What happened: Trade requests and upcoming arbitration hearings are driving activity during the league's summer lull. The New York Islanders received external interest in Bo Horvat, though his current deal is now viewed favorably against the cap. Elsewhere, Claude Giroux returned to the Ottawa Senators and Simon Nemec secured a five-year contract with the Calgary Flames.

Why it matters: The shifting financial landscape, heavily influenced by the Leo Carlsson offer sheet, is forcing teams to reevaluate their rosters ahead of the 2026-27 season. Management in New York intends to use this year to evaluate internal defensive prospects rather than making immediate upgrades. Retaining existing core talent has become a primary advantage for front offices.

What to watch: Executives will turn their attention to resolving arbitration cases before the preseason begins. Additional minor transactions are expected as training camps draw nearer.