is still being shopped, and a draft-day trade is possible. Vegas dealt goaltender Logan Thompson last season (while he was signing autographs, ouch!), so it’s possible to see a trade come to fruition in Los Angeles.
- With the end of June approaching, here are some important dates to keep on your calendars: June 27-28, NHL Draft. June 30, the buyout window closes. July 1, free agency. It will be a crazy handful of weeks with Marner and so many other tidbits across the league.
