As the New Jersey Devils enter a pivotal 2025 offseason, the message from General Manager Tom Fitzgerald is clear: change is coming. After an underwhelming finish to the 2024-25 season and a quick playoff exit, the Devils face major decisions. The core may be talented, but Fitzgerald’s press conference on May 8 left no doubt—the current roster won’t return intact: “We won’t be coming back with the same group, I can tell you that, ‘cause it wasn’t good enough.”
With July 1 free agency looming, New Jersey’s front office must manage its salary cap, evaluate expiring contracts, and plug serious holes in the lineup. This offseason may define the next chapter in the Devils’ rebuild-turned-contender story.
Current Cap Snapshot: Where the Devils Stand
As of May 10, the New Jersey Devils have approximately $83.46 million committed to 38 contracts for the 2025–26 season. With the NHL salary cap increasing to $95.5 million, the Devils have about $12.04 million in cap space. But that number is fluid.
What Could Change?
- Demotions: If players like Seamus Casey and Nico Daws start the season in Utica, that frees up nearly $1.8 million, boosting flexibility to around $13.8 million.
- Call-Ups: Adding prospects like Arseni Gritsyuk or Lenni Hämeenaho would cut into that space.
- Performance Bonuses & Retentions: The end of Ilya Kovalchuk’s recapture penalty and Trent Frederic’s retained salary help, but a $1M performance overage from last season hurts.
In short, while $12 million may sound like a decent cushion, much of it could evaporate depending on how the roster takes shape and when key contracts—like Luke Hughes’—are signed.
2025 Free Agents: Who’s Staying and Who’s Likely Walking?
Unrestricted Free Agents (UFAs)
Goalie: Jake Allen
Defensemen: Brian Dumoulin, Dennis Cholowski, Tory Dello (AHL)
Forwards: Tomas Tatar, Nathan Bastian, Curtis Lazar, Daniel Sprong, Justin Dowling, Max Willman (AHL), Sam Laberge (AHL), Marc McLaughlin (AHL)
Restricted Free Agents (RFAs)
Goalie: Isaac Poulter (AHL)
Defensemen: Luke Hughes, Santeri Hatakka (AHL)
Forwards: Cody Glass, Nolan Foote
The Headline: Luke Hughes
Luke Hughes is due for a major payday. As a dynamic two-way defenseman in the mold of Cale Makar and Quinn Hughes, Luke’s next contract could easily start north of $8 million annually. It’s a deal that will reshape the team’s salary structure, and it’s a top priority—whether publicly stated or not.
Interestingly, no media asked Fitzgerald about Hughes’ negotiations in the May 8 presser, but rest assured: a significant portion of that $12 million is earmarked for #43.
Other Notables:
- Jake Allen: Provided key stability behind Markstrom. His return hinges on dollars.
- Brian Dumoulin: Appreciated, but likely moving on—especially with Simon Nemec ready for a larger role.
- Depth UFAs: Expect a complete reset among bottom-six forwards. Fitzgerald openly criticized the lack of depth scoring. It was ineffective, and he knows it.
Understanding Free Agency: Quick Refresher
- UFAs (Unrestricted) can sign anywhere after July 1.
- RFAs (Restricted) require qualifying offers by June 30. Teams maintain control unless they decline to qualify.
- Offer Sheets are rare but possible—Hughes isn’t eligible due to his limited pro service time.
- Waivers and LTIR considerations will emerge during training camp.
- Minimum salary for 2025-26: $775,000.
Key Contract Changes Starting July 1
Here’s how some notable deals evolve for 2025-26:
- Ondrej Palat: NMC stays, adds 10-team trade list.
- Erik Haula: Full NTC becomes 6-team no-trade list.
- Dougie Hamilton: Same structure as Palat.
- Jonathan Kovacevic: New $4M AAV deal starts, full NTC in Year 1.
- Nico Daws: Begins one-way $850K deal—on NHL books no matter what.
- New ELCs: Begin for Gritsyuk, Hämeenaho, Lachance, Edwards.
- Xavier Parent: Begins two-way NHL contract.
Several Devils (Markstrom, Meier, Bratt) are locked into no-move clauses, further limiting trade flexibility.
Offseason Priorities: What the Devils Need
1. Center Depth
This is priority #1. Behind Jack Hughes and Nico Hischier, New Jersey lacked reliable pivots. Erik Haula underperformed, and Cody Glass faded fast. Dawson Mercer is a possible center option, but the team needs at least one dependable two-way center.
2. Bottom-Six Production
Fitzgerald didn’t hold back—he called the depth scoring “underwhelming.” He’s right. The bottom six failed to produce at both ends of the ice. Finding capable third- and fourth-liners at or near the league minimum is tough, but necessary.
3. Back-End Puck Movers
The defense missed Luke Hughes dearly in the playoffs. With Dougie Hamilton’s health in question and Nemec still developing, the Devils need confidence in moving the puck out of their own zone. Whether through Casey, Nemec, or a vet depth signing, puck movement must improve.
4. Goaltending Decisions
- Option 1: Roll with Daws as a budget-friendly backup.
- Option 2: Re-sign Jake Allen, eat up cap space, and retain stability.
Quality goaltending won games late in the season. If money allows, Allen is the safer bet.
Making Cap Space: How the Devils Can Free Room
The Devils can make space three ways:
1. Trade a Roster Player
A move involving Dawson Mercer and his $4M AAV has been speculated. If a big-name target like Quinn Hughes becomes available, clearing cap through trade is the only path forward.
2. Bury a Contract
Kurtis MacDermid’s $1.15 million hit can be buried in the AHL. It opens space and a roster spot.
3. Buyouts
Ondrej Palat is the most-discussed buyout option. While respected, he hasn’t produced relative to his $6 million AAV. More detail on a potential buyout will come in a future post, but it’s certainly on the table.
A Word on Quinn Hughes Rumors
There’s growing chatter—some of it media-driven—about bringing Luke’s brother, Quinn Hughes, to New Jersey. It’s a fun idea, and potentially transformative. But unless Vancouver’s relationship with him fully collapses, this feels like a 2026 or 2027 move.
Still, never say never. If he becomes available, and the Devils can clear the money, this front office won’t hesitate to at least explore the possibility.
Conclusion: Offseason Will Define the Direction
This offseason will be a defining stretch for the Devils. With over $12 million in cap space, key RFAs, underperforming veterans, and the need for a new supporting cast, Fitzgerald and his staff have tough calls ahead.
The team has stars. It has top-tier prospects. What it lacked in 2024-25 was balance—and that’s what this offseason must deliver.
Explore New Jersey will be tracking every signing, trade, and rumor as free agency approaches. Stay tuned as the Devils reshape their future.