Saturday’s NHL news has delivered one firm answer while leaving several of the offseason’s biggest questions unresolved. The Columbus Blue Jackets have signed Cole Sillinger to a three-year, $13.875 million contract, making him the final player from this summer’s arbitration group to reach an agreement. That removes one negotiation from general manager Don Waddell’s list, but it immediately turns the spotlight toward unsigned star centre Adam Fantilli.
Elsewhere, Patrick Kane’s emotional return to the Chicago Blackhawks continues to reshape expectations around Connor Bedard and the rebuilding franchise. The Florida Panthers have secured goaltender Akira Schmid for two seasons, while the Dylan Larkin and Connor Hellebuyck trade situations remain stuck in the rumor stage.
My read is that the NHL trade market has cooled, but it has not closed. The lack of a blockbuster this weekend appears to be more about cap space, trade protection and organizational uncertainty than a lack of interest. One phone call or management decision could still restart the market quickly.
Latest NHL News and Rumors for July 25, 2026
| Development | Status | Key Numbers | Why It Matters |
|---|---|---|---|
| Cole Sillinger | Confirmed | Three years, $13.875 million; $4.625 million AAV | Columbus avoids arbitration and can focus on Adam Fantilli. |
| Patrick Kane | Confirmed | Two years, $16 million; 57 points last season | Chicago adds scoring, leadership and a potential mentor for Connor Bedard. |
| Akira Schmid | Confirmed | Two-year contract; 16-10-6 last season | Florida secures another goaltending option without arbitration. |
| Larkin and Hellebuyck | Rumor Watch | No completed trades as of Saturday afternoon | Either move would significantly alter the NHL trade market. |
Why the Cole Sillinger Contract Matters for Columbus
Sillinger’s new deal carries an average annual value of $4.625 million and keeps him under contract through the 2028-29 season. The 23-year-old recorded eight goals and 25 assists for 33 points in 81 games last season, producing approximately 0.41 points per game. He has already appeared in 367 regular-season games despite still being in the early stages of his prime.
Waddell described Sillinger as a “hard-working, reliable two-way forward who plays the game the right way.” That description summarizes the contract well. Columbus is not paying Sillinger like a major offensive driver, but it is rewarding his reliability, experience, and remaining potential.
I view this as a reasonable middle-term agreement for both sides. Sillinger receives security without surrendering all his future earning potential, while Columbus avoids a long commitment before determining whether he can develop into a consistent 45- or 50-point centre.
The Blue Jackets have now committed a combined $9.625 million in annual cap space to Sillinger and goaltender Jet Greaves, who signed a three-year contract carrying a $5 million cap hit on Thursday. With both arbitration cases settled, Fantilli becomes the most important remaining piece of business in Columbus.
This also confirms an earlier report proved accurate. On July 24, it was suggested that Sillinger was unlikely to reach his scheduled arbitration hearing. He signed the following day, officially becoming the last of the 15 arbitration filers to settle.
Patrick Kane’s Blackhawks Return Is More Than a Nostalgia Move
Patrick Kane’s return to Chicago remains one of the biggest NHL stories of the week. The 37-year-old signed a two-year, $16 million contract with a full no-movement clause after recording 16 goals and 41 assists for 57 points in 67 games with Detroit last season. He returns to the organization where he won three Stanley Cups and became one of the greatest American-born players in NHL history.
The $8 million cap hit is expensive for an aging winger, but the Blackhawks are buying more than raw production. Kane gives Chicago another legitimate puck distributor, a power-play option and an experienced offensive mind who can eventually play alongside Bedard.
Bedard is expected to miss the beginning of the season while recovering from shoulder surgery, but he has already spoken enthusiastically about learning from Kane. From a fantasy hockey perspective, Kane could still provide strong value if he receives first-unit power-play minutes and regular offensive-zone deployment.
Panthers Settle Akira Schmid’s Contract
The Florida Panthers also avoided arbitration by signing Akira Schmid to a two-year contract. Schmid was acquired from the Vegas Golden Knights on June 29 for a third-round selection in the 2028 NHL Draft. He finished last season with a 16-10-6 record, a 2.59 goals-against average, an .893 save percentage and two shutouts in 34 appearances.
The save percentage is not particularly impressive, but Schmid has displayed postseason ability before, posting a .924 save percentage through 10 career playoff appearances. Florida is betting that its defensive structure and coaching staff can produce more consistency from the 26-year-old.
Dylan Larkin and Connor Hellebuyck Rumors Remain Unresolved
The most consequential NHL trade rumors still involve Detroit Red Wings captain Dylan Larkin and Winnipeg Jets goaltender Connor Hellebuyck. Larkin reportedly requested a trade earlier in the offseason, but Detroit’s ongoing management uncertainty makes an immediate deal difficult. The clubs connected to him also face significant salary-cap obstacles.
Hellebuyck has not formally requested a trade. However, he expressed concern about Winnipeg’s direction, and general manager Kevin Cheveldayoff acknowledged during NHL Draft week that he was listening to offers. Winnipeg is not under pressure to accept a discounted return because Hellebuyck remains signed for five more seasons.
I would be surprised if either player were traded simply to end the speculation. Larkin controls his destination through his trade protection, while Winnipeg would require an enormous return for an elite goaltender. These are situations where patience could be more valuable than forcing an offseason transaction.
Bedard and Celebrini Headline an Early Canada Projection
One additional NHL news item released Saturday was NHL.com’s first projected Canadian roster for the 2027 NHL All-Star Game. The unofficial projection included Connor Bedard and Macklin Celebrini alongside established stars such as Sidney Crosby, Connor McDavid, Nathan MacKinnon and Cale Makar. The actual participants will not be determined until later, but the projection illustrates how quickly Canada’s next generation is joining its established elite.
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