What happened: Following the Carolina Hurricanes' Stanley Cup victory, the NHL enters an offseason defined by a historic salary cap increase to $104 million. Teams are pivoting to the draft in Buffalo and a trade market that may overshadow a relatively thin unrestricted free-agent class.

Why it matters: The $8.5 million cap jump provides unprecedented flexibility for contenders but forces rebuilding teams to spend aggressively to reach the $76.9 million floor. With few elite stars available in free agency, the trade market is expected to be volatile as teams look to reset their cores through aggressive veteran acquisitions and draft capital.

What to watch: The NHL Draft begins June 26 at KeyBank Center in Buffalo, followed by the opening of free agency on July 1.